Ace Ltd is planning an issue of ordinary shares. Management have discussed the issue price per share with their sponsoring broker and underwriter and have decided to offer the shares at $1.30 each. They have also discussed the fees the company will be charged to get the offer to the market. The floatation costs will be 3.00% of the issue price. a) What will Ace Ltd's net proceeds per share be? b) Assuming that Ace Ltd issues 12,000 new shares, what will be the total net proceeds from this issue?