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Dear John,
I am slightly confused as to how to calculate issues costs on APV question as i found no difference in the wording of the question, yet the model answer workings were different in two questions.
The questions are Amberle (Dec18) and Robson (MJ21) whereby in Amberle we calculate issue cost as 80/0.97 but in Robson we calculate issues costs as 0.02*100m.
Thank you,
They are both very similar, but the difference is that in Robson the question says that the issue costs are payable our of available cash reserves, whereas in Amberle it is assumed that they are paid out of the finance that is raised.
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