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| Section | Objectives |
|---|---|
| Topic 1: Dividend Policy | - Dividend decisions and shareholder value - Dividend theories |
| Topic 2: Financial Risk Management | - Foreign exchange risk - Interest rate risk |
| Topic 3: Financial Strategy Formulation | - Corporate financial planning - Strategic financial objectives |
| Topic 4: Mergers, Acquisitions and Corporate Restructuring | - Valuation principles - Synergies and takeover strategies |
| Topic 5: Sources of Long-Term Finance | - Equity and debt financing - Hybrid financial instruments |
>> CIMA F3 Exam Actual Questions <<
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NEW QUESTION # 64
Company C invests heavily in Research and Development an need to raise $45 million to finance future projects. It has decided to use equity finance raised by a tender offer, The following tender offers have been received from potential investors:
Company C wishes to select an offer price that will project shareholders from a significant dilution of control but still raise the required amount of finance.
What offer price should Company C's select?
Answer: C
NEW QUESTION # 65
A company is based in Country Y whose functional currency is YS. It has an investment in Country Z whose functional currency is ZS This year the company expects to generate ZS20 million profit after tax.
Tax Regime
* Corporate income tax rate in Country Y is 60%
* Corporate income tax rate in Country Z Is 30%
* Full double tax relief is available
Assume an exchange rate of YS1 = ZS5
What is the expected profit after tax in YS if the ZS profit is remitted to Country Y?
Answer: B
NEW QUESTION # 66
A company is currently all-equity financed with a cost of equity of 8%.
It plans to raise debt with a pre-tax cost of 4% in order to buy back equity shares.
After the buy-back, the debt-to-equity ratio at market values will be 1 to 2.
The corporate income tax rate is 30%.
Which of the following represents the company's cost of equity after the buy-back according to Modigliani and Miller's Theory of Capital Structure with taxes?
Answer: C
NEW QUESTION # 67
A company generates and distributes electricity and gas to households and businesses.
Forecast results for the next financial year are as follows:
The Industry Regulator has announced a new price cap of $2.00 per Kilowatt.
The company expects this to cause consumption to rise by 15% but costs would remained unaltered.
The price cap is expected to cause the company's net profit to fall to:
Answer: A
Explanation:
Current:
Revenue = $450m at $2.50/kWh # units = 450 / 2.5 = 180m kWh
Costs = $250m # Profit = $200m
After cap: price = $2.00, demand up 15%:
New volume = 180 × 1.15 = 207m kWh
New revenue = 207 × 2.00 = $414m
Costs unchanged = $250m # New profit = 414 # 250 = $164m
NEW QUESTION # 68
Company A plans to acquire Company B in a 1-for-1 share exchange.
Pre-acquisition information is as follows:
Post-acquisition information is as follows:
Annual earnings are expected to increase by $4 million.
The P/E multiple of the combined company is expected to be 12 times.
If the acquisition proceeds, what is the expected percentage increase in the post acquisition share price of Company A?
Answer: B
Explanation:
Pre-acquisition
Company A
Earnings = $50m
P/E = 12 # Market value = 50 × 12 = $600m
Shares = 100m # Share price = 600 / 100 = $6.00
Company B
Earnings = $16m
Combined current earnings = 50 + 16 = $66m.
Post-acquisition assumptions
Earnings increase by $4m # New total earnings
= 66 + 4 = $70m
Combined P/E = 12
# Total market value = 70 × 12 = $840m
Effect of the 1-for-1 share exchange
Company B has 40m shares, so Company A issues 40m new shares.
New total shares in Company A = 100m + 40m = 140m
Post-acquisition share price:
New price=Total valueTotal shares=840m140m=$6.00\text{New price} = \frac{\text{Total value}}{\text
{Total shares}} = \frac{840m}{140m} = \$6.00New price=Total sharesTotal value=140m840m=$6.00 This is the same as the original $6.00, so the percentage increase in Company A's share price is:
6.00#6.006.00=0%\frac{6.00 - 6.00}{6.00} = 0\%6.006.00#6.00=0%
So the expected increase in share price is 0%.
NEW QUESTION # 69
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