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A company has issued non-callable, non-convertible preferred stock with the following features:
· Par value per share: $10
· Annual dividend per share: $2
· Maturity: 15 years
An investor’s required rate of return is 8%, and the current market price per share of the preferred stock is $25. By comparing the estimated intrinsic value with the market price of the preferred stock, the most likely conclusion is that the preferred stock is:
A.fairly valued at $25.00.
B.undervalued by $15.00.
C.overvalued by $4.73.
A company without default risk has issued a perpetual dollar FRN at LIBOR. The coupon is paid and reset semiannually. It is certain that the issuer will never have default risk and will always be able to borrow at LIBOR. The FRN is issued on March 1, 2007, when the six-month LIBOR is at 5 percent. The dollar yield curve on September 1, 2007, and December 1, 2007, is as follows:
a. What is the coupon paid on September 1, 2007, per $1,000 FRN？ b. What is the new value of the coupon set on the FRN on September 1, 2007？ c. What is the new value of the FRN on December 1, 2007？
A、2.3
B、2.9
C、3
D、2.5
Germane has a number of relationships with other companies.
In which of the following relationships is Germane necessarily the parent company？
(i) Foll has 50,000 non-voting and 100,000 voting equity shares in issue with each share receiving the same dividend. Germane owns all of Foll’s non-voting shares and 40,000 of its voting shares
(ii) Kipp has 1 million equity shares in issue of which Germane owns 40%. Germane also owns $800,000 out of $1 million 8% convertible loan notes issued by Kipp. These loan notes may be converted on the basis of 40 equity shares for each $100 of loan note, or they may be redeemed in cash at the option of the holder
(iii) Germane owns 49% of the equity shares in Polly and 52% of its non-redeemable preference shares. As a result of these investments, Germane receives variable returns from Polly and has the ability to affect these returns through its power over Polly
A.(i) only
B.(i) and (ii) only
C.(ii) and (iii) only
D.All three
A、Share premium retained earnings $25,000 Nil
B、Share premium retained earnings $10,000 $15,000
C、Share premium retained earnings Nil $25,000
D、Share premium retained earnings Nil $(275,000)
Fence Co plans to invest in a project which is different to its existing business operations and has identified a company in the same business area as the project, Hex Co. The equity beta of Hex Co is 1·2 and the company has an equity market value of $54 million. The market value of the debt of Hex Co is $12 million.
The risk-free rate of return is 4% per year and the average return on the stock market is 11% per year. Both companies pay corporation tax at a rate of 20% per year.
Required:
(a) Calculate the current weighted average cost of capital of Fence Co. (7 marks)
(b) Calculate a cost of equity which could be used in appraising the new project. (4 marks)
(c) Explain the difference between systematic and unsystematic risk in relation to portfolio theory and the capital asset pricing model. (6 marks)
(d) Discuss the differences between weak form, semi-strong form. and strong form. capital market efficiency, and discuss the significance of the efficient market hypothesis (EMH) for the financial manager. (8 marks)
A、$0.
B、$40,000.
C、$100,000.
D、$200,000.
At 1 January 20x0, the capital structure of Q, a limited liability company, was as follows: Issued share capital 1,000,000 ordinary shares of 50c each 500,000 Share premium account 300,000 On 1 April 20x0, the company made an issue of 200,000 50c shares at $1.3 each, and on 1 July, the company made a bonus issue of one share for every four in issue at the time, using the share premium account for the purpose. Which of the following correctly states the company’s share capital and share premium account at 31 December 20x0？
A、Share capital share premium account $750,000 $230,000
B、Share capital share premium account $875,000 $285,000
C、Share capital share premium account $750,000 $310,000
D、Share capital share premium account $750,000 $610,000
When authenticating an alteration on correction or the B/L, such authentication must consist of:
1) the name of the company making the alteration.
2) their capacity (i. e. agent if the authentication appears to have been made by a party other than the issuer of the document).
3)a signature or initial of the person making the change.
If an issuer makes the alteration, the above 1) and 3) are enough, but such case is seldom.
China Ocean Shipping Agency-COSA made an alteration on a B/L issued by Jessen Shipping Co., the alteration bear a COSA's initial.
(1)( ) Such alteration is acceptable.
(2)( ) Such alteration is not acceptable owing to ______.
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