Tiddle plc raised £12,000,000 from a recent rights issue. The par value of each share issued was £2.00 and the market price of one share before the rights issue was £6.00. After the rights issue, the share premium account increased by £5,600,000. How many shares were issued in the rights issue?
A) 2,000,000
B) 2,800,000
C) 3,200,000
D) 6,000,000
Correct Answer:
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