Memphis plc. has issued 20 million ordinary shares. On 7 June the Stock Exchange closing price of the shares was 1.20. Early on the morning of 8 June, the business publicly announced that it had just secured a new contract to build some hospitals in the Middle East. To the business the contract had a net present value of 4 million. On 9 June the business announced its intention to raise the necessary money to finance the work, totaling 10 million, through a rights issue priced at 0.80 per share. What is the theoretical ex-rights price?