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I wonder about the impact of proposal 1 on reserves of financial position. $10*120m is reducers from reserves. Where do we get $10?
$10 is the difference between the $11 paid to buy back the shares and the nominal value of $1.
This is pure financial accounts (from earlier exams) and not financial management 🙂
When the $11 is paid to buy back the shares, the share capital is reduced by the nominal value of $1 per share, and the extra $10 is subtracted from reserves.
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