The stock of the Soni plc is selling for $50$ per common stock. The company then issues rights to subscribe to one new share at $40$ for each five rights held.

a$)$ What is the theoretical value of a right when the stock is selling rights $-$ on$?$

b$)$ What is the theoretical value of one share of stock when it goes ex$-$rights?

c$)$ What is the theoretical value of a right when the stock sells ex$-$rights at $50$

d$)$ John Speculator has $1,000$ at the time Soni plc goes ex$-$rights at $50$ per common stock. He feels that the price of the stack will rise to $60$ by the time the rights expire. Compute his return on his $1,000$ if he $(1)$ buys Soni plc stock at $50,$ or $(2)$ buys the rights as the price computed in part $c,$ assuming his price expectations are valid.