At 1 April 20X2 Atlas had in issue 80 million 50c equity shares On 1 July 20X2 Atlas made and recorded a fully subscribed rights issue of 1 for 4 at $1 20 each Immediately before this issue the stock market value of Atlass shares was $2 each, giving a theoretical ex rights price of $1 84 Earnings f...

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At 1 April 20X2 Atlas had in issue 80 million 50c equity shares. On 1 July 20X2

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At 1 April 20X2 Atlas had in issue 80 million 50c equity shares. On 1 July 20X2 Atlas made and recorded a fully subscribed rights issue of 1 for 4 at $1.20 each. Immediately before this issue the stock market value of Atlas’s shares was $2 each, giving a theoretical ex-rights price of $1.84. Earnings for the year amounted to $31.2 million. What is the basic earnings per share of Atlas for the year ended 31 March 20X3?
a. 32.8c
b. 33.4c
c. 31.2c
d. 32.3c