Panda Plc has 4 million, 1 ordinary shares in issue. The board of the company has decided it needs to raise approximately 2 million, net of issue costs, to finance a new project by means of a 1 for 4 rights issue. The issue price will be at 15% discount to the current market price of 2.59 and the issue costs are expected to be 100,000. Required: a) i. ii. iii. Calculate and explain the following: The theoretical ex rights price per share The net cash raised The value of the right per share