Sandringham PLC is a well$-$established company that has run into difficulty in recent years. Its management has recently undertaken a review of its activities and has decided to proceed with a radical restructuring of the business. To restore the company$$s financial stability, it has been decided it will be necessary to raise $160$ million through a rights issue. After consulting its investment bankers, the company is planning to make the rights issue at a discount of $20\%$ to the current market price of $5.$ The company has $100$ million shares outstanding.

a$)$ Each share carries one right, what is the value of one right? $(8$ marks$)$