Suppose that in addition to common stock, your firm raised £9 million in Series A financing with a 1.5x liquidation preference and a £15 million post-money valuation, £13 million in Series B financing with a 2.0x liquidation preference and a £36 million post-money valuation, and £20 million in Series C financing with a 2.5x liquidation preference and a £50 million post-money valuation. Series C investors have the highest seniority followed by Series B and then Series A. None of the financing rounds offered investors participation rights. If the firm is sold after the Series C financing round,

1. What will Series B investors receive if the firm is sold for £62 million?

2. What is the minimum sale price such that common shareholders receive at least £10 million?

3. What is the minimum sale price at which Series A, B and C investors are all willing convert their shares? What will Series A, B, C and common shareholders receive at that price?