The Clifford Corporation has announced a rights offer to raise $ 40 million for a new journal , the Journal of Financial Excess . This journal will review potential articles* after the author pays a nonrefundable reviewing fee of $5.000 per page . The stock currently sells for $53 per share , and there are 4 . 1 million shares outstanding a . What is the maximum possible subscription price? What is the minimum ?" b . If the subscription price is set at $48 per share , how many shares must be sold? How many rights will it take to buy one share ?" C. What is the ex - rights price? What is the value of a right ? d. Show how a shareholder with 1. 000 shares be fore the offering and no desire ( or money ) to buy additional shares is not harmed by the rights offer