Question B8 The company PDR Ltd is listed on the Australian Securities Exchange (ASX). The company conducted an off-market share buyback on October 21, 2011. This share buyback was under tax determination TD 2004/22. The relevant corporate tax rate is 30%. Shareholders were invited to tender their shares between $7.50 and $9.20. PDR's Volume Weighted Average Price over the five days before the first announcement of the buy-back was $8.60. PDR's opening share price on the day of the announcement was $8.57, and its closing share price on the day of the announcement was $8.66. Over the period from the announcement to the close of the buyback, the market index rose 1.25%. PDR announced the buyback price to be $7.50. The fully franked dividend component of the buyback was $4.00. John is an Australian resident shareholder of PDR Ltd who bought one share for $5.20 in 2008. Assume that John's personal income tax rate is 50%. What were the total after-tax proceeds that John received from the buyback? Show all your work