Methods of Raising Capital in London Stock Exchange

This document discusses the different methods of raising capital in the London Stock Exchange, including IPOs, depository receipts, and debt securities. It also explores the implications of different sources of finance and provides calculations for the cost of ordinary share capital, preference share capital, and debenture capital. Additionally, it explains how to calculate the weighted average cost of capital (WACC).

Table of Contents
Task 01.............................................................................................................................................3
1.1 Identify different sources of finance..........................................................................................3
1.2 Assess the implications of the different sources........................................................................3
1.3 obtaining a listing in a stock exchanged....................................................................................3
1.4 methods of obtaining a listin......................................................................................................3
1.5 the methods of raising capital....................................................................................................3
Task 02.............................................................................................................................................3
2.1 Cost of Shares & Debt...............................................................................................................3
2.1 (a) Cost of Ordinary Share Capital............................................................................................3
2.1 (b) Cost of Preference share capital...........................................................................................3
2.1 (c) cost of debenture capital after tax........................................................................................3
2.1 (d) Calculating the Weighted Average Cost of Capital (WACC).............................................3
2.2 Importance of Financial Planning..............................................................................................3
2.3 Informational Needs of Directors, Senior Managers and Junior Managers..............................3
2.4 Impact of Finance on the Financial Statements.........................................................................3
Task 03.............................................................................................................................................3
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3.2 calculations of the production cost, price and profit..................................................................3
3.1 Production Budget.....................................................................................................................3
3.3 Calculation of the PBP, ARR &NPV........................................................................................3
References........................................................................................................................................3
Task 01
1.1 Identify different sources of finance available to Milner chemicals Plc.
As the Milner chemical is a Public Limited Company, it is capable of raising the capital from
two main sources such as internal sources or external sources. (Samuelson, 2006) So here the
internal sources are implying the capital which are generated from the insider of the organization
such as holding the profits of the organization other than dividing to the shareholders, reducing
the inventory level of the organization or delay the payments to its creditors etc. on the other
hand the Milner Plc is capable of going to external fund sources and there are three main types of
external finances such as short term, Medium term and long term. (Charles, 2004)
Here the short term financing sources are indicating the money market which is consisting of the
securities which are matured within one year period or less than one year like treasury bills,
commercial papers etc. and then the medium and the long term financing will indicate the capital
market which is comprising with the securities which are matured more than 5 years like treasury
bonds, bank loans, government bonds etc. so here the company should have to determine their
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fund requirements with the time framework and the expected future obligations in a cost
effective manner.
Here the trade credit, short term bank loans and the advances, overdrafts, cash credit, customer
advances, installment credit and loans from cooperatives etc. can be identified as short term
external finance sources. And then the medium term loans and the advances as well as the
medium term cash credits, medium term cooperative loans etc. can be considered as medium
term external financing sources to the Milner chemicals. Finally it can be recognized that there
are so many long term finance sources to Milner chemicals like loan finance or loan stocks such
as ordinary shares preference shares in stock market, debentures, long term bank loans,
convertibles debentures and convertibles loan stocks, mortgages, leasing, hire purchase, debt
factoring etc.( Crockford, 2006)
1.2 Assess the implications of the different sources.
When it comes to identify the implications of the internal financing sources of the Milner
chemicals, it can be identified that the internal financing has lesser cost than external fund
sources with raising the capital internally. And also it is not necessary to repaid and no interest is
payable for that as well. But there is a huge capital constraints regarding the amount of money
can be raised itself. (Berezin, M., 2005)
However when it comes to external financing, it may lead to arise a huge amount of money from
the capital markets and it will cause to enhance the financial leverage of the company and
thereby the enhancing the ROE as well. (Shapiro, 2008) Here the company should have assess its
funds requirements in terms of the short run, medium run or long run and the expected capital
structure of the company before going to select the financing resources internally or externally. If
the organization is willing to go for the financial leverage, then it would be better to go for the
debt financing options. (Samuelson, 2006) And also here the company should have to evaluate
their life cycle and place they are n currently, because the debt financing is suitable for the
growing or maturity level firm and unless otherwise it would better to go for equity fiancé with
the existing shareholders of the company and the operational leverage with lower level of debt or
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no debts within the capital structure of the company. So it is very much important to Milner
chemicals Plc to evaluate their existing capital structure and the expected capital structure before
going to select the options related to the debt financing or equity financing here. (Berezin, M.,
2005)
Bank loans
Advantages Disadvantages
This is good for the budgeting of the company
as the repayments can be spread over the time
period easily
This can be more expensive as the interest
payments
Bank will require some securities for the long
term loans itself
Share Capital (Ordinary Shares & Preference Shares)
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Advantages Disadvantages
Suitable as long term finance source with the
requirement of redeemable or unredeemable
base
Profit has to be paid as dividends and there is
some circumstance that the company should
have to pay the obliged dividends as it is,
whether there are no profits for the year.
