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(b) Paying a dividend of 10c per share (1 mark)
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For the year just ended，N company had an earnings of$2 per share and paid a dividend of $1．2 0n its Stock．The growth rate in net income and dividend are both expected to be a constant 7 percent per year,indefinitely．N company has a Beta of 0．8，the risk-free interest rate is 6 percent，and the market risk premium is 8 percent．P Company is very similar to N company in growth rate，risk and dividend payout rati0．It had 20 million shares outstanding and an earnings of$36 million for the year just ended．The earnings will increase to$38．5 million the next year．Requirement：A．Calculate the expected rate of return on N company’S equity．B．Calculate N Company’S current price—eaming ratio and prospective price-earning rati0．C．Using N company’S current price-earning rati0，value P company’S stock price．D．Using N company’S prospective price-earning rati0，value P company’S stock price．
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(c) Calculate the theoretical ex rights price per share and the net funds to be raised by the rights issue, anddetermine and discuss the likely effect of the proposed expansion on:(i) the current share price of Merton plc;(ii) the gearing of the company.Assume that the price–earnings ratio of Merton plc remains unchanged at 12 times. (11 marks)
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(d) Calculate the ex dividend share price predicted by the dividend growth model and discuss the company’sview that share price growth of at least 8% per year would result from expanding into the retail cameramarket. Assume a cost of equity capital of 11% per year. (6 marks)
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23 The capital structure of a company at 30 June 2005 is as follows:$mOrdinary share capital 100Share premium account 40Retained earnings 6010% Loan notes 40The company’s income statement for the year ended 30 June 2005 showed:$mOperating profit 44Loan note interest (4)___Profit for year 40____What is the company’s return on capital employed?A 40/240 = 162/3 per centB 40/100 = 40 per centC 44/240 = 181/3 per centD 44/200 = 22 per cent
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4 Ryder, a public limited company, is reviewing certain events which have occurred since its year end of 31 October2005. The financial statements were authorised on 12 December 2005. The following events are relevant to thefinancial statements for the year ended 31 October 2005:(i) Ryder has a good record of ordinary dividend payments and has adopted a recent strategy of increasing itsdividend per share annually. For the last three years the dividend per share has increased by 5% per annum.On 20 November 2005, the board of directors proposed a dividend of 10c per share for the year ended31 October 2005. The shareholders are expected to approve it at a meeting on 10 January 2006, and adividend amount of $20 million will be paid on 20 February 2006 having been provided for in the financialstatements at 31 October 2005. The directors feel that a provision should be made because a ‘valid expectation’has been created through the company’s dividend record. (3 marks)(ii) Ryder disposed of a wholly owned subsidiary, Krup, a public limited company, on 10 December 2005 and madea loss of $9 million on the transaction in the group financial statements. As at 31 October 2005, Ryder had nointention of selling the subsidiary which was material to the group. The directors of Ryder have stated that therewere no significant events which have occurred since 31 October 2005 which could have resulted in a reductionin the value of Krup. The carrying value of the net assets and purchased goodwill of Krup at 31 October 2005were $20 million and $12 million respectively. Krup had made a loss of $2 million in the period 1 November2005 to 10 December 2005. (5 marks)(iii) Ryder acquired a wholly owned subsidiary, Metalic, a public limited company, on 21 January 2004. Theconsideration payable in respect of the acquisition of Metalic was 2 million ordinary shares of $1 of Ryder plusa further 300,000 ordinary shares if the profit of Metalic exceeded $6 million for the year ended 31 October2005. The profit for the year of Metalic was $7 million and the ordinary shares were issued on 12 November2005. The annual profits of Metalic had averaged $7 million over the last few years and, therefore, Ryder hadincluded an estimate of the contingent consideration in the cost of the acquisition at 21 January 2004. The fairvalue used for the ordinary shares of Ryder at this date including the contingent