8. Charlie owns all the issued shares of X Ltd. These common shares have an ACB and PUC of $80,000 and are worth $760,000. Charlie would like to freeze his interest in the company at todays value so that future increases in value accrue to three employees. In the course of a reorganization of share capital, Charlie exchanged his common shares for preferred shares of X plus debt of $30,000. The preferred shares are redeemable for $730,000. The employees then acquired newly issued common shares of X for $60,000. What is the PUC of the preferred shares owned by Charlie