Company DEF Initially Has a Share Price of $8 $\$ 5.00$

Company DEF initially has a share price of $8.The company makes a rights issue on the basis of one for every five held,with a subscription price of $5.00.Calculate the ex-rights price of the DEF shares.

A) $\$ 5.00$
B) $\$ 6.50$
C) $\$ 7.00$
D) $\$ 7.50$