Q7. XYZ Ltd converting preference shares have a face value of $15 and are due to convert to ordinary shares on 31 July 2019. Each converting preference share will convert to a number of ordinary shares that is determined by dividing $15 by: i. an amount equal to the price of XYZ ordinary shares on 31 July 2019, less 5 per cent; or $15, whichever yields the greater number of ordinary shares. ii. How many ordinary shares will be received by the holder of one converting preference share if the price of an XYZ ordinary share is: a. b. c. $5 $7.50 $10 $15 $20? d. e