Doverdale plc has some convertible loan notes, with a current market value of£109 per £100 nominal value, on which it will pay interest at the rate of 12 percent on their nominal value in one year’s time and then annually until conversion. In four years' time, the loan notes can be converted into ordinary shares at the rate of 25 shares per £100 nominal value of loan notes. The cost of the loan notes is 15 percent p.a.What value does the market believe that the shares will have in four years’ time if it is assumed that conversion will take place at that time? (Ignore taxation throughout.)