consideration was $10 per share.The fair value of the ordinary shares on 12 November 2005 was $11 per share. Ryder also made a one for fourbonus issue on 13 November 2005 which was applicable to the contingent shares issued. The directors areunsure of the impact of the above on earnings per share and the accounting for the acquisition. (7 marks)(iv) The company acquired a property on 1 November 2004 which it intended to sell. The property was obtainedas a result of a default on a loan agreement by a third party and was valued at $20 million on that date foraccounting purposes which exactly offset the defaulted loan. The property is in a state of disrepair and Ryderintends to complete the repairs before it sells the property. The repairs were completed on 30 November 2005.The property was sold after costs for $27 million on 9 December 2005. The property was classified as ‘held forsale’ at the year end under IFRS5 ‘Non-current Assets Held for Sale and Discontinued Operations’ but shown atthe net sale proceeds of $27 million. Property is depreciated at 5% per annum on the straight-line basis and nodepreciation has been charged in the year. (5 marks)(v) The company granted share appreciation rights (SARs) to its employees on 1 November 2003 based on tenmillion shares. The SARs provide employees at the date the rights are exercised with the right to receive cashequal to the appreciation in the company’s share price since the grant date. The rights vested on 31 October2005 and payment was made on schedule on 1 December 2005. The fair value of the SARs per share at31 October 2004 was $6, at 31 October 2005 was $8 and at 1 December 2005 was $9. The company hasrecognised a liability for the SARs as at 31 October 2004 based upon IFRS2 ‘Share-based Payment’ but theliability was stated at the same amount at 31 October 2005. (5 marks)Required:Discuss the accounting treatment of the above events in the financial statements of the Ryder Group for the yearended 31 October 2005, taking into account the implications of events occurring after the balance sheet date.(The mark allocations are set out after each paragraph above.)(25 marks)
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3 (a) Leigh, a public limited company, purchased the whole of the share capital of Hash, a limited company, on 1 June2006. The whole of the share capital of Hash was formerly owned by the five directors of Hash and under theterms of the purchase agreement, the five directors were to receive a total of three million ordinary shares of $1of Leigh on 1 June 2006 (market value $6 million) and a further 5,000 shares per director on 31 May 2007,if they were still employed by Leigh on that date. All of the directors were still employed by Leigh at 31 May2007.Leigh granted and issued fully paid shares to its own employees on 31 May 2007. Normally share options issuedto employees would vest over a three year period, but these shares were given as a bonus because of thecompany’s exceptional performance over the period. The shares in Leigh had a market value of $3 million(one million ordinary shares of $1 at $3 per share) on 31 May 2007 and an average fair value of$2·5 million (one million ordinary shares of $1 at $2·50 per share) for the year ended 31 May 2007. It isexpected that Leigh’s share price will rise to $6 per share over the next three years. (10 marks)Required:Discuss with suitable computations how the above share based transactions should be accounted for in thefinancial statements of Leigh for the year ended 31 May 2007.
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2 Graeme, aged 57, is married to Catherine, aged 58. They work as medical consultants, and both are higher ratetaxpayers. Barry, their son, is aged 32. Graeme, Catherine and Barry are all UK resident, ordinarily resident anddomiciled. Graeme has come to you for some tax advice.Graeme has invested in shares for some time, in particular shares in Thistle Dubh Limited. He informs you of thefollowing transactions in Thistle Dubh Limited shares:(i) In December 1986, on the death of his grandmother, he inherited 10,000 ￡1 ordinary shares in Thistle DubhLimited, an unquoted UK trading company providing food supplies for sporting events. The probate value of theshares was 360p per share.(ii) In March 1992, he took up a rights issue, buying one share for every two held. The price paid for the rightsshares was ￡10 per share.(iii) In October 1999, the company underwent a reorganisation, and the ordinary shares were split into two newclasses of ordinary share – ‘T’ shares and ‘D’ shares, each with differing rights. Graeme received two ‘T’ and three‘D’ shares for each original Thistle Dubh Limited share held. The market values for the ‘T’ shares and the ‘D’shares on the date of reorganisation were 135p and 405p per share respectively.