Topic: Earnings Per Share (IAS 33)

Search 500 + past questions and counting.

CR – Nov 2016 – L1 – SB – Q2 – Earnings Per Share (IAS 33)

Evaluate the significance, shortcomings, and calculations of EPS for Soar Plc.

Question

The objective of IAS 33 – Earnings Per Share is to improve the comparability of the performance of different entities in the same period and of the same entity in different accounting periods. This is done by prescribing the methods for determining the numbers of shares to be included in the calculation of earnings per share. The management of Soar Plc had sought your professional advice on the application of IAS 33.

a. You are required to advise the management of Soar Plc on the:
i. Significance of earnings per share. (5 marks)
ii. Shortcomings of earnings per share. (5 marks)

b. The directors of Soar Plc have decided to replace most of the existing plant and machinery which are now obsolete during the year ended September 30, 2015, to enhance earnings. The costs of removing existing plant and acquiring and installing new plant have been estimated at N750,000.

In order to improve liquidity, the directors decided to make a new issue of 800,000 ordinary shares at N2 per share fully paid on January 1, 2015, and a further N600,000 4% convertible loan notes on June 1, 2015. The terms of issue would provide for conversion into ordinary shares as stated below:

On September 30	Number of shares per N100 of loan stock
2015	120
2016	125
2017	118
2018	122

The ordinary shares issued would rank for dividend in the current year. The following relates to the company for the period ended September 30, 2015:

Profit before interest and tax is N850,000.
Effective rate of company tax on profit is 30% and the basic EPS for the year ended September 30, 2014, was 48 kobo.
The company had issued as at September 30, 2014, the following:
- 2,000,000 ordinary shares of 50 kobo each fully paid.
- 400,000 12% irredeemable preference shares of N1 each fully paid.
- 300,000 10% redeemable preference shares of N1 each fully paid.
- N700,000 8% redeemable debenture (non-convertible).

Required:
Calculate for Soar Plc for the year ended September 30, 2015:
i. Basic earnings per share (5 marks).
ii. Fully diluted earnings per share (5 marks).

Answer

Find Related Questions by Tags, levels, etc.

Tags: Basic EPS, EPS Significance, Financial Performance, Fully Diluted EPS, IAS 33
Level: Level 3

Topic: Earnings Per Share (IAS 33)
Series: NOV 2016

CR – Nov 2016 – L3 – Q2b – Earnings Per Share (IAS 33)

Calculation of Soar Plc’s basic and fully diluted earnings per share considering new shares, convertible loans, and associated financing costs.

Question

The directors of Soar Plc have decided to replace most of the existing plant and machinery, which are now obsolete, during the year ended September 30, 2015, to enhance earnings. The costs of removing existing plant and acquiring and installing new plant have been estimated at N750,000.

To improve liquidity, the directors issued 800,000 ordinary shares at N2 per share fully paid on January 1, 2015, and N600,000 4% convertible loan notes on June 1, 2015. The conversion terms are as follows:

Date	Number of shares per N100 of loan stock
2015	120
2016	125
2017	118
2018	122

The new ordinary shares rank for dividends in the current year. Relevant data for the year ended September 30, 2015:

Profit before interest and tax: N850,000
Effective company tax rate: 30%
Basic EPS for 2014: 48 kobo
Issued shares as of September 30, 2014:
- 2,000,000 ordinary shares of 50 kobo each
- 400,000 12% irredeemable preference shares of N1 each
- 300,000 10% redeemable preference shares of N1 each
- N700,000 8% redeemable debenture (non-convertible)

Required: Calculate for Soar Plc for the year ended September 30, 2015: i. Basic earnings per share (5 marks)
ii. Fully diluted earnings per share (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Basic EPS, Convertible Loan, EPS Calculation, Fully Diluted EPS, IAS 33, Share Issuance
Level: Level 3

Topic: Earnings Per Share (IAS 33)

CR – Nov 2016 – L3 – Q2a – Earnings Per Share (IAS 33)

Explanation of the significance and shortcomings of Earnings Per Share (EPS) for Soar Plc’s management.

