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Title: CIMAPRA19-F03-1 Exam Training, CIMAPRA19-F03-1 Exam Practice [Print This Page]
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Title: CIMAPRA19-F03-1 Exam Training, CIMAPRA19-F03-1 Exam Practice
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CIMA CIMAPRA19-F03-1 exam is an essential certification for professionals pursuing a career in finance. CIMAPRA19-F03-1 exam is designed to test the candidate's understanding and knowledge of financial strategy and management. It is a challenging exam that requires a thorough understanding of financial concepts and their application in real-world scenarios. CIMAPRA19-F03-1 Exam is intended for professionals who have already completed the CIMA Certificate in Business Accounting and the CIMA Operational and Management Level exams.
CIMA F3 Financial Strategy Sample Questions (Q161-Q166):NEW QUESTION # 161
Company T has 1,000 million shares in issue with a current share price of $10 each.
Company V has 300 million shares in issue with a current share price of $5 each.
Company T is considering acquiring Company V.
Total synergy gains of $100 million have been estimated.
The purchase of Company V's shares would be by cash at a 10% premium above the current share price.
In seeking approval for the acquisition, the likely reaction from T's shareholders will be:
Answer: A

NEW QUESTION # 162
An analyst has valued a company using the free cash flow valuation model.
The analyst used the following data in determining the value:
* Estimated free cashflow in 1 year's time = $100,000
* Estimated growth in free cashflow after the first year = 5% each year indefinitely
* Appropriate cost of equity = 10%
The result produced by the analyst was as follows:
Value of equity = $100,000 (1+0.05)/0.10 = $1,050,000
The analyst made a number of errors in determining the value.
By how much has the analyst undervalued the company?
Answer: D

NEW QUESTION # 163
A company with a market capitalisation of S50million is considering raising $1 million debt to fund a new 10- year capital investment protect The value of this issue is considered to be small in comparison to the company's market capitalisation The company is considering whether to raise the debt finance by either a "bond private placing' or a 'public bond issue.
Which THREE of the following statements are correct?
Answer: A,D,E
Explanation:
CIMA F3 covers takeover defences under Mergers and Acquisitions and Corporate Governance. A crucial distinction is made between legitimate post-offer defences, which are actions taken after a bid has been announced and are consistent with directors' fiduciary duties, and illegitimate or unethical actions, which may mislead shareholders or breach takeover regulations.
Once a bid is hostile, the directors of the target company (Company B) are required under governance principles emphasised in F3 to act in the best interests of shareholders, not merely to preserve their own positions.
Option A is a legitimate defence.
Having the company's assets independently and professionally revalued is acceptable and encouraged under CIMA F3. This provides shareholders with objective evidence that the bid undervalues the company and supports informed decision-making without misleading the market.
Option C is a legitimate defence.
Making a counter-bid (often called a "ac-Man defence") is permitted provided it can be justified as enhancing shareholder wealth. CIMA F3 stresses that directors may pursue alternative strategic actions if they genuinely believe these will create greater value for shareholders than accepting the hostile offer.
Option E is a legitimate defence.
Referring the bid to competition authorities is allowed where there are genuine competition concerns. CIMA F3 notes that regulatory intervention is an appropriate and lawful route if the acquisition may breach competition law or significantly reduce market competition.
The remaining options are not legitimate:
B is not allowed post-offer, as changing the articles to block a bid breaches takeover rules and shareholder rights.
D is unethical and unlawful, as knowingly publishing misleading forecasts violates disclosure requirements and directors' duties.

NEW QUESTION # 164
Listed Company A has prepared a valuation of an unlisted company. Company B. to achieve vertical integration Company A is intending to acquire a controlling interest in the equity of Company B and therefore wants to value only the equity of Company B.
The assistant accountant of Company A has prepared the following valuation of Company B's equity using the dividend valuation model (DVM):
Where:
* S2 million is Company B's most recent dividend
* 5% is Company B's average dividend growth rate over the last 5 years
* 10% is a cost of equity calculated using the capital asset pricing model (CAPM), based on the industry average beta factor

Which THREE of the following are valid criticisms of the valuation of Company B's equity prepared by the assistant accountant?
Answer: C,D,E
Explanation:
B). Using present value of earnings (or free cash flows) is more appropriate when valuing a controlling interest, because the acquirer can change the dividend policy. #
C). A 5% historical dividend growth rate may not reflect future growth - assuming it will continue indefinitely is a big weakness. #
D). The industry average beta may not reflect Company B's specific financial (gearing) risk; it should ideally be adjusted to reflect B's capital structure. # The others:
A is incorrect - you should generally use the target's cost of equity (or project-specific) not Company A's.
E is incorrect - unlisted companies can use CAPM via proxy/industry betas.

NEW QUESTION # 165
Company M is a geared company whose equity has a market value of $1,500 million and debt has a market value of S300 million. The company plans to issue $200 million of new shares and use the funds raised to pay off some of the debt Company M currently has a cost of equity of 13% and a WACC of 10% It pays corporate tax at the rate of 30% Company B, an ungeared company operating in the same business sector as Company M, has a cost of equity of 12% Assume Modigliani and Miller's theory of capital structure with tax applies Which calculation below shows the correct approach to calculating the new WACC following the planned changes in capital structure?
Answer: C

NEW QUESTION # 166
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