Memphis plc has 20 million £0.10 ordinary shares in issue. On 7 June the stock market closing price of the shares was £1.20. Early on the morning of 8 June, the business publicly announced that it had just secured a new contract to build some hospitals in the Middle East. To the business, the contract had a net present value of £4 million. On 9 June the business announced its intention to raise the necessary money to finance the work, totalling £10 million, through a rights issue priced at £0.80 per share.

Assuming that the events described above were the only influence on the share price, for how much, in theory, could a shareholder sell the right to buy one of the new shares?