Question

The objective of IAS 33 – Earnings Per Share is to improve the comparability of the performance of different entities in the same period and of the same entity in different accounting periods. This is done by prescribing the methods for determining the numbers of shares to be included in the calculation of earnings per share. The management of Soar Plc has sought your professional advice on the application of IAS 33.

Required: Advise the management of Soar Plc on the following:

i. Significance of Earnings Per Share (EPS). (5 marks)
ii. Shortcomings of Earnings Per Share (EPS). (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Comparability, EPS, Financial Performance, Financial Reporting, IAS 33, Investment Analysis
Level: Level 3

Topic: Earnings Per Share (IAS 33)

CR – Nov 2021 – L3 – Q2b – Earnings Per Share (IAS 33)

Calculate basic and diluted earnings per share (EPS) from Nsukka Plc’s consolidated financial statements.

Question

b. The following financial information relates to Nsukka Group for the year ended June 30, 2021.

Nsukka Group Consolidated Statement of Financial Position as at June 30, 2021

Additional Information:

Nsukka PLC reports a profit after tax, after adjusting for all current year accounting issues, of N1,850,000 and an effective tax rate of 20%.
For the first time, Nsukka PLC issued 1,000,000 ordinary shares and granted options for 400,000 shares on July 1, 2020. The exercise price was the market price of N1.50 per share at the grant date. Options vest on July 1, 2020, and expire on June 30, 2022. The average market price of shares in Nsukka Plc during the year ended June 30, 2022, was N1.834.
A rights issue of 1 for every 20 shares was made on May 31, 2021, at a price of N1.30 per share. The market price at this date was N1.60, and the average price for the year to June 30, 2021, was N1.65.
Nsukka PLC has N1,000,000 of 6% convertible loans included in other non-current liabilities. These were in issue throughout the year and may be converted into 100,000 ordinary shares. No loans were converted during the year. There are no dividends in arrears on the 3% preference shares.

Required:

Evaluate basic and diluted earnings per share from the consolidated statement of financial position as at June 30, 2021, for Nsukka Plc.
(12 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Basic EPS, Convertible Loans, Diluted EPS, Financial Ratios, Share Options
Level: Level 3

Topic: Earnings Per Share (IAS 33)

CR – Nov 2021 – L3 – Q2a – Earnings Per Share (IAS 33)

Define earnings quality, explain its assessment, and list factors impacting it.

Question

a. Past surveys revealed that one of the most important financial indicators in evaluating ordinary shares is the expected changes in earnings per share (EPS). Corporate earnings are a key component of these financial indicators, and, as far as investors are concerned, the quality of earnings is important in measuring a company’s prospects. The quality of earnings can be affected by several factors, which are at the discretion of management. A simple or complex capital structure also plays a vital role in the assessment of earnings quality and EPS.

Required:

i. What does “quality of earnings” connote, and how can it be assessed?
(5 Marks)

ii. What are the factors that can affect the quality of earnings of an organisation?
(3 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Capital structure, Earnings Quality, EPS, Financial Indicators
Level: Level 3

Topic: Earnings Per Share (IAS 33)

CR – Nov 2020 – L3 – Q2 – Earnings Per Share (IAS 33)

Calculate EPS under various scenarios for Goodwin plc and explain EPS use in investment decisions, including examples of potential ordinary shares.

Question

Goodwin plc
Statement of profit or loss extract for the year ended December 31, 2019

As at January 1, 2019, the issued share capital of Goodwin plc was as follows:

23,000 6% preference shares of N1 each
20,700 ordinary shares of N1 each

Required: Calculate the basic and diluted earnings per share for the year ended December 31, 2019 under the following circumstances:

a. Where there is no change in the issued share capital. (5 Marks)

b. The company made a bonus issue of one ordinary share for every four shares in issue at September 30, 2019. (3 Marks)

c. The company made a rights issue of shares on October 1, 2019 in the proportion of 1 for every 5 shares held at a price of N1.20. The middle market price for the shares on the last day of quotation cum rights was N1.80 per share. (8 Marks)

d. Briefly discuss how investors use the EPS ratio in investment decisions and give TWO examples of potential ordinary shares under IAS 33. (4 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Basic EPS, Bonus issue, Diluted EPS, EPS, IAS 33, Investment decisions, Rights Issue
Level: Level 3

Topic: Earnings Per Share (IAS 33)

FR – Nov 2023 – L2 – Q4a & b – Earnings Per Share (IAS 33)

Discuss diluted EPS and calculate EPS measures for Ebonyi Limited.

