, fully payable on a
Kelly Ltd undertook an issue of ordinary and
following transactions:
2018
1 April: A prospectus was issued inviting applications for 100,000 ordinary shares at an issue
price of $1.50, fully payable on application. The prospectus also offered 100,000 10%
preference shares at an issue price of $2, fully payable on application. The issue was
underwritten at a commission of $4,500, being $500 relating to the issue of ordinary
shares and the balance for preference shares. All unsuccessful application monies
were to be returned to the applicants.
10 April: Applications closed with the ordinary issue oversubscribed by 40,000 shares and the
preference shares undersubscribed by 15,000 shares.
15 April: 100,000 ordinary shares were allotted, applications for 40,000 shares were rejected,
and money refunded. 100,000 preference shares were also allotted.
20 April: The underwriter paid for the shares allocated to her, less the commission due.
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