In order to raise funds for the acquisition of the new road surfacing machine and for the acquisition of the shares of a competitor (see below), on 1 March 2023, Surf Ltd issued a prospectus making an offer to the public for investors to subscribe for 3 million ordinary shares at an issue price of $2.00 per share, payable $1.20 on application and 80c payable one month after allotment. To mitigate the risk of less than 3 million shares being applied for, Surf Ltd appoints an underwriter, paying a commission of $30,000. The offer was oversubscribed such that by 31 March 2023, applications were received for 3.75 million shares. The directors decided thatsubscribers will receive four shares for every five applied for, with the excess moneys received on application being offset against the amount due on allotment. The 3million shares were issued, and the balance of the allotment money was due by 30 April 2023. By 30 April 2023, allotment money was received on 2.9 millionof the 3 million shares. On 7 May 2023, the 100,000 shares on which the allotment money was unpaid were forfeited. The forfeited shares were auctioned off with Surf Ltd receiving only $1.90 per