On 16 March 2019, Caligula Ltd was incorporated and a prospectus was issued inviting applications for 90,000 shares at an issue

$1.5 on allotment

The final call was made on 11 November 2019 with money due by 30 November 2019. All outstanding call monies except a parcel of 5,000 shares were received by 30 November 2019. On 1 December 2019, the directors decided to forfeit the 5,000 shares. On 5 December 2019, the forfeited shares were reissued as fully paid ordinary shares for a consideration of $4.80 per share. Costs of forfeiture and reissue amounted to $700. The balance related to forfeited shares was refunded to the former shareholders on 30