1. Using the information in the table on below a. Explain how the number of rights offer shares were determined for Coronation and Ukhamba. b. Determine what percentage of their allocation Ukhamba has irrevocably committed to and what options they have for the remaining letters of allocation.

Shareholder commitments As at the last practicable date, the following shareholders have irrevocably undertaken to follow their rights in terms of the Rights Offer as set out below:

Name of shareholderr	Number of ordinary shares held in DAWN before the Rights Offer	Number of Rights Offer Shares in the ratio of 147.83904 for every 100 DAWN Shares held	Letters of allocation irrevocably committed to be followed	Percentage of total Rights Offer Shares
Coronation	67 622 962	99 973 138	99 973 138	28.56%
Ukhamba	78 133 488	115 511 799	49 000 000	14.00%
Total	145 756 450	215 484 937	148 973 138	42.56%

The Committed Shareholders will be paid a commitment fee equal to 2% of the Rand value of the Rights Offer Shares subscribed for.

2.Calculate the trading price of the DAWN shares on the JSE on Friday, 10 March 2017

PRICE AND VOLUME HISTORY OF DAWN SHARES ON THE JSE

Period	High (cents)	Low (cents)	Close (cents)	Volume	Value (R)
10 March 2017	214	200	213	49 661	101 988