Ewing Oil repurchased$5.10B worth of shares during the year at an average price of$30. Cliff Barnes owned 0.15B shares in Ewing prior to the repurchase. Cliff decided not to sell any shares during the repurchase. What wasCliff's proportionate ownership in Ewing following therepurchase?

Ewing Oil Inc.

Selected Financial Information

Shares outstanding at beginning of Year 1.78B

Price at beginning of Year $30

Value of company beginning of Fiscal 53.4B

ANSWER : 9.32%

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To calculate Cliffs proportionate ownership in Ewing Oil following the share repurchase we need to c... View the full answer