Tele Strata Ltd (TSL) is an ASX listed company which provides fibre to the home broadband connectivity for telecommunication services. The company has always been at the forefront of telecommunications development and, as a result, has been very successful. TSL has a strong record of rewarding its shareholders. The equity section of its Balance Sheet as at 30th June 20X6 presents as follows: EQUITY $ 000s Share Capital Ordinary shares paid to $4.50 7.5% pa $10.00 Preference shares 40,320 50,000 Reserves 9,576 8,545 11,872 120,313 General Reserve Foreign exchange translation Retained Profits TOTAL EQUITY NB All Ordinary shares were issued to $4.50. Share issue costs of $1,800,000 have been offset against the Ordinary share capital. The Preference shares are non-participating and dividends on those are paid every quarter on the last day of August, November, February and May