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New Age Auditors provide auditing and financial services to various companies. The senior auditor has tasked you to prepare a report on the two
New Age Auditors provide auditing and financial services to various companies. The senior auditor has tasked you to prepare a report on the two companies provided below: MATRIX LTD Bronny Brown is the Chief Executive Officer (CEO) of the company, his shareholding is as follows: Number of shares 740 000 Date 1 July 2022 % Shareholding ? Share Capital 1 500 000 shares were in issue on 1 July 2022. 300 000 shares were repurchased on 30 November 2022 Share Capital 1 500 000 shares were in issue on 1 July 2022. 300 000 shares were repurchased on 30 November 2022 The company issued 200 000 shares on 30 June 2023. REQUIRED: 1.2.1 Calculate the percentage shareholding of Bronny Brown: (a) At the beginning of the year (1 July 2022) (b) End of the year (30 June 2023) (2) (4) KHULA LTD On 1 March 2022, the company issued an additional 300 000 shares. On 28 February 2023, there were 1 500 000 shares in issue. Buhle Langa, the CEO owned 540 000 shares in the company on 1 March 2022. She bought additional shares from Johannesburg Securities Exchange (JSE) during the year. On 28 Buhle Langa, the CEO owned 540 000 shares in the company on 1 March 2022. She bought additional shares from Johannesburg Securities Exchange (JSE) during the year. On 28 February 2023 Buhle became the majority shareholder, she owns 51% of the shares in issue. REQUIRED: 1.2.2 Your report must address the following: (a) Calculate the total number of additional shares that were purchased by Buhle. (4) (b) Give TWO possible reasons why Buhle was determined to become the majority shareholder. (4)
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