CIMA CIMAPRA19-F03-1 問題集

質問 1：
A company is concerned about the interest rate that it will be required to pay on a planned bond issue.
It is considering issuing bonds with warrants attached.
Advise the directors which of the following statements about warrants is NOT correct?
A. Warrants can be sold back to the issuing company for the nominal value of the share if no longer required by the bond holder.
B. Warrants give the holder the right to buy ordinary shares in the company at a fixed price at a future date.
C. Warrants are a debt sweetener attached to the bond to drive down the interest rate payable on the bond.
D. Warrants can potentially be very expensive because they can involve the issue of shares at a discount in the future if exercised.
正解：A

質問 2：
Company A plans to acquire Company B.
Both firms operate as wholesalers in the fashion industry, supplying a wide range of ladies' clothing shops.
Company A sources mainly from the UK, Company B imports most of its supplies from low-income overseas countries.
Significant synergies are expected in management costs and warehousing, and in economies of bulk purchasing.
Which of the following is likely to be the single most important issue facing Company A in post-merger integration?
A. Discussions with representatives from key customer accounts.
B. Discussions with anti-poverty campaigning groups.
C. Understanding the management information system of the acquired firm.
D. Identifying and removing surplus staff.
正解：C

質問 3：
Providers of debt finance often insist on covenants being entered into when providing debt finance for companies.
Agreement and adherence to the specific covenants is often a condition of the loan provided by the lender.
Which THREE of the following statements are true in respect of covenants?
A. Covenants are entered into to give the lender added protection on the loan extended to the company.
B. Covenants enable the lender to demand immediate repayment or to renegotiate terms if it is breached.
C. Covenants are entered into to penalise the company.
D. Covenants are entered into to impose financial discipline on the company.
E. Covenants are entered into to eliminate the tax liability of the company.
正解：A,B,D
解説: (Topexam メンバーにのみ表示されます)

質問 4：
A profitable company wishes to dispose of a loss-making division that generated negative free cashflow in the last financial year.
The division requires significant new investment to return it to profitability.
Which of the following valuation approaches is likely to be the most useful to the company when negotiating the sales price?
A. P/E ratio applied to forecast earnings next year
B. Discounted forecast free cashflow
C. Asset basis
D. Dividend growth model
正解：B

質問 5：
A company has just received a hostile bid. Which of the following response strategies could be considered?
A. Poison pill strategy
B. Revalue non-current assets
C. Approach a White Knight
D. Change the Articles of Association to amend voting rights
正解：C

質問 6：
WX, an advertising agency, has just completed the all-cash acquisition of a competitor, YZ. This was seen by the market as a positive strategic move byWX.
Which THREE of the following will WX's shareholders expect the company's directors to prioritise following the acquisition?
A. The development of a dividend policy to meet the expectations of the YZ's shareholders.
B. The integration and retention of key employees of YZ.
C. The retention of YZ's key customers.
D. The realisation of anticipated post-acquisition synergies.
E. The regulatory approval required to complete the acquisition.
正解：B,D,E