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Task 1: Share financing (15 points) Calw Brewery AG carries out an ordinary capital increase. The 100,000 new shares are to have the same features

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Task 1: Share financing (15 points) Calw Brewery AG carries out an ordinary capital increase. The 100,000 new shares are to have the same features as the old shares and are issued at an issue price of 30 euros. However, only three quarters of the new shares are entitled to dividends. The expected dividend for the existing shareholders is 4 euros/share. There are currently 400,000 shares in circulation. The stock market price of the AG at the time of the announcement of the capital increase is 85 euros. a) Give 2 reasons why existing shareholders are granted subscription rights. (2 P.) b) What is the arithmetical value of the subscription right? (5 P.) c) The shareholder Emilia Z. owns 100 shares in the AG and would like to know how many new shares she can subscribe to without having to use even one eurocent of her own additional funds (opration blanche). (8 P.). Notes: K (K + N) a n B = a n +1 Task 1: Share financing (15 points) Calw Brewery AG carries out an ordinary capital increase. The 100,000 new shares are to have the same features as the old shares and are issued at an issue price of 30 euros. However, only three quarters of the new shares are entitled to dividends. The expected dividend for the existing shareholders is 4 euros/share. There are currently 400,000 shares in circulation. The stock market price of the AG at the time of the announcement of the capital increase is 85 euros. a) Give 2 reasons why existing shareholders are granted subscription rights. (2 P.) b) What is the arithmetical value of the subscription right? (5 P.) c) The shareholder Emilia Z. owns 100 shares in the AG and would like to know how many new shares she can subscribe to without having to use even one eurocent of her own additional funds (opration blanche). (8 P.). Notes: K (K + N) a n B = a n +1

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