L.C. Conday plc has 50 million 10 per cent 1 preference shares in issue. The current market

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L.C. Conday plc has £50 million 10 per cent £1 preference shares in issue. The current market price is £0.92 and the shares are due to be redeemed in three years’ time at their nominal value.

What is the cost of these shares?

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