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Company Blue Mont has a shareholders' equity composed of a capital of 100 million shares with a par value of £1 each, plus £400 million in retained earnings. The company proposes a final dividend of 15 pence per share for the year ended 30 September 2017. The shareholders are given the choice between a payment in cash or as a scrip dividend. The scrip dividend is one ordinary share for every 16 already held. Holders of 20 million shares have decided to take the scrip alternative. The average market price of the share is £2.4.
Required:
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