e stion The following information is applicable to Braidling Ltd for the financial year ending 31 December 2020. Profit for the year Ordinary share capital 15 500 5% participating preference shares 50000 8% redeemable preference shares 75 OOO convertible debentures 2020 1 020 ooo 24 ooo 465 ooo 1 750 ooo 1 500 ooo 2019 988 ooo 725 ooo 465 ooo 1 750 Profit before tax for the current year includes a total for finance costs of R450 000. The company tax rate for the year has remained unchanged at 28%. The participating preference shares are included in equity and participate in the ratio of 3 : 5 to the ordinary shares. The redeemable preference shares are convertible and cumulative. They are convertible into ordinary shares at a rate of two ordinary shares for every five preference shares. The dividend for 2019 was not declared but has however been declared for 2020 and is included in the finance costs above.