Use the information below to answer the question that follows:
Maro Merchant Bank plc is to issue ₦500,000 ordinary shares of 50k each at ₦3.00 per share. Applications were received for ₦1,550,000 shares fully paid, ₦1,250,000 shares are to be issued on a pro rata basis and excess subscriptions were dishonored and refunds made?
What will be the number of shares to be issued to a subscriber who applied for ₦30,000 shares
Options
A) ₦20,000 >>>>>>>>>>
B) ₦18,000
C) ₦15,000
D) ₦12,000
The correct answer is A.
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