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Stanlib issued one for four rights shares on 31st March 2018 at an exercise price of R1. Market value of its shares immediately prior to

Stanlib issued one for four rights shares on 31st March 2018 at an exercise price of R1. Market value of its shares immediately prior to the rights issue was R1.5 per share. If Stanlib had one million shares before the issuance of rights shares and all rights were exercised by shareholders on 31st March 2017, calculate the ex-rights price.

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