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2 A proposal has been put to the board of directors of Semer plc that the company should i

ncrease its capital gearing

to at least 50%, in order to reduce the company’s cost of capital and increase its market value.

The managing director of Semer is not convinced by the logic of the proposal, or the accuracy of the calculations, but

is unable to explain the reasons for his reservations.

A summary of the proposal and its implications is shown below.

Proposal to increase the capital gearing of Semer plc

The company’s current weighted average cost of capital is estimated to be 10·6%. If the proportion of debt is

increased to 50% of total capital, by the repurchase of ordinary shares at their current market value, the cost of capital

may be reduced to 9·9%. A reduced cost of capital means that the value of the company will increase which will be

welcomed by our shareholders. Calculations supporting the above proposal are shown below:

2 A proposal has been put to the board of director

(ii) The current price of Semer’s ordinary shares is 410 pence.

(iii) The market price of one 8% debenture 2010 is ￡112.

(iv) The market return is 10·5% and the risk free rate 4·0%.

(v) Semer’s equity beta is 1·2.

(vi) Semer currently pays ￡15 million in dividends.

(vii) The corporate tax rate is 30%.

(viii) The company currently generates a free cash flow of ￡60 million per year, which is expected to increase by

approximately 3% per year.

Required:

(a) What, if any, are the mistakes in the proposal？ Correcting for any mistakes produce revised estimates of the

company’s current cost of capital and current value. Brief explanation of the reasons for any revisions should

be included. (15 marks)

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更多“2 A proposal has been put to the board of directors of Semer plc that the company should i”相关的问题

第1题

Many animals use some kinds of "language".They use signals (信号) and the signals have meanings.For example,（1）a bee has found some food,it goes back to its home.It is difficult for a bee to tell（2）bees where the food is by speaking to them,but it can do a ltte dancing.This tells the bees where the food is and how far away it is.Some animals show how they feel by making sounds.It is not difficult to tell if a dog is angry because it barks.Birds makeseveral different sounds and（3）has its meaning.Sometimes we humans make sounds in the same way.We make sounds like "Oh!" or "Ouch!" to show how we feel about something or we（4） something on our feet.We humans have languages.We have words.These words have meanings.We are able to give each other information,to tell other people what we think or feel.By writing downwords,we can remember what has happened or 5 messages to people far away.

1.A.since

B.why

C.because

D.when

2.A.the other

B.another

C.others

D.each other

3.A.some

B.each

C.every

D.all

4.A.set

B.fall

C.put

D.drop

5.A.get

B.bring

C.send

D.catch

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第2题

Many animals use some kinds of "language".They use signals (信号) and the signals have meanings.For example,(1) a bee has foundsome food,it goes back to its home.It is difficult for a bee to tell (2) bees where the food is by speaking to them,but it can do a lttledancing.This tells the bees where the food is and how far away it is.Some animals show how they feel by making sounds.It is notdifficult to tell if a dog is angry because it barks.Birds make several different sounds and (3) has its meaning.Sometimes we humansmake sounds in the same way.We make sounds like "Oh!" or "Ouch!" to show how we feel about something or we (4) something onour feet.We humans have languages.We have words.These words have meanings.We are able to give each other information,to tellother people what we think or feel.By writing down words,we can remember what has happened or (5) messages to people far away.

(1)A、since

B、because

C、why

D、when

(2)A、others

B、eachother

C、theoher

D、another

(3)A、all

B、every

C、cach

D、some

(4)A、fall

B、set

C、drop

D、put

(5)A、get

B、send

C、catch

D、bring

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第3题

Besides damaging people’s ability to do their best in sports, lack of sleep has also bee

A. physical

B. emotional

C. clinical

D. intellectual

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第4题

swelling

A bee has stung my hand and it is____now.

[ ]

A. swelling up

B. swelling with

C. swelling on

D. swelling down

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第5题

Where a charter-party states that a claim will be barred unless the claimant appoints an arbitrator within a specified period，the nominated arbitrator must be actually（）within that period that has bee

A.informed

B.performed

C.deformed

D.reformed

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第6题

No such weapons were used and none been found.A．none have beenB．none hasC．no other has bee

No such weapons were used and none been found.

A．none have been

B．none has

C．no other has been

D．no others been

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第7题

— Do you know how many （) a horse has and how many （) a bee has？— Of course, I know.

A.teeth; feet

B.tooth; foot

C.foot; teeth

D.teeth; foot

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第8题

It has been a good year on the farm. The warm, wet spring and the fine summer have bee

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第9题

SECTION BPASSAGESDirections: In this section, you will hear several passages. Listen to th

SECTION B PASSAGES

Directions: In this section, you will hear several passages. Listen to the passages carefully and then answer the questions that follow.

听力原文： Bees are very small animals which fly through the air to look for flowers for food. When a bee has found some food, it returns to their home called a hive and dances. The dance is the way the bee communicates to other bees the fact that it has found food.

Bees do two kinds of dances to tell other bees of their discovery of food. First, there is a round dance. The bee moves in a circle inside the hive. The round dance is used when food is close by, not more than ten meters away. The other bees also smell the bee that has found the food. The smell tells them what kind of flower to look for. After watching the round dance and smelling the bee that has found the food, the other bees can find the food source.

A second kind of dance done by the bees is a tail-wagging dance. The tail-wagging dance is used when the food is more than ten meters away. The bees know from the speed of the tail-wagging dance just how far away the food source is. The line the bee dances on shows the direction that the bees must fly in to find the food. The bees also smell the bee that has found the food to know what kind of flower to look for.

What do the bee's round dance and tail-wagging dance indicate？

A．The smell of the food.

B．The quality of the food.

C．The distance of the food.

D．The amount of the food.

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第10题

A bee that has found honey is able to __________ to other bees the information they need in order to collect the honey.

A.transmit

B.transfer

C.transform

D.transport

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第11题

He _____ on this essay for twenty minutes but he _____ only a hundred words.A、has bee

A.has been working; has written

B.is working; writes

C.has worked; has been writing

D.works; is writing

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