=+1. t Audrey Limited invited applications for 200,000 of its £1 Ordinary Shares on the following terms:

Payable on application on 31st January 10/- per share Payable on allotment on 28th February

(including the premium of 1/- per share) 6/- per share Payable on first and final call on 30th June 5/- per share Applications for 250,000 shares were received. It was decided:

(a) to refuse allotment to the applicants for 10,000 shares;

(b) to allot in full to the applicants for 40,000 shares;