Plums Ltd has acquired 45% of ordinary shares in Sloe Ltd. Another investor has a 10% shareholding in Santal Ltd whilst the remaining voting rights are held by thousands of shareholders, none of whom individually hold more than 1% of the voting rights. Plums Ltd holds convertible debt instrument that, as at 30 June 2023, are convertible into ordinary shares of Sloe Ltd at a price of $ 20 per share. At 30 June 2023, the shares of Sloe Ltd trade at $ 19.50 per share. Plums Ltd would hold 65% of the voting rights in Sloe Ltd if Plums Ltd exercise its right to convert the debt. Both companies operate in Sloe industries and would benefit from synergies.

Discuss how Plums Ltds investment in the ordinary shares of Sloe Ltd should be treated in the consolidated financial statements for the year ended 30 June 2023.