Please use the grid provided on page two of the Candidate Answer Booklet to record your answers to each multiple choice question. Do not write out the answers to the MCQs on the lined pages of the answer booklet.
Each question is worth 2 marks.
The owners of a private company wish to dispose of their entire investment in the company. The company has an issued share capital of $1m of $0·50 nominal value ordinary shares. The owners have made the following valuations of the company’s assets and liabilities.
Non-current assets (book value)                     $30m
Current assets                                                  $18m
Non-current liabilities                                      $12m
Current liabilities                                              $10m
The net realisable value of the non-current assets exceeds their book value by $4m. The current assets include $2m of accounts receivable which are thought to be irrecoverable.
What is the minimum price per share which the owners should accept for the company?
A $14
B $25
C $28
D $13

Answer：

A
They should not accept less than NRV: (30m + 18m + 4m – 2m – 12m – 10m)/2m = $14 per share

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