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- 2023-12-05 发布于北京
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©InctiveWorldWide,February2015
s.Nopartofthispublicationmaybereproduced,storedinaretrieval
system,ortransmitted,inanyformorbyanymeans,electronic,mechanical,
photocopying,recordingorotherwise,withoutthepriorwrittenpermissionofInctive
WorldWide.
Question3
AWPCoisalistedonaninternationalstockexchangeandhasacurrentshare
priceof$2·40.Itoperatingprofitfortheyearto31December2011was$32millionand
thisipectedtoreaseby$8millionfortheingyear.Thecurrentof
theistoprovidenodividendstoshareholders.
Thelong-termcapitalstructureoftheasat31December2011isasfollow:
$m
Ordinaryshares$0·25fullypaid37·5
Sharepremiumaccount167·5
Retainedearnings418·0
623·0
6%Bankloan50.0
673.0
ThedirectorsofAWPCohaverecentlydecidedtopurchasetwonewmachines.Two
possiblefinancingoptions,whichwouldeachraisesamesumofmoney,arebeing
considered.Thefirstistomakeaone-for-threerightsissueata50%discounttothe
currentmarketprice.Thesecondoptionistoissueloannotesattheirnominalvalueof
$100withaninterestrateof10·0%peryear.Therightsoptionipectedtoleadtoa
fallinthepriceearnings(P/E)ratioof15%,whereasthe
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