【每日一练】ACCA F9（ Sept 2016）

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.

Drumlin Co has $5m of $0·50 nominal value ordinary shares in issue. It recently announced a 1 for 4 rights issue at $6 per share. Its share price on the announcement of the rights issue was $8 per share.
What is the theoretical value of a right per existing share?
A $1·60
B $0·40
C $0·50
D $1·50

Answer：

B
Value of a right = ((5m x $8 + 1·25m x $6)/6·25 m – $6)/4 shares = $0·4 per share

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