A company wishes to raise new finance using a rights issue. The following data applies:

   • There are 20 million shares in issue with a market value of $6 each

   • The terms of the rights will be 1 new share for 4 existing shares held

   • After the rights issue, the theoretical ex-rights price (TERP) will be $5.75

Assuming all shareholders take up their rights, how much new finance will be raised ?

Give your answer to one decimal place.

$  ?   million