[ukshahj]

I added it back in Year 4, and wrote on the assumption that the project doesn’t continue. The question did not state it, so that’s why I wrote the assumption.

[ukshahj]

It asked about the conversion value.

The loan note was redeemable at a 20% (can’t remember exact number) premium, so I did 120 = 25 x share price. There was no growth rate mentioned for the shares.

So I got $ 4.80 a share.

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