For the year ending 30 June 2019, Sandon Ltd reports net profit after tax of $2000 000. At the beginning of the year, Sandon Ltd had 1600 000 fully paid ordinary shares. It also had 200 000 $1.00, 20 per cent, cumulative preference shares outstanding. The preference shares were classified as equity.

On 1 September 2018 the company issued another 400 000 fully paid ordinary shares by way of a rights issue. The right provided an additional share for each four held, and required the payment of $3.00. The last rights share price was $4.

Required

Compute the basic EPS amount for 2019.