No need to pay the interests as only have to
pay dividends as residual claims of the
organization
Ownership of the company can be changed
with the increasing no of owners for the
ordinary shares issuing
No liability exists, beyond the company’s
assets
Share value may become decrease with the
increasing no of shareholders, thus it may
cause to future acquisitions or liquidation of
the company as well(Samuelson, 2006)
Leasing & Hire Purchase
Advantages Disadvantages
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Company s capable of using the required
equipment’s immediately
Become more expensive with the overall
procedures as well as the interest calculations
as the method of compound interest
calculations.
Repayments can be spread over the time The assets may belong to the finance company
sometimes after finishing the repayments as
agreed and it will create unexpected occurring
with asset back loans and other purchasing
procedures of the company
Mortgages
Advantages Disadvantages
Business is capable of using the properties Become more expensive with the interest
components associate with this
Repayments can be spread over the time If the repayments cannot be done timely, then
it lead to reposed the assets (Samuelson, 2006)
Trade Credits
Advantages Disadvantages
Company can sell the goods and pay after that Discounts for the cash payments will be lost
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Suitable for the cash flows of the company Ned to be more careful about the liquidity of
the company as the debt id due to pay
No need to pay interest if it has paid within the
agreed time period
There should be a better liquidity within the
organization and it will lead to reduce the
profitability as well.
1.3 What are the advantages and disadvantages of obtaining a listing in a stock exchanged like the
London Stock Exchange
Advantages Disadvantages
Milner chemicals can increase their capital as
expectedly
This is an expensive process to the firm with
huge legal expenses, underwriter’s expenses
etc.
It leads to place a value to the company’s
stocks
Have to operate under the closet scrutiny
It gives the permission to access to the capital
market in future financing needs too
Decision making process may become more
formal and low flexible
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Debt- equity ratio or the leverage ratio will
increase and it leads to increase the
shareholders’ wealth (Samuelson, 2006)
Have to comply with the financial reporting
requirements with the accounting frameworks
and government regulations
Promoting the company in the market while
getting the publicity and stability image
Increase the level of risk to civil liability
exposure
Allow to attract better level of personnel to the
organization
Increase the pressure of increasing the earnings
for the emerging shareholders
Able to make the stock options and it will
result to increase the share vale and thereby the
firm value
Risk of the takeover attempts by the others
1.4What are the methods of obtaining a listing in the London Stock exchange
Introduction (Retail Offer)
Here the company is joining to the market without generating any capital. This can be done only
if the company’s 25% of the shares have already existed on the public hand. However this will
limit the visibility of the company with low requirement of advertising itself. (Charles, 2004)
Placing
This may involve with the offering the shares of the company to the selected institutional
investors only. So there the institutional investors are not the individual investors and they are
mainly the pension funds, venture capital firms etc. (Samuelson, 2006) so such investors are
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having high level of influence to the performance of the company in the future as well. However
this leads to narrow the shareholder base with lower liquidity needs. (Shapiro, 2008)
Initial public offering (IPO)-(Offer to Intermediaries)
This is the first time of offering the shares to the public and with the underwritten as well.
However this is more expensive route, but it can raise substantial amount of capital for the
Milner chemicals as well. Here the company is capable of enhancing their capital as expected
manner and expected amount as there the company will have direct cash flow itself. However
there are some associated huge costs with the brokerage fees and the legal proceedings of the
entire process if IPO as well. (Crockford, 2006)
1.5What are the methods of raising capital in the London Stock Exchange
There are some methods of raising the capital in the London Stock Exchange as follows;
 Issue the equity securities as an IPO or secondary issue
 Issue the depository receipts
 Issue the debt securities like bonds. (Samuelson, 2006)
Here the company is capable of issuing their ordinary shares as an initial public offering or
secondary offering within the market in order to raise the expected capital form the market. On
the other hand the company is possible to issue some kind of depository receipts like the
commercial papers within the market in order to gather the money from the public to expand
their business furthermore. But here the company should have to consider about their future
obligations with repayment of the capital and interest portion for the debt holders or the security
holders itself. And finally the company is also possible to raise their required capital from the
debt securities in the market like mortgages, treasury bonds, government bonds etc. And also
here the company should have to evaluate their life cycle and place they are n currently, because
the debt financing is suitable for the growing or maturity level firm and unless otherwise it would
better to go for equity fiancé with the existing shareholders of the company and the operational
leverage with lower level of debt or no debts within the capital structure of the company.
