Accounting question

The total number of shares on offer through the rights issue was 10 million, with total expected 

subscriptions of $35 million. At the time of the rights issue, there were 25 million ordinary 
shares issued and fully paid up in the company. 
On 30 June 2014, the directors declared an ordinary dividend of $0.05 per share. The 
company’s constitution gave them the power to make such a declaration legally binding