On 18 December 2019, Japfa Limited, an industrial agri-food company listed on the Singapore Exchange (SGX) announced a proposal to raise funds via a rights issue. The stock closed at $0.575 that day, and the announcement was made after the market close. The Offer Information Statement (OIS) lodged with the Monetary Authority of Singapore is dated 14 January 2020. You are discussing this rights issue with a friend. Use the information on the rights issue from the Ols, which can be retrieved from the SGX website, to answer the following questions: Question 3 (b) Calculate the value of a "nil-paid" right. (4 marks) Your friend says that the right is called "nil-paid" because existing shareholders were granted the right by the company without having to pay anything for it. Assess your friend's statement, quantitatively if applicable. (8 marks)