Prior to the purchase, Norwich pic had in issue 6,000,000 A' shares of 1 each. Each

Question:

Prior to the purchase, Norwich pic had in issue 6,000,000 ’A' shares of £ 1 each. Each ‘A’ share carries a single vote. These shares were owned equally by each of the directors of Norwich pic. For the purchase, the directors of Norwich pic sold 2,000,000 ‘A’ shares to Austin pic, and Norwich pic issued 4,000,000 ‘B’ shares of £1 each to Austin pic. ‘B’ shares do not carry a vote.

Required:

Consider and, where appropriate, discuss whether the following companies are subsidiaries of Austin pic:

(a) Bond Ltd

(b) Derby Ltd

(c) Norwich pic.

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