A printing company wishes to raise £3,000,000 to finance its expansion. It can do this in one of three ways: borrowing from the bank at an annual interest rate of 5; issuing ordinary shares at their par value of 40 pence, which will require an annual dividend payment of 1.9 pence per share; or issuing preference shares with a par value of 60 pence, which requires a fixed dividend of 3.15 pence per share. Which financing option will require the lowest cash outlay for the printing company?