Maro Merchant Bank plc is to issue N500,000 ordinary shares of 50k each at N...
FINANCIAL
JAMB 2000
Maro Merchant Bank plc is to issue N500,000 ordinary shares of 50k each at N 3.00 per share. Applications were received for N1,550,000 shares fully paid, N1,250,000 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 N30,000 shares?
- A. N20,000
- B. N18,000
- C. N15,000
- D. N12,000
Correct Answer: A. N20,000
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