（)the expansion of international trade, the container service has become popular.A. F

A.expressions

B.expansion

C.experiences

D.expenses

Please accept our apology for having shipped merchandise i:your purchase order.

A、in excess of

B、in extension of

C、in expansion of

D、in dilatation of

After a company has successfully entered a new market, the primary rule dictating its expansion in the I new market is risk while optimizing opportunity. （)

A、minimizing

B、to minimize

C、minimize

(c) Calculate the theoretical ex rights price per share and the net funds to be raised by the rights issue, and

determine and discuss the likely effect of the proposed expansion on:

(i) the current share price of Merton plc;

(ii) the gearing of the company.

Assume that the price–earnings ratio of Merton plc remains unchanged at 12 times. (11 marks)

usiness and is considering a rights issue, a placing or an issue of bonds. The corporate objectives of JJG Co, as stated in its Annual Report, are to maximise the wealth of its shareholders and to achieve continuous growth in earnings per share. Recent financial information on JJG Co is as follows:

Required:

(a) Evaluate the financial performance of JJG Co, and analyse and discuss the extent to which the company has achieved its stated corporate objectives of:

(i) maximising the wealth of its shareholders;

(ii) achieving continuous growth in earnings per share.

Note: up to 7 marks are available for financial analysis.(12 marks)

(b) If the new finance is raised via a rights issue at $7·50 per share and the major expansion of business has

not yet begun, calculate and comment on the effect of the rights issue on:

(i) the share price of JJG Co;

(ii) the earnings per share of the company; and

(iii) the debt/equity ratio. (6 marks)

(c) Analyse and discuss the relative merits of a rights issue, a placing and an issue of bonds as ways of raising the finance for the expansion. (7 marks)

and I get a lot of satisfaction from seeing a nondescript. shape turn into something almost lifelike,” he says.

［A］Graham has become increasingly busy, supplying flat-packed weathervanes to clients worldwide.

［B］Graham decided to concentrate his efforts on a weathervane business. He had served an apprenticeship as a precision engineer and had worked in that trade for 15 years when he and his wife, Liz, agreed to swap roles—she went out to work as an architectural assistant and he stayed at home to look after the children and build up the business.

［C］Last month, a local school was opened with his galleon ship weathervane hoisted above it.

［D］“For centuries, weathervanes have kept communities in touch with the elements, signaling those shifts in wind direction that bring about changes in the weather,” he explains.

［E］Graham has no plans for expansion, as he wants to keep the business as a rural craft.

［F］Graham has now perfected over 100 original designs. He works to very fine detail, always seeking approval for the design of the silhouette from the customer before proceeding with the hand-cutting.

on. “My previous work didn’t have an artistic element to it, whereas this is exciting and creative,” he says. “I really enjoy the design side.”

［A］Graham has become increasingly busy, supplying flat-packed weathervanes to clients worldwide.

［B］Graham decided to concentrate his efforts on a weathervane business. He had served an apprenticeship as a precision engineer and had worked in that trade for 15 years when he and his wife, Liz, agreed to swap roles—she went out to work as an architectural assistant and he stayed at home to look after the children and build up the business.

［C］Last month, a local school was opened with his galleon ship weathervane hoisted above it.

［D］“For centuries, weathervanes have kept communities in touch with the elements, signaling those shifts in wind direction that bring about changes in the weather,” he explains.

［E］Graham has no plans for expansion, as he wants to keep the business as a rural craft.

［F］Graham has now perfected over 100 original designs. He works to very fine detail, always seeking approval for the design of the silhouette from the customer before proceeding with the hand-cutting.

A.expansion slot

B.motherboard

C.expansion car

D.bus

A.罗盘

B.扩展

C.文章

D.护照

A.permanent

B.flash

C.temporary

D.expansion

A.扩张

B.爆炸声

C.表达

D.延期