A financial analyst, upon the directive of the CFO of a firm that does not issue dividends, needs to evaluate a proposal concerning the issuance of stock options to the company's employees. The firm currently has 60 million shares in circulation. The proposed plan involves issuing 3 million employee stock options, each of which allows the holder to buy one share of the company's stock at a strike price of SGD 70. These employee stock options will have a 4-year validity period. At present, a call option on the company's stock with a matching strike price and a four-year duration is valued at SGD 4.39, as calculated using the Black-Scholes-Merton model. What is the most precise estimate of the value of a single employee stock option, assuming the call option's pricing is correct?