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Thai Tanic Foods Limited plans to raise $ 1 2 , 0 0 0 , 0 0 0 via a 1 for 7 rights issue

Thai Tanic Foods Limited plans to raise $12,000,000 via a 1 for 7 rights issue with a subscription price of $4.7. The company's shares are current trading at $5.9 per share. What is Thai Tanic Foods theoretical ex-rights share price? (Work out your answer to 2 decimal places)

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