The Timken Company has announced a rights offer to raise $18 million for a new journal. This journal will review potential articles after the author pays a nonrefundable reviewing fee of $2,500 per page. The stock currently sells for $49 per share and there are 1.52 million shares outstanding. The subscription price is set at $45 per share. What is the ex-rights price per share?

		$45.58
		$48.17
		$47.09
		$48.80
		$49.42