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Determine the theoretical ex-rights value per share

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At the beginning of the current reporting period (1 July 2019 - 30 June 2020) Winterhall Ltd has 600,000 ordinary shares on issue. The company announced a one for three (one share for every three shares held) rights issue on 31 December 2019. The exercise price is $1.20 and the last date to exercise the rights is 1 March 2020. The market price of one share immediately before exercise on 1 March 2020 was $2.20.

Question 1: Determine the theoretical ex-rights value per share (2 decimal place and show workings)

Reference no: EM132554507

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