The following information relates to Midway limited for the year ended 31 December 2022. Profit for the year is N$ 500,000 (2021, N$ 337 500). This profit includes a profit from discontinued operations on the sale of plant before tax of N$ 75,000 (2021, N$ 0) On 1 January 2021, there were 250,000 ordinary shares in issue, issued at a price of N$ 5.00. On 30th September 2021 there was a right issue on a basis of one ordinary share issued for every 5 already held at a price of N$ 6.00. The market price of the ordinary shares immediately before the right issue was N$7.50 per share. On 31st of May 2022, there was an issue of 50,000 ordinary shares at a market price of N$5.00 per share. The market price of the shares however rose to N$ 8.00 as of 31 December 2022. There are 250,000 options in existence, each of which allows the holder to acquire 4 shares at a price of $10 per share. The options have already been vested but will only expire in many years to come. The average market price per ordinary share for 2021 and 2022 was N$12.00. These options were in existence throughout the year 2021 and 2022. As at 01 January 2021, the company had preference shares that are convertible at the option of the preference shareholders into 500 ordinary shares on 31 December 2024. If not converted the preference shares will be redeemed on 31 December 2024.  Dividends of N$ 1,000.00 are incurred annually on these preference shares. The dividends have been correctly accounted for as finance charges in both years. The Preference shares were in existence throughout 2021 and 2022. There are no components of other comprehensive income. The current tax is levied at 30%.

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