Access Enterprise Limited is a private company and has been in operation for over five years. The company was very profitable; however it was struggling to meet the high demand for its products. The company Directors called a strategic planning meeting to deal with the firms inability to meet the overwhelming demand for its product and to consider options available to raise new capital. The Finance Director, Mr. Anthony Newman told the meeting that the firm was having working capital problems due to the fast space of growth the firm experienced since its inception. He further stated that new equipment and a large warehouse facility were needed to resolve the problem the firm was facing. The Finance Director told the meeting that the firm needs to raise additional capital of $120m to put a dent in the unfulfilled demand from customers. The company was listed on the Jamaica Stock Exchange (JSE) and Five year later the company decided to diversify into another industry and require new capital of $250m. At the end of 2016 (the end of the firm accounting period) the firm equity capital was $4m and the par value of the shares was $0.40. The market price for the shares for a five year period are as follows: 2012 =$1.20, 2013=$2.30, 2014= $3.70, 2015=$10.50 and 2016= $30.90. There was a 2 for 4 right issues of shares at the end of 2016 and the price for the right issue was $3.50 per share. Having successfully expended and diversify the business, the firm accumulated surplus cash of $450m over a two year period. On February 1 2016 The Finance Director invested the surplus cash in fixed income investment in the following ratio: 5:4:6:5 where money market 5, treasury bills=4, corporate paper= 6 and CD=5. Money market fund interest rate was 9 percent per annum and investment period was 6 months. Treasury bills interest rate was 5 percent per annum and the investment period was one year Corporate paper at 10 percent per annum and the investment period was for 9 months. Special CDs at 7 per cent per annum and the investment period was for one year On June 30, 2016 an investor purchase purchased three million shares in the company when the market price of the share was $30 each.

Calculate the sale proceeds for the sale of the three million shares and comment on the results against the expectation of the Finance Director?