Craven Ltd has 10 000 000 ordinary shares on issue at the beginning of the year, 1 July 2013. These shares were issued at $0.50 each and have a current market value of $3.00. On 1 November 2013, Craven Ltd bought back 1 000 000 ordinary shares originally issued at $0.50 for $1.90 each. On 1 February 2014, 1 500 000 shares were issued fully paid up at the current market value of these shares. Also during the period, 500 000 partly paid-up ordinary shares were issued. They were issued on 1 April 2014 at an issue price of $2.90. These shares were partly paid to $1.80. The partly paid shares are permitted proportionate rights to vote and receive dividends based on the relationship between the amount paid up and the issue price.

 Craven Ltd has 3 000 000, $1.00 preference shares that provide cumulative dividends at a rate of 8%.

 For the year ended 30 June 2014, the net income after tax was $20 000 000.