Cruiser Ltd Has 3 000 000 Shares on Issue $\$ 2.76$

Cruiser Ltd has 3 000 000 shares on issue.The company makes a rights issue on the basis of one share for every six already held.The subscription price for a new share is $3.20 per share.The current market value of the company's shares is $4.00.What would be the ex-rights share price?

A) $\$ 2.76$
B) $\$3.17$
C) $\$3.39$
D) $\$ 4.06$