BF Ltd plans to raise a net amount of $300 m to finance new equipment and working capital early in the next financial year. The company is considering to issue bonds with coupon rate of 14% per annum (paid annually), face value of $1,000. Currently, the company has 20 million shares outstanding. The tax rate is 30%

The balance sheet and income statement of BF prior to financing are as follows:

Balance sheet

	$m		$m
Current assets	900	Accounts payable	300
		Other current liabilities	350
		Total current liabilities	650
Net fixed assets	450	Long-term debt (10%)	300
		Common shares ($5)	100
		Retained earnings	300
Total assets	1,350	Total liabilities and equity	1,350

Income statement

	$m
Sales	2,500
Cost of sales	2,000
EBIT	500
Interest	30
EBT	470
Tax (30%)	141
Net income	329

The next years projected sales are $2,700 million and EBIT is projected to be 0.15

Assuming that the existing debt will remain outstanding, calculate the company's new earnings per share (EPS) after issuing the new bonds