Ronaldo Limited Wishes to Raise £1,200,000 in Cash

Ronaldo Limited wishes to raise £1,200,000 in cash. How many shares will the company have to issue to raise £1,200,000 if the shares have a par value of 75 pence and the shares are issued at a premium of 125 pence?

A) 600,000
B) 960,000
C) 1,200,000
D) 1,600,000