Question

IAS 33 requires publicly-traded companies to calculate a diluted Earning Per Share (EPS) in addition to their basic EPS for the current year (with a comparative diluted EPS for the previous year), allowing for the effect of all dilutive potential ordinary shares.

Required: a. Explain the purpose of the dilutive measures and discuss THREE types of dilution. (8 Marks)

b. The statement of financial position (extracts) for Ebonyi Limited for the year ended December 31, 2022 is as follows:

Equity and Liabilities	N’000
Ordinary shares (N1 each)	12,000
Retained earnings	36,000
Equity	48,000
Non-current liabilities:
5% convertible loan notes	4,000

Additional information: i. As at December 31, 2022, there has been no new issue of shares or loan notes for several years.
ii. The loan notes are convertible into ordinary shares in year 2023 or year 2024 at the following rates.
iii. At 30 shares for every N100 of loan notes if converted at December 31, 2023.
iv. At 25 shares for every N100 of loan notes if converted at December 31, 2024.
v. Company income tax rate is 30% on profit.

Required: Calculate the basic EPS and diluted EPS for year 2022. (8 Marks)

c. IAS 33 allows an entity to disclose an alternative measure of EPS in addition to the EPS calculated.

Required: Identify and explain TWO conditions that are required in accordance with IAS 33 to be complied with where an alternative measure of EPS is shown in the financial statements of an entity. (4 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contingently Issuable Shares, Convertible Instruments, Dilution, Earnings Per Share, Financial Statements, Options
Level: Level 2

Topic: Earnings Per Share (IAS 33)

FR – May 2015 – L2 – SB – Q4 – Earnings Per Share

Calculate Basic and Diluted Earnings Per Share for Kubua Plc, factoring in share options.

Question

(a) The following information is extracted from the financial statements of Kubua Plc for the year ended 30 September 2014:

Item	Amount (N’000)
Ordinary Share Capital (fully paid at 1.25 kobo each)	20,000
Operating Profit before Tax	4,000

Other relevant information:

The company’s income tax rate is 30%.
The average fair value of one ordinary share during the year was N5.00.
During the year, the company issued share options for 2.5 million ordinary shares to existing shareholders at an exercise price of N4.00.

Required:
Calculate the basic and diluted Earnings Per Share for the year ended 30 September 2014. Show all workings. (5 Marks)

(b) Extract from the Statements of Profit or Loss and Other Comprehensive Income of Bajulaye Plc. for the years ended:

Date	30/09/2014 (N’000)	30/09/2013 (N’000)
Revenue	5,000	2,800
Profit Before Interest and Taxes (PBIT)	2,500	1,200

Extract from the Statements of Financial Position as at:

Date	30/9/2014 (N’000)	30/9/2013 (N’000)
Issued Share Capital (Ordinary Shares at 50k each)	3,000	3,000
12% Redeemable Preference Shares	1,500	1,500
Total Equity	4,500	4,500

Other relevant information:

On 1 January 2013, the entity issued convertible loan notes of N2,000,000 with an effective interest rate of 10% per annum.
The loan notes are convertible at nominal values of N100 each into the following number of ordinary shares:
- 30 September 2018: 130 shares
- 30 September 2019: 125 shares
- 30 September 2020: 114 shares
- 30 September 2021: 105 shares
Company income tax rate is 30%.

