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| Section | Weight | Objectives |
|---|---|---|
| Financial Policy Decisions | 15% | - Strategic financial objectives and stakeholder impact
|
| Sources of Long-term Funds | 25% | - Capital structure theories and WACC
- Debt finance
|
| Financial Risks | 20% | - Risk management techniques
|
| Business Valuation | 40% | - Mergers, acquisitions and divestments
|
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NEW QUESTION # 70
Company T has 1,000 million shares in issue with a current share price of $10 each.
Company V has 300 million shares in issue with a current share price of $5 each.
Company T is considering acquiring Company V.
Total synergy gains of $100 million have been estimated.
The purchase of Company V's shares would be by cash at a 10% premium above the current share price.
In seeking approval for the acquisition, the likely reaction from T's shareholders will be:
Answer: A
Explanation:
Value of V currently = 300m × $5 = $1,500m
Offer price = $5 × 1.10 = $5.50 # cost = 300m × 5.50 = $1,650m
Synergy = $100m
Net gain to T's shareholders = 100 # 150 = -$50m # a loss of $50m, so they'd reject.
NEW QUESTION # 71
Company ABE is an unlisted company that has been trading for 10 years. During this period, it has seen substantial growth in revenue and earnings. For the company to continue its growth it needs to raise new finance The directors are considering an initial public offering (IPO).
The following information is relevant to Company ABE:
A listed company of similar size and in the same industry as Company ABE had earnings per share in the last financial year of $1 80 Its shares are currently trading at a price / earnings ratio of 12.
The directors of Company ABE have asked for advice on what price they might expect if the company is listed on the stock exchange by means of an IPO.
Using the information provided what is an estimated issue price for each share in Company ABE?
Give your answer to 2 decimal places.
Answer:
Explanation:
$25.20 per shareShares in issue = 50mRevenue = $650mPre-tax profit = $150mTax rate = 30%
Comparable listed company: EPS = $1.80, P/E = 12Earnings after taxEarnings=150×(1#0.30)=150×0.70=$105m\text
{Earnings} = 150 \times (1 - 0.30) = 150 \times 0.70 = \$105\text{m}Earnings=150×(1#0.30)=150×0.
70=$105m EPS for ABEEPS=105/50=$2.10\text{EPS} = 105 / 50 = \$2.10EPS=105/50=$2.10 Apply peer P
/E of 12Issue price#2.10×12=$25.20\text{Issue price} \approx 2.10 \times 12 = \$25.20Issue price#2.
10×12=$25.20 Estimated IPO issue price (to 2 d.p.): $25.20 per share
NEW QUESTION # 72
A listed company is considering either a one-off special divided or a share repurchase scheme to reduce its surplus cash level.
Identify TWO advantages that a one-off special payment has over a share repurchase scheme.
Answer: B,D
NEW QUESTION # 73
A large, listed company is planning a major project that should greatly improve its share price in the long term.
These plans require a significant capital cost that the company plans to finance by debt.
All of the debt options being considered are for the same duration of time.
Which of the following sources of debt finance is likely to be the most expensive for the company over the full term of the debt?
Answer: C
Explanation:
All the options are debt with the same maturity, but convertible bonds include an equity conversion option for investors. Because of that option, the coupon rate at issue is usually lower than on straight bonds or bank loans. However, CIMA F3 emphasises that if the company's share price is expected to rise significantly (as in this question, where the project should greatly improve the share price), holders are very likely to convert.
When conversion happens, the company settles the debt by issuing shares that, at that point, are worth much more than the original debt value. The effective total cost of finance (interest paid plus the value of equity given up) can end up higher than for ordinary bonds, leases, or bank loans over the full term.
Therefore, given the expectation of a strong future share price, the source of debt finance likely to be most expensive over the full term is:
NEW QUESTION # 74
Modigliani and Miller are the main proponents of the view that the dividend policy is irrelevant to the value of a company's shares.
They argue that a company that continually reinvests its entire earnings would generate the same shareholder wealth if it engaged in a policy of high dividends and financed its expansion with funds obtained from rights issues.
Which THREE of the following statements are assumptions that are required in order to support this proposition?
Answer: A,B,D
Explanation:
Explanation
Discursive_F0
NEW QUESTION # 75
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