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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Investment Appraisal and Decisions | 25% | - Investment evaluation techniques
|
| Topic 2: Mergers, Acquisitions and Business Valuation | 10% | - Valuation and deal structure
|
| Topic 3: Financial Strategy Framework | 25% | - Financial objectives and stakeholder value
|
| Topic 4: Corporate Finance | 30% | - Financing decisions
|
| Topic 5: Financial Risk Management and Treasury | 10% | - Risk management techniques
|
>> CIMAPRA19-F03-1 Exam Dump <<
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NEW QUESTION # 156
ADC is planning to acquire DEF in order to benefit from the expertise of DEF's owner 'managers Both are Listed companies. ADC is trying to decide whether to offer cash or shares in consideration for DEF's shares.
Which THREE of the following are advantages to ABC of offering shares to acquire CEF?
Answer: A,E,F
Explanation:
The question asks for advantages to the acquiring company (ADC/ABC) of using shares rather than cash to pay for DEF.
C). It incentivises DEF to continue creating value for the combined group If DEF's shareholders (and possibly managers) receive shares in ADC, they now own part of the combined business. That aligns their interests with ADC's existing shareholders and encourages them to help grow the value of the group.
E). The risk of poor future performance of the acquisition is shared with the DEF company shareholder.
If ADC pays with shares, DEF's shareholders share in both the upside and downside. If the acquisition underperforms, the fall in value is shared instead of all the risk resting on ADC's original shareholders. That's an advantage for ADC.
F). It preserves liquidity
Paying with shares means ADC does not need to use up cash or raise new debt. This preserves cash balances and borrowing capacity, which is a clear advantage.
Why not the others?
A (sharing benefits of future growth with DEF shareholders) is actually a cost from ADC's existing shareholders' viewpoint - they give away more of the upside.
B dilution of ownership is also a disadvantage, not an advantage.
D a tax saving for ABC - the tax impact is usually more relevant for sellers or when using debt, not typically a direct advantage of share consideration to the acquirer.
NEW QUESTION # 157
Company Z has identified four potential acquisition targets: companies A, B, C and D.
Company Z has a current equity market value of $580 million.
The price it would have to pay for the equity of each company is as follows:
Only one of the target companies can be acquired and the consideration will be paid in cash.
The following estimations of the new combined value of Company Z have been prepared for each acquisition before deduction of the cash consideration:
Ignoring any premium paid on acquisition, which acquisition should the directors pursue?
Answer: D
NEW QUESTION # 158
A company is considering whether to lease or buy an asset.
The following data applies:
* The bank will charge interest at 7.14% per annum
* The asset will cost $1 million
* Tax-allowable depreciation is available on a straight line basis over 5 years
* There is no residual value
* Corporate tax is paid at 30% in the year when the profit is earned
What is the NPV of the buy option?
Give your answer to the nearest $000.
$ ?
Answer: B
NEW QUESTION # 159
RST wishes to raise at least $40 million of new equity by issuing up to 10 million new equity shares at a minimum price of $3.00 under an offer for sale by tender. It receives the following tender offers:
What is the maximum amount that RST can raise by this share issue?
(Give your answer to the nearest $ million).
Answer:
Explanation:
45MILION
At # $5.50 # 1m sharesAt # $5.00 # 1m + 3m = 4m sharesAt # $4.50 # 1m + 3m + 7m = 11m sharesAt # $4.00 # 1m + 3m + 7m + 9m = 20m sharesNow test each possible issue price:$5.50 # can sell 1m # proceeds = $5.5m (too low)$5.00 # can sell 4m # proceeds = $20m (too low)$4.50 # demand 11m but max issue is 10m # sell 10m # proceeds = 10m × 4.5 = $45m$4.00 # can sell 10m # proceeds = 10m × 4 =
$40mBoth $4.50 and $4.00 meet the "at least $40m" condition, but the maximum amount RST can raise is
$45 million at $4.50 per share.
NEW QUESTION # 160
Company A operates in country A and uses currency AS. It is looking to acquire Company B which operates in country B and uses currency B$. The following information is relevant:
The assistant accountant at Company A has prepared the following valuation of company B's equity, however there are some errors in his calculations.
Value of Company B's equity = 14.16 + 16.03 + 17.67 = AS47.86 million
Company B has BS5 million of debt finance.
Which of the following THREE statements are true?
Answer: B,C,D
NEW QUESTION # 161
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