Required:

Calculate the basic and diluted Earnings Per Share for the year ended 30 September 2014. (8 Marks)
Write a short memo to the Board of Directors of Bajulaye Plc explaining FOUR advantages and THREE limitations of Earnings Per Share as a performance indicator to users of financial statements. (7 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Dilution Calculation, Earnings Per Share, Profit Attribution, Share Options, Weighted average shares
Level: Level 2

Topic: Earnings Per Share (IAS 33)
Series: MAY 2015

FR – Nov 2022 – L2 – Q6a – Potential Ordinary Shares in EPS Calculation

Explain potential ordinary shares with three examples as per IAS 33.

Question

IAS 33 – Earnings Per Share (EPS) requires entities to calculate basic and diluted earnings per share. However, diluted EPS and basic EPS will usually differ when there are potential ordinary shares in existence.
Required:

i. Explain the term “potential ordinary share” and provide THREE examples as stated in IAS 33. (3 Marks)
ii. Describe the procedure for ranking when there are several types of potential ordinary share in issue when calculating diluted EPS.
(3 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Basic EPS, Convertible Bonds, Diluted EPS, Potential Ordinary Shares, Share Options
Level: Level 2

Topic: Earnings Per Share (IAS 33)
Series: NOV 2022

FR – Nov 2022 – L2 – Q6b – Potential Ordinary Shares

Rank the types of potential ordinary shares and calculate the diluted EPS for Jumai Nigeria Limited.

Question

The following information relates to Jumai Nigeria Limited for the year ended December 31, 2020.
Issued ordinary shares of 50k each N3,000,000
Profit for the year N18,000,000
Average market price of shares during the year was N70 per share. The potential financial instruments in existence in the company are detailed below:
i. 800,000 options with exercise price of N52.50.
ii. 5% convertible bond of N6,000,000. Each bond is convertible in year 2025 into ordinary shares at the rate of 30 new shares for every N100 bonds.
iii. 200,000 8% convertible preference shares at N10 per share. Each preference share is convertible in year 2024 at the rate of one ordinary share for every 25 preference shares held. The Company income tax rate is 30%. Assume that all the options are exercised.
Required:
Rank the potential ordinary shares and calculate the diluted EPS for the year ended December 31, 2020. (7 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Convertible Bonds, Diluted EPS, Earnings Per Share, Options, Potential Ordinary Shares, Ranking Shares
Level: Level 2

Topic: Earnings Per Share (IAS 33)
Series: NOV 2022

CR – Nov 2016 – L1 – SB – Q2 – Earnings Per Share (IAS 33)

Evaluate the significance, shortcomings, and calculations of EPS for Soar Plc.

Question

a. You are required to advise the management of Soar Plc on the:
i. Significance of earnings per share. (5 marks)
ii. Shortcomings of earnings per share. (5 marks)

On September 30	Number of shares per N100 of loan stock
2015	120
2016	125
2017	118
2018	122

The ordinary shares issued would rank for dividend in the current year. The following relates to the company for the period ended September 30, 2015:

Profit before interest and tax is N850,000.
Effective rate of company tax on profit is 30% and the basic EPS for the year ended September 30, 2014, was 48 kobo.
The company had issued as at September 30, 2014, the following:
- 2,000,000 ordinary shares of 50 kobo each fully paid.
- 400,000 12% irredeemable preference shares of N1 each fully paid.
- 300,000 10% redeemable preference shares of N1 each fully paid.
- N700,000 8% redeemable debenture (non-convertible).

Required:
Calculate for Soar Plc for the year ended September 30, 2015:
i. Basic earnings per share (5 marks).
ii. Fully diluted earnings per share (5 marks).

Answer

Find Related Questions by Tags, levels, etc.

Tags: Basic EPS, EPS Significance, Financial Performance, Fully Diluted EPS, IAS 33
Level: Level 3

Topic: Earnings Per Share (IAS 33)
Series: NOV 2016

CR – Nov 2016 – L3 – Q2b – Earnings Per Share (IAS 33)

Calculation of Soar Plc’s basic and fully diluted earnings per share considering new shares, convertible loans, and associated financing costs.

