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How many shares does the company need to issue

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ABC Airways is introducing a new fleet of planes and needs to raise $28.3092 million (net of underwriting cost) to fund an expansion. If the offer price is $4 and the underwriters require a 7 per cent spread on the transaction, how many shares does the company need to issue (in millions to three decimal places)? (Hint: required amount/(1-spread) = issue amount)

Reference no: EM132015820

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