(iv) On 1 May 2005, Graeme sold 12,000 ‘T’ shares. The market values for the ‘T’ shares and the ‘D’ shares on thatday were 300p and 600p per share respectively.(v) In October 2005, Graeme sold all of his ‘D’ shares for ￡85,000.(vi) The current market value of ‘T’ shares is 384p per share. The shares remain unquoted.Graeme and Catherine have owned a holiday cottage in a remote part of the UK for many years. In recent years, theyhave used the property infrequently, as they have taken their holidays abroad and the cottage has been let out asfurnished holiday accommodation.Graeme and Catherine are now considering selling the UK country cottage and purchasing a holiday villa abroad.Initially they plan to let this villa out on a furnished basis, but following their anticipated retirement, would expect tooccupy the property for a significant part of the year themselves, possibly moving to live in the villa permanently.Required:(a) Calculate the total chargeable gains arising on Graeme’s disposals of ‘T’ and ‘D’ ordinary shares in May andOctober 2005 respectively. (7 marks)
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(iii) Calculate the cash remaining in the company as a result of the salary and dividend payments made in(ii) above. (1 mark)
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(b) (i) Advise Benny of the income tax implications of the grant and exercise of the share options in SummerGlow plc on the assumption that the share price on 1 September 2007 and on the day he exercises theoptions is ￡3·35 per share. Explain why the share option scheme is not free from risk by reference tothe rules of the scheme and the circumstances surrounding the company. (4 marks)
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(b) The directors of Carver Ltd are aware that some of the company’s shareholders want to realise the value in theirshares immediately. Accordingly, instead of investing in the office building or the share portfolio they areconsidering two alternative strategies whereby, following the sale of the company’s business, a payment will bemade to the company’s shareholders.(i) Liquidate the company. The payment by the liquidator would be ￡126 per share.(ii) The payment of a dividend of ￡125 per share following which a liquidator will be appointed. The paymentby the liquidator to the shareholders would then be ￡1 per share.The company originally issued 20,000 ￡1 ordinary shares at par value to 19 members of the Cutler family.Following a number of gifts and inheritances there are now 41 shareholders, all of whom are family members.The directors have asked you to attend a meeting to set out the tax implications of these two alternative strategiesfor each of the two main groups of shareholders: adults with shareholdings of more than 500 shares and childrenwith shareholdings of 200 shares or less.Required:Prepare notes explaining:– the amount chargeable to tax; and– the rates of tax that will applyin respect of each of the two strategies for each of the two groups of shareholders ready for your meetingwith the directors of Carver Ltd. You should assume that none of the shareholders will have any capitallosses either in the tax year 2007/08 or brought forward as at 5 April 2007. (10 marks)Note:You should assume that the rates and allowances for the tax year 2006/07 will continue to apply for theforeseeable future.
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According to the passage, preferred stockholders are guaranteed ______.A．a voting rate per shareB．a promise to buy back the stocks made by the companyC．a withdrawal of investment principal in time of liquidationD．a fixed dividend receipt
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KFP Co, a company listed on a major stock market, is looking at its cost of capital as it prepares to make a bid to buy a rival unlisted company, NGN. Both companies are in the same business sector. Financial information on KFP Co and NGN is as follows:NGN has a cost of equity of 12% per year and has maintained a dividend payout ratio of 45% for several years. The current earnings per share of the company is 80c per share and its earnings have grown at an average rate of 4·5% per year in recent years.The ex div share price of KFP Co is $4·20 per share and it has an equity beta of 1·2. The 7% bonds of the company are trading on an ex interest basis at $94·74 per $100 bond. The price/earnings ratio of KFP Co is eight times.The directors of KFP Co believe a cash offer for the shares of NGN would have the best chance of success. It has been suggested that a cash offer could be financed by debt.Required:(a) Calculate the weighted average cost of capital of KFP Co on a market value weighted basis. (10 marks)(b) Calculate the total value of the target company, NGN, using the following valuation methods:(i) Price/earnings ratio method, using the price/earnings ratio of KFP Co; and(ii) Dividend growth model. (6 marks)(c) Discuss the relationship between capital structure and weighted average cost of capital, and comment onthe suggestion that debt could be used to finance a cash offer for NGN. (9 marks)
