The COCO Company has decided to sell additional common stock through a rights offering. The company has 12 million shares outstanding and plans to sell an additional 1.5 million shares through a rights offering. Each shareholder will receive one right for each share currently held, and thus each right will entitle shareholders to purchase 0.125 shares. The COCO common stock is currently selling at RM50 per share, and the subscription price of the rights will be RM45 per share. Determine the theoretical value of the rights for the ex-rights case