Spanish Bank Santander agreed to bail out the ailing Spanish Bank Spanish Banco Popular in July 2017 and announced that they would be conducting a rights issue to plug the debt hole in the latters balance sheet. (a) Outline the key features of a rights issue (10 marks) (b) Santander offered 1 new share for each existing 4 shares held at 300p. The existing shares traded at 425p (i) Calculate the ex-rights price (5 marks) (ii) Calculate the value of a right of a new share (5 marks) (iii) Calculate the value of a right of an old share (5 marks) (iv) Calculate the amount a holder of 2000 worth of shares could receive if the rights were sold