Likewise the Milner Plc is capable of going for any method of raising funds from the London
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Stock Exchange according to their main capital requirements and the main goal of expanding its
business furthermore. (Berezin, M., 2005)
Task 02
2.1 Cost of Shares & Debt
2.1 (a) Cost of Ordinary Share Capital
Calculation of cost of equity share capital: it is calculated via Expected dividend/ current market price of
the share+ growth rate of shares. Here, company paid dividend 10p which is going to grow by 8% in the
next year. So the expected dividend= 10+8%= £0.108, and the value of the current ordinary share was
£2. so the cost of equity would be:
.108/ £2+8%*100 = 5.832%
2.1 (b) Cost of Preference share capital
Cost of preference shares shall be calculated as: dividend or return on preference shares/ price of the
preference shares. Here,
Dividend on preference shares was 12% on value on the preference shares. i.e 1.2*12%= 0.144 would be
the dividend amount. Market price of the shares is £1.2. hence, cost of preference shares =
0.144/1.2*100= 12%
2.1 (c) cost of debenture capital after tax
Company’s cost of debenture is calculated as: interest rate*(1-tax rate)/market price of debenture.
Here, the data has been provided that the tax rate is 20% and market price of debenture is £120 and
10% interest rate is given. so it is easy to calculate the cost of debenture by putting the values in the
formula:
10(1-0.20)/120*100= 6.67%
2.1 (d) Calculating the Weighted Average Cost of Capital (WACC) as per market value
(£000)
Sources quantitiy price Amount Cost of Amount*cost
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capital of capital
Equity Shares 2.000 £2 £4000 5.832% £233.28
12%
Preference
share
1000 £1.2 £1200 12% £144
10%
Debentures
10 £125 £1250 6.67% £83.375
Total £6450 £460.655
NOTE- Number of preference shares of the company is assumed to be 1000units.
WACC = sum of amount* cost of capital/ sum of amount
£460.655/6450*100=7.14%
WACC of the company is 7.14%
2.2 Importance of Financial Planning
Basically the financial planning is capable of determining the financial goals in terms of short
term as well as long term while creating a well-balanced plan of meeting such goals successfully.
(Shapiro, 2008) On the other hand, there are several reasons that will enhance the importance of
the financial planning as follows; (Berezin, M., 2005)
 It is very much useful to manage the income of the company more effective manner
while understanding the tax payments, savings as well as the other related expenses
 Enhance the cash flows of the company while monitoring the spending behavior and the
related expenses. So this will lead to enhance the earned cash on hand
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 Increase the level of the capital of the firm while allowing to consider about the
investments and the financial wellbeing of the company
 Provide the financial security to the firm itself(Shapiro, 2008)
 The financial planning is capable of considering the proper investment alternatives which
are best fitting to the investment need and the goals of investment
 As the financial planning is helping to the better understanding about the financial
decisions of the organization with establishing the measurable goals and objectives and the
proper reviewing of the results
 Able to improve the control over the organizational financial lifecycle
 Provide a better understanding about the asset and liability matching of the company
while making a favorable cushion for the firm assets and liabilities itself
 Remove the asset burden of the future successfully(Samuelson, 2006)
 Able to assess the current and future financial circumstances in a proactive manner while
getting the ongoing advices for the organization with the customized and comprehensive
financial plan within the organization. (Berezin, M., 2005)
So this manner, the organization is capable of getting so many advantages of having proper
financial planning within the organization in order to accomplish the financial goals and
objectives successfully. Unless otherwise it may lead to destroy the overall business plans of the
organization while leading to the failure of the whole organization as well. (Charles, 2004)
2.3 Informational Needs of Directors, Senior Managers and Junior Managers
Directors
Here the organizational directors are highly required to get the accurate and relevant information
in order to achieve their specific goals of maximizing the wealth of the organization, maximizing
the profits of the organization, maximizing the market share etc. (Samuelson, 2006) so in order
to do that, the directors need the information of the company regarding the ability of profit
generations in future, stability of the organization in terms of its profitability as well as the
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liquidity, value of the overall organization etc. so here the directors as the owners of the
company is fully interested to know the overall performance of the organization to determine
their survival with the organization as well. (Berezin, M., 2005)
Senior mangers
The senior managers are basically responsible for managing the business properly in terms of its
survival and the growth. Thereby they are acting as the agents of their principals of owners. So
