On 1 July 2019, Denman Ltd issued a prospectus offering 168,000 of its ordinary shares, payable $1 on application, $1 on allotment and $2 to be called as and when required. When applications closed on 23 July, applications had been received for 252,000 shares, including one applicant for 21,000 shares who had paid in full. The directors allotted the shares on 24 July as follows.

1.The applicant for 21,000 shares, who paid in full, was allotted 21,000 shares.2.Applications for 21,000 shares were rejected and the application money was refunded.3.The remaining applicants were allotted 7 shares for every 10 applied for (to an overall maximum of $168,000). The excess application money on these shares was to be applied in part payment of allotment money.

All allotment money was received by 7 August.