A prospectus was issued inviting applications for 200 000 ordinary shares at an issue price of $4, with $3 payable on application and the balance payable in a call on 15 August 2021. The issue was underwritten at a commission of $4000. The company also offered those shareholders who purchased more than 1000 shares the right to acquire options for 70c each. The options allowed investors to acquire shares in Michael for $3 each (paid to $4) before 30 November

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