On 1 October 20X4, Pyramid Co acquired 80% of Square Co’s 9 million equity shares. At the date of acquisition,Square Co had an item of plant which had a fair value of $3m in excess of its carrying amount. At the date of acquisition it had a useful life of five years. Pyramid Co’s policy is to value non-controlling interests at fair value at the date of acquisition. For this purpose, Square Co’s shares had a value of $3·50 each at that date. In the year ended 30 September 20X5, Square Co reported a profit of $8m.
At what amount should the non-controlling interests in Square Co be valued in the consolidated statement of financial position of the Pyramid group as at 30 September 20X5？