QUESTION THREE [25] Tiyano Ltd is considering making an offer to purchase Rolan Ltd. The following data is available. Tiyano Rolan Price-Earnings ratio 14 times 11 times Shares issued 200 000 80 000 Earnings (After Tax) 2 300 000 720 000 Dividends 620 000 330 000 NB: Tiyano believes the earnings and dividends of Rolan will grow at a constant rate of 6% per annum and that synergies will result in a more superior growth rate of 7% per annum. Required: 3.1 Calculate the value of Rolan to Tiyano. (Hint: You need to calculate Rolan's Earnings Per Share, Price Per Share, Dividends Per Share, Required Return and Envisaged Return) (14)