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JJG Co is planning to raise $15 million of new finance for a major expansion of existing business and is considering a rights issue, a placing or an issue of bonds. The corporate objectives of JJG Co, as stated in its Annual Report, are to maximise the wealth of its shareholders and to achieve continuous growth in earnings per share. Recent financial information on JJG Co is as follows:Required:(a) Evaluate the financial performance of JJG Co, and analyse and discuss the extent to which the company has achieved its stated corporate objectives of:(i) maximising the wealth of its shareholders;(ii) achieving continuous growth in earnings per share.Note: up to 7 marks are available for financial analysis.(12 marks)(b) If the new finance is raised via a rights issue at $7·50 per share and the major expansion of business hasnot yet begun, calculate and comment on the effect of the rights issue on:(i) the share price of JJG Co;(ii) the earnings per share of the company; and(iii) the debt/equity ratio. (6 marks)(c) Analyse and discuss the relative merits of a rights issue, a placing and an issue of bonds as ways of raising the finance for the expansion. (7 marks)
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(a) The following figures have been calculated from the financial statements (including comparatives) of Barstead forthe year ended 30 September 2009:increase in profit after taxation 80%increase in (basic) earnings per share 5%increase in diluted earnings per share 2%Required:Explain why the three measures of earnings (profit) growth for the same company over the same period cangive apparently differing impressions. (4 marks)(b) The profit after tax for Barstead for the year ended 30 September 2009 was $15 million. At 1 October 2008 the company had in issue 36 million equity shares and a $10 million 8% convertible loan note. The loan note will mature in 2010 and will be redeemed at par or converted to equity shares on the basis of 25 shares for each $100 of loan note at the loan-note holders’ option. On 1 January 2009 Barstead made a fully subscribed rights issue of one new share for every four shares held at a price of $2·80 each. The market price of the equity shares of Barstead immediately before the issue was $3·80. The earnings per share (EPS) reported for the year ended 30 September 2008 was 35 cents.Barstead’s income tax rate is 25%.Required:Calculate the (basic) EPS figure for Barstead (including comparatives) and the diluted EPS (comparatives not required) that would be disclosed for the year ended 30 September 2009. (6 marks)
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在RHEL5系统中,若要连接windows主机的共享目录share,并以账号user1的身份登录,可以使用( )命令。
A. smbclient//192.168.1.200/share-U user1B. smbclient\\192.168.1.200\share-U user1C. smbclient//192.168.1.200/share-u user1D. smbclient\\192.168.1.200\share-u user1
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YournetworkconsistsofanActiveDirectorydomainand100computersthatrunWindows7.Thedomaincontainsalogonscriptnamedlogon.cmd.Youplantodeployanewapplicationnamedapp1.msibyusingthelogonscript.App1.msiisstoredin\\server1\share1.Youneedtomodifythelogonscripttodeploytheapplication.Whatshouldyouincludeinthelogonscript?（）A.Msiexec.exe/i\\server1\share1\app1.msi/quietB.Msinfo32.exe\\server1\share1\app1.msiC.Pkgmgr.exe/ip/m：\\server1\share1\app1.msiD.Sbdinst.exe-u\\server1\share1\app1.msi-q
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IVR使用的GSL自动流程文件存放在文件服务器的哪个目录(假设共享目录是／share,VDN编号是1)()。
A./share/0/icdmmp/B./share/1/icdmmp/C./share/1/icdmmp/flowD./share/1/icdmmp/route
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Investment Tips
By Scott Russell
Investing in stocks that are less than $5 per share is a good way to boost your stock portfolio. Many big investors ignore these stocks because of the potential risks involved, however, these stocks often grow significantly over the course of time. Investing in inexpensive stocks is a wise move, provided that you hold on to them for at least one year to allow enough time for them to develop.
