A company had net income of R12 million for the year ended 31 May 2022 and a dividend pay-out ratio of 30%. The company expects net income to grow at 10% per year for three years then at the GDP rate of 3% per year indefinitely. The required rate of return is 12% a year, debt is 30% of equity and the number of shares in issue is four million. What is the value of each share? (3)