Supreme Industries Issues the Following Announcement to Holders of an Issue

Multiple Choice

Supreme Industries issues the following announcement to holders of an issue of callable, convertible notes: 'Prior to the close of business on 17 May 2016, holders may convert their Notes into Supreme Industries ordinary shares at 28.45 shares per $1 000 principal amount of the Notes. Cash will be paid in lieu of fractional shares. On 16 April 2016, the last reported sale price of Supreme Industries shares on the ASX was $22.51 per share.'
If on 17 May, Supreme Industries is trading as $24.80, what is the value of ordinary shares a holder of a $1 000 note would receive?

A) $868.00
B) $787.51
C) $791.21
D) $871.70