=+P7–1 Authorized and available shares Bruges Corporation’s Memorandum of Association authorizes issuance of 3,000,000 shares of common stock. Currently, Bruges has 2,200,000 million authorized and paid up shares and holds 500,000 shares as treasury stock. The firm wishes to raise £20,000,000 for a new unit in South East Asia.

Discussions with its investment bankers indicate that the sale of new common stock will net the firm £20 per share.