Xavier Limited NAB & AGM - Accounting Assignment Help

Assignment Task -          

These exercises will be covered in the workshop.

Exercise 1 (Workshop objective 1)

Xavier Limited has 10,000 $1 preference shares and 40,000 $1 ordinary shares on issue. All shares are fully paid. The company’s constitution states that preference shareholders have priority over ordinary shareholders to return of capital on winding up. On winding up, the total amount for distribution to the shareholders is $30,000. The ordinary shares were valued at $8.00 per share and the preference shares were valued at $9.00 per share as the  ate of winding up. Assuming there are no dividends in arrears:

1. How much per share will the ordinary and preference shareholders receive?

2. How much per share will the ordinary and preference shareholders receive if the total amount for distribution to shareholders was $100,000, not $30,000?

Adapted from T Ciro and C Symes, Corporations Law in Principle (8th Edition) Thomson Reuters

Exercise 2 (Workshop Objective 3)

For this multiple-choice question, explain the reasons why the answer you selected is correct, and why the other answers are incorrect. SYF Ltd owns a chain of restaurants. The share capital of SYF is 5,000,000 ordinary shares issued at $2.00 per share. One of SYF’s assets is land at Mt Gravatt it had proposed to build a restaurant on. However, due to intense competition in the area, SYF decides to sell the land for $1,100,000 (which is market value). Given community attitudes towards healthier eating, SYF decides to concentrate its energies on its current restaurants and has no intention to expand. The directors of SYF propose to distribute to the shareholders the $1,100,000 by way of capital reduction. Suki, an owner of 10,000 ordinary shares in SYF, objects to the proposed capital reduction because of the high rate of income tax she will pay on any distribution of money.

1. What was the minimum number of members required to form a quorum at the NAB

2. AGM?

3. What was the minimum number of days’ notice NAB needed to give members of the

4. AGM?

5. What were the resolutions proposed at the NAB AGM?

6. How could members vote at the NAB AGM?

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