*** December 2021 ACCA AFM exam – Instant Poll and comments ***

I’ve got the same figures)

The paper was not bad and was a fair paper in term of covering the course but there were issues in my test.

Like my test was not loading initially and invigilator asked to restart my PC, then when I relogged and signed in from the start to the end I had issues with the font.

However, after PC restart and relaunch of exam even they relaunched my test because of font but did not work.

Those PDFs or extracts of PDF for the question part not the requirement part was not readable. I have alarmed the invigilator couple of times but did not work later on, even when I was sending a message to them was not getting delivered or they were getting back to me or getting back in about a hour. Like for one of my messages in first hour they got back almost at the end of the test.

During the exam font issue made me to copy question data to word processor and read it there however the challenge was that, pasting the data to word processor was not in the same question format and extracting the data and concluding question details was difficult and time consuming. It impacted my performance definitely for numerical part and pressurized my paper attempt, running here and there, attempting this and that to score some mark but not being able to attempt all of the paper. I have struggled with time for my question 3 which was numerical question for the most part of it and ran out of time.

If a center-based exam was offered I would not have gone for online test because still it’s not offered in a quality, it should be. ACCA is also not considering the challenges and difficulties of the mode of offering and the technology issues the students are facing.

However, my test was ended at the end, and I have exited but was not able to send a message to the invigilator to report the issues to ACCA to compensate or if I could reschedule it my paper.

Therefore, it was not a favorable setting even attempting more 75% of the paper with all those challenges but my paper may have quality issues. Fingers crossed for a pass, but ACCA need to consider things like this which are beyond students’ control.

Best of luck to everyone setting Dec 2021 setting, hopefully this setting will add to your new year excitements. By the it was my last paper and if I pass it will definitely add excitements.

I can’t remember the exact cash and share offer gains, but it was quite low. Maybe around $1, but the share for share was slightly better I think

Hmm….I deducted 25% of assets from the proceeds but added back 25% of the liabilities. Net gain around 2225m I got, not sure if I’m right or wrong though.

Were your cash and share for share gains minimal also?

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!

Glad you got similar to me, just the APV question I’m unsure on now. Did you get positive or negative NPV?

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

For the 1pm crew… Question 1…I thought it was only calculate the gain to Frodir Co shareholders only. Not both sets of shareholders?

I was thinking about doing this but it was too late for me by the time I thought of it. I don’t remember if it said anything in exhibit 1 about the sale of that division being something they were going to do related to the acquisition or if it was a totally standalone decision. If it had anything to do with the acquisition I think adding it on was the right thing to do. It’d make sense if that’s the case because otherwise the 2 mark part was a really weird inclusion in the question. If it was happening immediately you wouldn’t need to discount it either.

I got the same effective rates – now I am worrying whether I read the question wrong and it said use collars rather than options? Can you remember that it definitely said use option not collar?

anishalalani wrote:I got the same effective rates – now I am worrying whether I read the question wrong and it said use collars rather than options? Can you remember that it definitely said use option not collar?

There were 2 sets of Q, one is option and the other collar.

Does anyone remember that profit/loss question figures…what was the consideration and the amount of assets and liabilities