Which of the following statement(s) is (are) true with respect to a 1:N rights-issue by an Australian firm listed on the ASX?

I. Assuming a perfect capital market, the price of a share will fall on the ex-rights date by an amount equal to R/N where R is the theoretical value of the right.

II. The issue price is usually at a slight premium to the share price as measured immediately preceding the buyback announcement.

III. Non-renounceability means that the rights trade separately on the ASX and can be sold to a third party.

IV. Since the owner of the right has the option to buy new shares for the subscription price S on the ex-rights date, the right represents an American-style put option.