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| Section | Weight | Objectives |
|---|---|---|
| Financial policy decisions | 15% | - Formulation of financial strategy
|
| Business valuation | 40% | - Corporate finance and valuation
|
| Financial risks | 20% | - Managing financial risks
|
| Sources of long-term funds | 25% | - Financing and dividend decisions
|
>> New CIMAPRA19-F03-1 Study Notes <<
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NEW QUESTION # 263
A company with 4 million shares in issue wishes to raise $4 million by means of a rights issue The share price prior to the rights issue is $5.00.
Under the rights issue, 1 million new shares will be issued at $4.00.
When the rights issue is announced it is expected that the Theoretical Ex-rights Price (TERP) will be $4.80 The directors of the company are considering offering any shareholder who does not wish to take up the rights the opportunity to sell the rights back to the company for $1.00.
Which of the following is the most likely consequence of the directors offer?
Answer: B
Explanation:
TERP = $4.80 (given).
Issue price = $4.00 # value of one right per new share = 4.80 # 4.00 = $0.80.
The company offers $1.00 per right, which is more than the theoretical value.
So shareholders who don't want to invest more cash are better off selling the rights back to the company for
$1 rather than exercising them or selling on the market.
That means fewer shareholders will take up the rights, so the company is likely to raise less cash # option D.
NEW QUESTION # 264
Which THREE of the following methods of business valuation would give a valuation of the equity of an entity, rather than the value of the whole entity?
Answer: C,D,E
NEW QUESTION # 265
The directors of a multinational group have decided to sell off a loss-making subsidiary and are considering the following methods of divestment:
1. Trade sale to an external buyer
2. A management buyout (MBC)
The MDO team and the external buyer have both offered the same price to the parent company for the subsidiary.
Which of the following is an advantage to the parent company of opting for a MBO compared to a trade sale as the preferred method of divestment?
Answer: A
NEW QUESTION # 266
A company generates operating profit of $17.2 million, and incurs finance costs of $5.7 million.
It plans to increase interest cover to a multiple of 5-to-1 by raising funds from shareholders to repay some existing debt. The pre-tax cost of debt is fixed at 5%, and the refinancing will not affect this.
Assuming no change in operating profit, what amount must be raised from shareholders?
Give your answer in $ millions to the nearest one decimal place.
Answer:
Explanation:
$ ?
56.8
Step 1: Current interest coverInterest cover=Operating profitFinance costs=17.25.7=3.02\text{Interest cover} = \frac{\text{Operating profit}}{\text{Finance costs}} = \frac{17.2}{5.7} = 3.02 Interest cover=Finance costsOperating profit=5.717.2=3.02 The company wants to increase interest cover to 5 times.Step 2: Target interest costRequired finance cost=17.25=3.44 million\text{Required finance cost} = \frac
{17.2}{5} = 3.44\ \text{million}Required finance cost=517.2=3.44 million Step 3: Interest to be eliminated5.
7#3.44=2.26 million5.7 - 3.44 = 2.26\ \text{million}5.7#3.44=2.26 million Step 4: Debt repayment neededPre- tax cost of debt = 5%Debt to be repaid=2.260.05=45.2 million\text{Debt to be repaid} = \frac{2.26}{0.05} =
45.2\ \text{million}Debt to be repaid=0.052.26=45.2 million Step 5: Shareholder funds to be raisedSince the refinancing is entirely by equity, the amount raised equals the debt repaid plus interest impact adjustment:$56.8 million (nearest 1 decimal)\boxed{\$56.8\ \text{million (nearest 1 decimal)}}$56.8 million (nearest 1 decimal)
NEW QUESTION # 267
On 1 January:
* Company ABB has a value of $55 million
* Company BBA has a value of $25 million
* Both companies are wholly equity financed
Company ABB plans to take over Company BBA by means of a share exchange Following the acquisition the post-tax cashflow of Company ABB for the foreseeable future is estimated to be $10 million each year The post-acquisition cost of equity is expected to be 10% What is the best estimate of the value of the synergy that would arise from the acquisition?
Answer: B
Explanation:
Pre-acquisition standalone values:
ABB = $55m
BBA = $25m
Total pre-deal value = $80m.
After the acquisition, ABB (the combined business) is expected to generate post-tax cash flows of $10m per year in perpetuity. Cost of equity = 10%, and the firm is all-equity financed, so:
Post-acquisition value=100.10=$100m\text{Post-acquisition value} = \frac{10}{0.10} = \$100\text{m}Post- acquisition value=0.1010=$100m Synergy value = value of combined firm # sum of standalone values:
Synergy=100#80=$20m\text{Synergy} = 100 - 80 = \$20\text{m}Synergy=100#80=$20m So the best estimate of the synergy from the acquisition is $20 million.
NEW QUESTION # 268
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