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What is the cash and bank balance after the rights issue

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Question - Ole Navie Ltd was incorporated several years ago with issued capital of 150,000,000 $0.80 ordinary shares. During the year to March 31, 2021, the entity made a 2 for 2 bonus issue after which it made a 1 for 3 rights issue for $1.15 each. After the rights issue, the entity declared dividends of $0.15 per share on March 31, 2021. Immediately before the issues, the entity had the following balances:

Land & building 300,000,000

Inventory 220,000,000

Trade receivables 60,000,000

Cash & bank 40,000,000

Non-current liabilities 295,000,000

Retained earnings 160,000,000

Share premium 15,000,000

Revaluation reserve 30,000,000

Required - What is the cash and bank balance after the rights issue?

Reference no: EM133151091

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