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Posted: May 20th, 2024
Torque Mining Ltd issued a prospectus on 25 January 2013 inviting applications
Torque Mining Ltd issued a prospectus on 25 January 2013 inviting applications for up to 20 000 000 ordinary shares at an issue price of 20ceach, payable in full on application. A minimum subscription of $3 000 000 was specified, with share issue costs of $376 350 expected to be incurred. The expected closing date for the offer was 15 March 2013. On 27 March 2013, the company advised that the Initial Public Offering had been withdrawn as the minimum subscription had not been reached.(Based on information from Torque Mining Ltd, www.torquemining.com.au/news.)RequiredA. What is the rationale behind specifying a minimum subscription to be reached before a share issue can be made?B. Assume that the minimum subscription was reached, the offer closed on 15 March 2013, and that 3,000,000 shares were issued on 27 March 2013 with share issue costs paid on that day. Prepare the journal entries required to be processed from the 25 January to the 27 March inclusive.C. Given that the share issue was not completed, explain how any costs associated with the offer would be accounted for?
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