*19.9 Saeed made the following purchases of ordinary shares in Hyperbola plc:

Date No of shares Cost

£

24 August 1975 800 800 25 November 1980 1,200 1,350 26 February 1995 1,600 2,400 11 October 2004 400 800 The company's shares had a market value of £1.20 each on 31 March 1982. In June 2009, the company made a 1 for 20 rights issue at £1.50 per share and Saeed took up the shares which he was offered.

Calculate the chargeable gain arising in November 2009, when Saeed sold 1,260 shares at £3 each. Assume that no further shares were acquired within the following 30 days.