they need information to fulfill their obligation towards the owners of the organization. There the
main problem of the agency cost is arising because of these personal interests of the managers as
well as the owners. (Shapiro, 2008) So as the senior managers of the company, they should have
to monitor and evaluate the performance of the company while executing and implementing
business plans with appropriate goals and objectives of the firm as well. They required this
information to secure their jobs and display their performance in order to get the rewards and
other benefits. And also they are required this information timely in order to evaluate the overall
performance of the organization while make sure that the organization is going or running as
expected manner or not. (Charles, 2004)
Junior managers
Here the junior managers are also required the accurate and timely information for their
evaluation process of the organization in order to make sure the expected organizational
performance with the expected outcomes. And also they are required to know their job security,
determine their salary increments and the other benefits which are directly related to their
personal performance within the organization. (Samuelson, 2006) Not only that but also these
managers are mainly responsible of refusing the wastages of the company while enhancing the
efficiency and the effectiveness of the operations and so that they are required the relevant
information to prepare the financial reports, budgets and forecasting in comparable manner. It
leads to enhance the overall performance of the organization as a proactive approach of securing
the organizational survival and the growth itself. (Shapiro, 2008)
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2.4 Impact of Finance on the Financial Statements
Here it can be recognized that each and every organization is trying to maximize the
shareholders wealth. (Shapiro, 2008) So the main objective of the fiancé is the maximizing the
shareholders’ value or the firm value itself. Therefore it can be identified that without finance,
there’s no survival for the organization like a fish without having water. So the fiancé is basically
helped with the two main decisions of the organization such as financing decisions as well as the
investment decisions on the balance sheet. (Berezin, M., 2005) So it is very much important to
match those asset and liability mismatch within the organization thorough having a better
financing function within the organization as well. Fiancé is always not considered about the
accounting profits of the organization and it always consider about the economic profits of the
organization while successfully concentrating on the time value of the money, capital budgeting,
portfolio analysis, securities selection, du point analysis, financial planning etc. (Samuelson,
2006) According to the finance, the value of the firm should have to be determined according to
the market prices of the shares and those are not determined by the historical figures in the
financial statements of the company. When the company is going to evaluating the investment
alternatives, the company should have to evaluate the feasibility of those options based on the
financial models and theories while considering the time value of the money. So other than
taking to consideration on these accounting figures only, there will not be any accurate decisions
within the company as all are depend on the historical information. So when the firm is dealing
with the share market and its stock exchange, there should have to be the better performance of
the organizational financial department or the financial function as otherwise it will lead to lose
the opportunities within the market with underpriced or overpriced securities. So the overall firm
as well as its potential earnings and stability are determined by the fiancé and not the accounting
figures. When the firm is going to value its business, there should have to be a sound financial
knowledge within the organization and unless otherwise it may crate huge losses to the
organization with their overall evaluation process. (Samuelson, 2006) Here the fiancé is very
much important to determine appropriate sources funds to the organization while considering the
organizational overall WACC and thereby determine the appropriate investments and finance
options for the organization in order to survive and the growth in the long term (Charles, 2004)
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Task 03
3.2 calculations of the production cost, price and profit
i. Calculate fixed OHC Absorption Rate
Particulars Gold Tap Silver Tap
Units 2,000 4,000
Required labor hours 5 hrs. 2.5 hrs.
Total hrs. (Units * required
hrs.)
10,000 hrs. 10,000 hrs.
Fixed overhead absorption rate = Fixed overhead/total labor hrs.
£80,000/20,000 hrs.
£4/tap
ii per unit fixed OHC for each product
Fixed overhead cost = Fixed overhead/ total number of hours
= £80,000/20,000 hrs.
= £4/hr.
iii budgeted production cost per each product
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Particulars Gold tap (per tap) Silver tap (per tap)
Direct material £20 £15
Direct labor £50 £25
Variable overhead £10 £10
Total variable overhead £80 £50
Fixed overhead £20 £10
Total cost of production £100 £60
Working notes:
Gold tap = (£4 * 5 hrs.)
