QUESTION 1 (20 Marks) CC Ltd is a company with a 30 April year-end. CC was registered on 1 December 20.20 with an authorised share capital of: 150 000 ordinary shares; and 60 000 12% redeemable preference shares. CC issued 1000 ordinary shares at R10 each to the founders of the company. On 15 January 20.21, the directors of CC decided to issue additional shares to the public. The directors decided to offer the following to the public: 100 000 ordinary shares at R20 each; 40 000 redeemable preference shares at R15 each; and 2000 15% Debentures of R120 each, at 95%. CC appointed Campfire Ltd as the underwriters for the issue of the shares and debentures at a commission of 3.5%. The closing date for the applications was 31 January 20.21. The following applications were received: 83 250 ordinary shares; 42 155 redeemable preference shares; and R239 742 for debentures All the shares and debentures were allocated/allotted on 15 February 20.21 and the underwriter fulfilled the terms of the agreement.