bbs stores (june 09)

Sir i am much confused with the shares part , rest whole question is ok 1)- part(a) $4 per share. repurchase 871/4 = $217.75M shares nominal value of 217.75 x $0.25 = 54.44. 871 to repurchase the shares 54.44 will reduce the share capital The above part is ok but in earning per share calculation the no of shares are 1,700 (425*4) m.v of eq is 425 then how we multiply by 400 cent per share is where i am confused 2)-reduction in credit spread on 6 year debt (0.3% × $770m × 65%) it should be 3% right (70 basis - 40 basis) why it is showing 0.3% 3)- part(b)- 425m × 4 × 4 option one or two when arriving at the value of equity we are multiplying it twice by 4 , why that , what is that 4 basically?? what i understand from this question is that the 0.25 is the value of share and to arrive at shares you should divided by 4(i.e 400c per share) , but it is multiplied several times. Please advise??