Question

Date	Number of shares per N100 of loan stock
2015	120
2016	125
2017	118
2018	122

The new ordinary shares rank for dividends in the current year. Relevant data for the year ended September 30, 2015:

Profit before interest and tax: N850,000
Effective company tax rate: 30%
Basic EPS for 2014: 48 kobo
Issued shares as of September 30, 2014:
- 2,000,000 ordinary shares of 50 kobo each
- 400,000 12% irredeemable preference shares of N1 each
- 300,000 10% redeemable preference shares of N1 each
- N700,000 8% redeemable debenture (non-convertible)

Required: Calculate for Soar Plc for the year ended September 30, 2015: i. Basic earnings per share (5 marks)
ii. Fully diluted earnings per share (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Basic EPS, Convertible Loan, EPS Calculation, Fully Diluted EPS, IAS 33, Share Issuance
Level: Level 3

Topic: Earnings Per Share (IAS 33)

CR – Nov 2016 – L3 – Q2a – Earnings Per Share (IAS 33)

Explanation of the significance and shortcomings of Earnings Per Share (EPS) for Soar Plc’s management.

Question

Required: Advise the management of Soar Plc on the following:

i. Significance of Earnings Per Share (EPS). (5 marks)
ii. Shortcomings of Earnings Per Share (EPS). (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Comparability, EPS, Financial Performance, Financial Reporting, IAS 33, Investment Analysis
Level: Level 3

Topic: Earnings Per Share (IAS 33)

CR – Nov 2021 – L3 – Q2b – Earnings Per Share (IAS 33)

Calculate basic and diluted earnings per share (EPS) from Nsukka Plc’s consolidated financial statements.

Question

b. The following financial information relates to Nsukka Group for the year ended June 30, 2021.

Nsukka Group Consolidated Statement of Financial Position as at June 30, 2021

Additional Information:

Nsukka PLC reports a profit after tax, after adjusting for all current year accounting issues, of N1,850,000 and an effective tax rate of 20%.
For the first time, Nsukka PLC issued 1,000,000 ordinary shares and granted options for 400,000 shares on July 1, 2020. The exercise price was the market price of N1.50 per share at the grant date. Options vest on July 1, 2020, and expire on June 30, 2022. The average market price of shares in Nsukka Plc during the year ended June 30, 2022, was N1.834.
A rights issue of 1 for every 20 shares was made on May 31, 2021, at a price of N1.30 per share. The market price at this date was N1.60, and the average price for the year to June 30, 2021, was N1.65.
Nsukka PLC has N1,000,000 of 6% convertible loans included in other non-current liabilities. These were in issue throughout the year and may be converted into 100,000 ordinary shares. No loans were converted during the year. There are no dividends in arrears on the 3% preference shares.

Required:

Evaluate basic and diluted earnings per share from the consolidated statement of financial position as at June 30, 2021, for Nsukka Plc.
(12 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Basic EPS, Convertible Loans, Diluted EPS, Financial Ratios, Share Options
Level: Level 3

Topic: Earnings Per Share (IAS 33)

CR – Nov 2021 – L3 – Q2a – Earnings Per Share (IAS 33)

Define earnings quality, explain its assessment, and list factors impacting it.

Question

Required:

i. What does “quality of earnings” connote, and how can it be assessed?
(5 Marks)

ii. What are the factors that can affect the quality of earnings of an organisation?
(3 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Capital structure, Earnings Quality, EPS, Financial Indicators
Level: Level 3

Topic: Earnings Per Share (IAS 33)

CR – Nov 2020 – L3 – Q2 – Earnings Per Share (IAS 33)

Calculate EPS under various scenarios for Goodwin plc and explain EPS use in investment decisions, including examples of potential ordinary shares.

Question

Goodwin plc
Statement of profit or loss extract for the year ended December 31, 2019

As at January 1, 2019, the issued share capital of Goodwin plc was as follows:

23,000 6% preference shares of N1 each
20,700 ordinary shares of N1 each

Required: Calculate the basic and diluted earnings per share for the year ended December 31, 2019 under the following circumstances:

a. Where there is no change in the issued share capital. (5 Marks)

b. The company made a bonus issue of one ordinary share for every four shares in issue at September 30, 2019. (3 Marks)

d. Briefly discuss how investors use the EPS ratio in investment decisions and give TWO examples of potential ordinary shares under IAS 33. (4 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Basic EPS, Bonus issue, Diluted EPS, EPS, IAS 33, Investment decisions, Rights Issue
Level: Level 3

Topic: Earnings Per Share (IAS 33)

FR – Nov 2023 – L2 – Q4a & b – Earnings Per Share (IAS 33)

Discuss diluted EPS and calculate EPS measures for Ebonyi Limited.

