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I refer directly to the answer as given by BPP
It defies common sense.
Option 2 is the sale and rental scheme proposed by the company’s investors on the assumption that this scheme would release substantial cash to them. The proposal would involve the repayment of the medium- term notes and the balance ($871m) used to execute a share buyback. This would involve ($871m/$4) 217.75m shares with a nominal value of $54.44m.
They are 25c shares so is that why we divide by 4 again?
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