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Tulip Co is a large company with an equity beta of 1·05. The company plans to expand existing business by acquiring a new factory at a cost of $20m. The finance for the expansion will be raised from an issue of 3% loan notes, issued at nominal 

value of $100 per loan note. These loan notes will be redeemable after five years at nominal value or convertible at that time into ordinary shares in Tulip Co with a value expected to be $115 per loan note.

The risk-free rate of return is 2·5% and the equity risk premium is 7·8%.

Tulip Co is seeking additional finance and is considering using Islamic finance and, in particular, would require a form which would be similar to equity financing.

16 What is the cost of equity of Tulip Co using the capital asset pricing model?

A 13·3%

B 10·7%

C 8·1%

D 10·3%

17 Using estimates of 5% and 6%, what is the cost of debt of the convertible loan notes?

A 3·0%

B 5·2%

C 6·9%

D 5·7%

18 In relation to using the dividend growth model to value Tulip Co, which of the following statements is correct?

A The model assumes that all shareholders of Tulip Co have the same required rate of return

B The model assumes a constant share price and a constant dividend growth for Tulip Co

C The model assumes that capital markets are semi-strong form efficient

D The model assumes that Tulip Co’s interim dividend is equal to the final dividend

19 Which of the following statements about equity finance is correct?

A Equity finance reserves represent cash which is available to a company to invest

B Additional equity finance can be raised by rights issues and bonus issues

C Retained earnings are a source of equity finance

D Equity finance includes both ordinary shares and preference shares

20 Regarding Tulip Co’s interest in Islamic finance, which of the following statements is/are correct?

(1) Murabaha could be used to meet Tulip Co’s financing needs

(2) Mudaraba involves an investing partner and a managing or working partner

A 1 only

B 2 only

C Both 1 and 2

D Neither 1 nor 2

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