Question

Required: a. Explain the purpose of the dilutive measures and discuss THREE types of dilution. (8 Marks)

b. The statement of financial position (extracts) for Ebonyi Limited for the year ended December 31, 2022 is as follows:

Equity and Liabilities	N’000
Ordinary shares (N1 each)	12,000
Retained earnings	36,000
Equity	48,000
Non-current liabilities:
5% convertible loan notes	4,000

Required: Calculate the basic EPS and diluted EPS for year 2022. (8 Marks)

c. IAS 33 allows an entity to disclose an alternative measure of EPS in addition to the EPS calculated.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contingently Issuable Shares, Convertible Instruments, Dilution, Earnings Per Share, Financial Statements, Options
Level: Level 2

Topic: Earnings Per Share (IAS 33)

FR – May 2015 – L2 – SB – Q4 – Earnings Per Share

Calculate Basic and Diluted Earnings Per Share for Kubua Plc, factoring in share options.

Question

(a) The following information is extracted from the financial statements of Kubua Plc for the year ended 30 September 2014:

Item	Amount (N’000)
Ordinary Share Capital (fully paid at 1.25 kobo each)	20,000
Operating Profit before Tax	4,000

Other relevant information:

The company’s income tax rate is 30%.
The average fair value of one ordinary share during the year was N5.00.
During the year, the company issued share options for 2.5 million ordinary shares to existing shareholders at an exercise price of N4.00.

Required:
Calculate the basic and diluted Earnings Per Share for the year ended 30 September 2014. Show all workings. (5 Marks)

(b) Extract from the Statements of Profit or Loss and Other Comprehensive Income of Bajulaye Plc. for the years ended:

Date	30/09/2014 (N’000)	30/09/2013 (N’000)
Revenue	5,000	2,800
Profit Before Interest and Taxes (PBIT)	2,500	1,200

Extract from the Statements of Financial Position as at:

Date	30/9/2014 (N’000)	30/9/2013 (N’000)
Issued Share Capital (Ordinary Shares at 50k each)	3,000	3,000
12% Redeemable Preference Shares	1,500	1,500
Total Equity	4,500	4,500

Other relevant information:

On 1 January 2013, the entity issued convertible loan notes of N2,000,000 with an effective interest rate of 10% per annum.
The loan notes are convertible at nominal values of N100 each into the following number of ordinary shares:
- 30 September 2018: 130 shares
- 30 September 2019: 125 shares
- 30 September 2020: 114 shares
- 30 September 2021: 105 shares
Company income tax rate is 30%.

Required:

Calculate the basic and diluted Earnings Per Share for the year ended 30 September 2014. (8 Marks)
Write a short memo to the Board of Directors of Bajulaye Plc explaining FOUR advantages and THREE limitations of Earnings Per Share as a performance indicator to users of financial statements. (7 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Dilution Calculation, Earnings Per Share, Profit Attribution, Share Options, Weighted average shares
Level: Level 2

Topic: Earnings Per Share (IAS 33)
Series: MAY 2015

FR – Nov 2022 – L2 – Q6a – Potential Ordinary Shares in EPS Calculation

Explain potential ordinary shares with three examples as per IAS 33.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Basic EPS, Convertible Bonds, Diluted EPS, Potential Ordinary Shares, Share Options
Level: Level 2

Topic: Earnings Per Share (IAS 33)
Series: NOV 2022

FR – Nov 2022 – L2 – Q6b – Potential Ordinary Shares

Rank the types of potential ordinary shares and calculate the diluted EPS for Jumai Nigeria Limited.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Convertible Bonds, Diluted EPS, Earnings Per Share, Options, Potential Ordinary Shares, Ranking Shares
Level: Level 2