Strapped 4 cash ltd has made a renounceable rights issue, Ask an Expert

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Strapped 4 Cash Ltd has made a renounceable rights issue offer to their existing shareholders. The firm’s current ordinary share price is $30.60 and the 2-for-7 pro-rata issue has an offer price of $29.80. What is the theoretical ex-rights share price of the firm? What is the value of the right?

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