AFM*** March 2025 ACCA AFM exam – Instant Poll and comments ***

The acquisition question was hard. It was the topic I was best in when practicing, but was the worst in the exam.

Exactly. There seemed to be so many pieces of information missing

The Swap question with 2 counter party was really tricky. Also the Acquisition question was really tough

True even I got the same question set

It was really difficult to calculate value of combined companies, the number of share issued, the 50 50 share ?? it was supposed to be the easiest section for me

What did you chooe Counterparrty 1 or 2? and why?

Examiner's report will come out to state that students who prepared and practiced on that area scored well??? How do you ask a question like that , never seen in previous exams....???

Went with counterparty 2. 0.5 diff vs 0.1. But to be fair I spent the first hour looking at the screen hoping for a meteor impact

in NPV case study, for divisiable and no diviaible which project did you choose?

Actually I chose counterparty 2 as well, because C2 benefit was 0.5% and with C1 was 0.1%. SO same lagic. Thanks. But you wrote figures differently so it means figures can be different yes?

I got selling of shoe division capital reorganisation ifr and npv

Swaps, capital rationing, npv, selling division, sofp adjustments

Yes, totally. Nothing about combined company, no share to share details… couldn’t even start. Hope for the rest and the theoretical part of the first question…

Yes… couldn’t even start. Didn’t see anything like this in previous exams.

So how did you guys calculate the gain to shareholders from share for share exchange? How many shares for how many? And the equity gain in the very first question?

Yeah but strangely I think the first part of the question was what’s the difference between that and the IRF. I bamboozled them with information because no twat ever asks that in real life

NPV, SOFP adjustment and capital rationing!! This paper was very lengthy and a train wreck to be honest!

what did anyone get for the sale of the soft drink division?

I can’t remember the exact number but 900 something million. What about you?

I can’t remember the exact number but 900 something million. What about you?

I think 985 pr 965 can't remember

Examiners were very creative with this one

The 1st, 2nd & 3rd question of Section A - Acquisition & creation of wealth for shareholders was very tough. The mood was off reading this question itself. Had to jump to Question 2 & 3.

this number was for calcualtion of NPV for 1-4 years range, did not you include Terminal value for full firm value?

does anyone remember answer to gain in %age terms for target and acquirer in M&A?