C Ltd has non$-$cumulative non$-$redeemable preference shares in issue. The issue price is R$100$ each and the coupon preference dividend rate is $12\%$ per annum, payable once a year in arrears. The company has not paid out a dividend in recent years but expects to recommence dividend payments in two years' time from today. What is the value of each preference share if similar preference shares are quoting yields of $10\%$ per annum?

A$.105\mathrm{.}58$

B$.121\mathrm{.}21$

C$.109\mathrm{.}09$

D$.111\mathrm{.}11$