Charle owns all the Issued shares of X Ltd. These common shares have an ACB and PUC of $20,000 and are worth $700,000. Charlle would like to freeze his Interest in the company at today's value so that future Increases In value accrue to three employees. In the course of a reorganization of share capital, Charle exchanged his common shares for preferred shares of X plus debt of $15,000. The preferred shares are redeemable for $685,000. The employees then acquired newly Issued common shares of X for $90,000. What Is the PUC of the preferred shares owned by Charle?