*20.9 Saeed made the following purchases of ordinary shares in Hyban pic:

Date No ofshares Cost

£

24 August 1987 800 960 25 November 1992 1,200 1,440 26 February 1998 1,600 2,400 11 October 2007 400 800 In June 2013, 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 2016, when Saeed sold 1,260 shares at £3 each. Assume that no further shares were acquired within the following 30 days.