Jenna Rathborne is a portfolio manager of a large fund. It is August 2022 and Jenna intends to sell two bonds she holds. Each bond has a face value of $100,000, a coupon rate of 8% p.a., paid semi-annually and a yield to maturity of 10% p.a. The first bond will mature in 3 years and the second bond will mature in 5 years.

With the funds Jenna intends to buy Quicksand Ltd shares. Quicksand Ltd just paid their annual dividend of $1.20 a share. Jenna believes the dividends are expected to increase by 20% in August 2023, 15% in August 2024, 10% in August 2025, and thereafter by 5% a year forever from August 2026 onwards. Jenna requires a 12% pa return on Quicksand Ltd shares.

If Jenna sells both bonds and use the funds to buy Quicksand Ltd shares, how many shares she can buy?