1. Which of the following can be conducted as an alternative to a one-off dividend?
   1. A share repurchase.
   2. An Initial Public Offering (IPO).
   3. A rights-issue.
   4. A private placement.

2. A firm issues 4% convertible loan notes that are redeemable in 4 years time at a per-note nominal value of 100. Each loan note could alternatively be converted into 15 ordinary shares in 4 years time. The cost of debt is 6%. The current share price is 6.20 per share, and future share price growth is expected to be 4% per year. What is the current market value of a convertible loan note to two decimal places?

Ensure that all figures used are rounded to no less than 3 decimal places. Please do not enter any special characters in your answer other than, if applicable, a decimal point (e.g. no or, symbols).

Numerical response: ____

3. Which of the following initiatives attempts to reduce the funding gap faced by SMEs?
   1. Crowdfunding.
   2. Government grants or equity investment.
   3. Supply Chain Finance, e.g., reverse factoring.
   4. All of the above.