The owners of a private company wish to dispose of their entire investment in the company. The company has an issued share capital of $1m of $0.50 nominal value ordinary shares. The owners have made the following valuations of the company’s assets and liabilities.
Non-current assets (book value)        $30m
Current assets                                     $18m
Non-current liabilities                         $12m
Current liabilities                                 $10m
The net realisable value of the non-current assets exceeds their book value by $4m. The current assets include $2m of accounts receivable which are thought to be irrecoverable.
What is the minimum price per share which the owners should accept for the company?