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My client purchased quoted ordinary shares in July 1981. In August 1981 she acquired convertible loan stock in a rights issue.
In addition to several pre- and post-March 1982 bonus issues she also received in 1985 further ordinary shares when the loan stock was converted.
The initial purchase and the cost of the rights produce a lower base cost than the March 1982 value(s). But how are the converted loan stock shares valued at 31 March 1982?
The shares were all disposed of in 2007-08.
Readers' advice would be most welcome.
Query 17 234 — Floored
Reply from Tower
The answer here is probably a lot simpler than Floored anticipates. As the initial purchase cost and the cost of rights are known to be lower than the March 1982 values there is not any need to carry out calculations in relation to the August 1981...
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