[openToot]

I’m sure it said the stated figures were being given after the sale of Penicef. Did it not?

[openToot]

I got negative NPV ($12m or $13m i think) which made sense to me because I figured that question would PROBABLY give a negative Npv and positive APV to demonstrate the benefit of treating the debt benefits separately

I just never got a chance to finish the APV part to confirm that though

When I realised I wouldn’t finish the calcs I just quickly wrote down the theory that there would be tax benefits gained from tax shield/debt issue costs but lost from the subsidised loans resulting in reduced interest payments

[openToot]

I also used 12% cost of capital in the NPV part of the APV question.

[openToot]

I also said 2225

Cash offer i got about $1 (or 6%) premium per share for target company

I ran out of time to calculate the share exchange and wanted to come back to it but ran out of time. I got something ridiculously wrong like share offer was a 50% decrease or something like that so I just gave advice based on that. Hopefully my correct interpretation of the (wrong) figures still gets some marks

I was strict with myself giving 90 mins for first q and 45 for each of the other 2qs. I didn’t finish any questions! Really needed more time!

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