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Use the information below to answer the question that follows:Maro Merchant Bank...


Question

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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