International Value Bank (IVB) Ltd has 10 million fully paid ordinary shares on issue and its shares are listed on the Australian Securities Exchange (ASX). About 60 per cent of the shares are held by Australian financial institutions and the closing price per shares on 15 October 2014 was $4. The company has a fully drawn $500 million bank loan facility, which is due to be rolled over or repaid on 30 November 2014. IVB Ltd is close to breaching an important covenant and its directors have resolved to raise equity to repay the loan on or before the due date. The company’s last share issue occurred in 2011.
a) Assuming an issue price of $3.80 per share, what is the maximum amount IVB can raise by making a share placement without the shareholder approval?
b) Advise the directors on the feasibility of raising the required funds by a traditional renounceable or non-renounceable rights issue.
c) After receiving your advice, the directors are considering a combination of an institutional placement followed immediately by an accelerated entitlement offer. Does the maximum amount that can be raised by the placement remain the same as in part a? Why, or why not? Review your answer to part b. How will your advice change, given an accelerated offer structure is to be used?
d) Assume the company proceeds with an accelerated entitlement offer. From the viewpoint of IVB’s shareholders, what is the main effect of making the offer renounceable rather than non-renounceable? Will a renounceable offer necessarily ensure that all shareholders are treated equally? Why or why not?


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