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Tulip Co is a large company with an equity beta of 1·05. The company plans to expand existing business by acquiring a new factory at a cost of $20m. The finance for the expansion will be raised from an issue of 3% loan notes, issued at nominal
value of $100 per loan note. These loan notes will be redeemable after five years at nominal value or convertible at that time into ordinary shares in Tulip Co with a value expected to be $115 per loan note.
The risk-free rate of return is 2·5% and the equity risk premium is 7·8%.
Tulip Co is seeking additional finance and is considering using Islamic finance and, in particular, would require a form which would be similar to equity financing.
16 What is the cost of equity of Tulip Co using the capital asset pricing model?
A 13·3%
B 10·7%
C 8·1%
D 10·3%
17 Using estimates of 5% and 6%, what is the cost of debt of the convertible loan notes?
A 3·0%
B 5·2%
C 6·9%
D 5·7%
18 In relation to using the dividend growth model to value Tulip Co, which of the following statements is correct?
A The model assumes that all shareholders of Tulip Co have the same required rate of return
B The model assumes a constant share price and a constant dividend growth for Tulip Co
C The model assumes that capital markets are semi-strong form efficient
D The model assumes that Tulip Co’s interim dividend is equal to the final dividend
19 Which of the following statements about equity finance is correct?
A Equity finance reserves represent cash which is available to a company to invest
B Additional equity finance can be raised by rights issues and bonus issues
C Retained earnings are a source of equity finance
D Equity finance includes both ordinary shares and preference shares
20 Regarding Tulip Co’s interest in Islamic finance, which of the following statements is/are correct?
(1) Murabaha could be used to meet Tulip Co’s financing needs
(2) Mudaraba involves an investing partner and a managing or working partner
A 1 only
B 2 only
C Both 1 and 2
D Neither 1 nor 2
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