QUESTION 6 Tex Ltd was formed with an authorised share capital of 120 000 ordinary shares of no par value. The subscribers to the memorandum subscribed for 6 000 shares at R1,10 each and paid for them in full. A further 90 000 shares were offered to the public at R1,25 per share payable in full on application. The issue was underwritten by Dolphine Merchant Bank for a commission of 6%, which was settled in cash. Subscriptions from the public were received for 84 000 shares Required: What is the total amount that the underwriter would have paid for the shares assuming that the public had not taken up any of the shares? shares x