Four stocks that I suggest for less than $5 per share are High Standard Pharmaceuticals Company, Nova Oil, Inc., Direct Access Publishing Group, and Peak Media Holdings. If you are new to the market, you might want to try investing in them through an online brokerage firm that does not charge a high commission for their services, and remember: only invest up to five percent of your entire stock portfolio in any stock, including these.
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Quick Stock Quotes -- Thursday April 22 -- 2:40 P.M.
(Quotes delayed by 20 minutes)
Nova Oil, Inc. (NOI)
3.93 +0.08 +2.08%
Previous Close 3.85
Open 3.87
High 3.94
Low 3.79
Volume 864,300
Bid 3.91
Bid Size 600
Ask 3.97
Ask Size 3,300
52 Week range 1.64-8.90
At what price did the company's stock close on the previous day?A. $3.79 per share
B. $3.85 per share
C. $3.91 per share
D. $3.93 per share
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For the year just ended, N company had an earnings of$ 2 per share and paid a dividend of $ 1. 2 on its stock. The growth rate in net income and dividend are both expected to be a constant 7 percent per year, indefinitely. N company has a Beta of 0. 8, the risk - free interest rate is 6 percent, and the market risk premium is 8 percent.
P Company is very similar to N company in growth rate, risk and dividend. payout ratio. It had 20 million shares outstanding and an earnings of $ 36 million for the year just ended. The earnings will increase to $ 38. 5 million the next year.
Requirement :
A. Calculate the expected rate of return on N company 's equity.
B. Calculate N Company 's current price-earning ratio and prospective price - earning ratio.
C. Using N company 's current price-earning ratio, value P company 's stock price.
D. Using N company 's prospective price - earning ratio, value P company 's stock price.
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What is the point of using a combiner? （）A、Up to four sites can share one PCM link.B、Several TRXs can share one antenna system.C、The mobile can listen to two base stations at the same time.D、Only one base station is needed per site.E、Sending and transmitting can be performed from the same antenna.
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若选拔优秀毕业生的条件是：年龄（age）小于19岁，三门功课总分（total）大于285分，其中有一门（mark）为100分，表达式应写为（）。A、age〈19 and total〉285 and mark 1=100 or mark2=100 or mark 3=100B、age〈19 and total〉285 or mark 1=100 or mark2=100 or mark 3=100C、age〈19 and total〉285 and（mark1=100 or mark2=100 or mark 3=100）D、（age〈19 or total〉285）and（mark1=100 o rmark2=100 or mark 3=100）
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IVR使用的GSL自动流程文件存放在文件服务器的哪个目录（假设共享目录是/share，VDN编号是1）（）。A、/share/0/icdmmp/B、/share/1/icdmmp/C、/share/1/icdmmp/flowD、/share/1/icdmmp/route
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You have a portable computer named Computer1 that runs Windows 7. You have a file server namedServer1 that runs Windows Server 2008. Server1 contains a shared folder named Share1. You need toconfigure Computer1 to meet the following requirements: Ensure that cached files from Share1 are encrypted. Ensure that files located in Share1 are available when Server1 is disconnected from the network. What should you do?（）A、On Server1， encrypt the files in Share1. On Computer1， make Share1 available offline.B、On Server1， configure BitLocker Drive Encryption. On Computer1， make Share1 available offline.C、On Computer1， make Share1 available offline and enable encryption of offline files.D、On Computer1， copy the files from Share1 to the Documents library and configure BitLocker DriveEncryption.
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单选题What condition should be met to book a group-study room?A
A group must consist of 8 peopleB
Three-hour use per day is the minimumC
One should first register at the universityD
Applicants must mark the room on the map
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单选题若选拔优秀毕业生的条件是：年龄（age）小于19岁，三门功课总分（total）大于285分，其中有一门（mark）为100分，表达式应写为（）。A
age〈19 and total〉285 and mark 1=100 or mark2=100 or mark 3=100B
age〈19 and total〉285 or mark 1=100 or mark2=100 or mark 3=100C
age〈19 and total〉285 and（mark1=100 or mark2=100 or mark 3=100）D
（age〈19 or total〉285）and（mark1=100 o rmark2=100 or mark 3=100）
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