[Neelythere]

This exam was very poorly worded. The grammar and use of English in the exam paper was woeful. I achieved 21%, presumably because I was obliged to waste time deciphering the examiner’s text. Having said that, congratulations to everyone who passed especially those of you for whom English is not your native language. I’m rather hoping that when I retake in June the P4 paper will be a lot clearer and in language that normal people can understand.

[Neelythere]

TERP –
$9.2m needed plus issue costs $0.2m = $9.4m

Existing MV is $56.4m or $4.70 per share (12m shares in issue)

I worked out a 6 to 1 rights issue. ($56.4m : $9.4m)
6 shares at $4.70 = $28.20
1 new share at $4.70 x 80% (20% discount to market) = $3.76
Total is $31.96 divided by 7 shares gives TERP of $4.57

[Neelythere]

Crazy stuff! you spend 20 or 25 mins trying to get a perfect 13 (or was it 14?) marks on Q1 NPV and then have 10 mins at the end if your lucky trying to extract 8 marks out of talking about sources of debt finance for a quoted company, at least I think that was the question…? Good luck all.

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