Silver tap = (£4 * 2.5 hrs.)
iv Selling price of each product
Particulars Gold tap (per tap) Silver tap (per tap)
Production cost £100 £60
Mark up (25% of production
cost)
£25 £15
Selling price £125 £75
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3.1 Production Budget
Particulars Gold-tap Silver-tap
Units produced 2,000 taps 4,000 taps
Production cost (variable cost
+ fixed cost)
£100/tap £60/tap
Production budget £200,000 £240,000
ii budgeted P&L Account
Particulars Gold tap Silver tap
Selling price £125 £75
Units 2,000 4,000
Sales revenue 250,000 300,000
Material cost £40,000 £60,000
Labor cost £100,000 £100,000
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Variable cost £20,000 £40,000
Total variable cost £160,000 £200,000
Fixed cost £40,000 £40,000
Total cost of production £200,000 £240,000
Profit £50,000 £60,0000
Total Sales £250000 £300000
Sale per product= total sales/total units
Gold tap= £250000/2000=£125 per unit
Silver tap= £300000/4000=£75 per unit
iii Calculate the level of sales required to produce the required level of profit
Additional units = (Required marginal profit + Increase in fixed cost/ contribution ratio) / Selling
price
Contribution ratio = 90,000/250,000 * 100 = 36%
Additional units = (15,000/ 36%)/125
= 41,667 / 125 = 334 units
3.3 Calculation of the PBP, ARR &NPV
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Year Cash inflow p.v@10% Present value Cumulative p.v
0 (£1,000,000) 1 (£1,000,000)
1 £1,240,000 0.909 £1,127,160 £1,127,160
2 £2,200,000 0.826 £1,817,200 £2,944,360
3 £3,280,000 0.751 £2,463,280 £5,407,640
4 £4,320,000 0.683 £2,950,560 £8,358,200
5 £5,160,000 0.620 £3,199,200 £11,557,400
Net present value £10557400
Pay-back period
Form the above calculation, it has been shown that the company would able to get their outflow
within one year.
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Year Operating-Profit Depreciation C.I.
1 240,000 160,000 400,000
2 200,000 160,000 360,000
3 280,000 160,000 440,000
4 320,000 160,000 480,000
5 160,000 160,000 320,000

ii.) Accounting rate of return
Accounting rate of return is calculated by the average profits/ initial investment.
Avg. net profit = 400/5 = 80
Avg. investment = (1000 – 200)/2 = 400
Accounting rate of return = 80/400 * 100 = 20%
iii) Net present value
Net present value is calculated dividing the present value of cash inflow- present value of cash
outflow. Here, 11,557,400-1,000,000=£10557400. Hence, the project have positive inflow. So
it should be accepted.
b.) The company uses the following criteria to evaluate the viability of the investment
appraisal proposal.
i.) Payback period
company can easily get back their outflow within a year. Hence, prject should be accepted.
ii.) Positive NPV
NPV extracts the profitability related to the project. As per the calculation the NPV calculate is
positive hence it get preferred by the company.
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Years Operating-Profit (£'000) Depreciation (£'000) Net Profit (£'000)
1 240 160 80
2 200 160 40
3 280 160 120
4 320 160 160
5 160 160 -
400

4.3 Ratio analysis
a.) In order to assess the validity of the opinion of the shares holders compute the following
ratios for Wordsworth Plc for both 2015 and 2016
Ratio 2013 2014 Trade
association
Current
ratio
12654/8878 1.425 8928/7060 1.264 1.85
Quick ratio 7568/8878 0.85 5428/7060 0.77 1.21
Gross profit
margin
4312/15712*100 27.44% 2163/6375*100 33.93% 37.50%
Profit
margin
22/15712*100 0.14% 348/6375*100 5.46% 7.80
Return on
total assets
22/12354*100 0.78% 348/8628*100 4.03% 6.70%
Inventory
turnover
11400/5086 2.24 4212/4293 0.98 4.1
(b). Provide adequate explanations and comments on each of the ratios which support the
view of the shareholders dissatisfied with Wordsworth Plc performance.
Liquidity ratios:
After getting results it is analyzed that Wordsworth Plc is attaining decrement in their liquid
funds. As compare to the current ratio of 2013(1.425) the ratio of year 2016 (1.26) is lower and
there is difference of (0.17). Decrease in their liquid funds leads towards dissatisfaction among
their shareholders. They fail to maintain the level set by the trade association.
Profitability ratios:
Company’s profitability ratio is rising as the year past. In 2013 27.44% which increase to
33.93% in the next year. So there is the profitiblity in the business.
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Efficiency ratios:
The results of calculation shows that their efficiency is get impacted badly and they not able to
reach their last year’s performance and far away from the set trade association ratios. This
inefficiency in ratios creates huge dissatisfaction among their shareholders as they are not
working efficiently.
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