彼得羅斯公司理財(cái)cap(2)-文庫吧資料
2024-10-25 18:00本頁面
【正文】 me ways. 1. Stock price + 2. Exercise price – 3. Interest rate + 4. Volatility in the stock price + 5. Expiration date + 6. Dividends – 245 The Difference between Warrants and Call Options ?When a warrant is exercised, a firm must issue new shares of stock. ?This can have the effect of diluting the claims of existing shareholders. 246 Dilution Example ? Imagine that Mr. Armstrong and Mr. LeMond are shareholders in a firm whose only asset is 10 ounces of gold. ? When they incorporated, each man contributed 5 ounces of gold, then valued at $300 per ounce. They printed up two stock certificates and named the firm LegStrong, Inc.. ? Suppose that Mr. Armstrong decides to sell Mr. Mercx a call option issued on Mr. Armstrong’s share. The call gives Mr. Mercx the option to buy Mr. Armstong’s share for $1,500. ? If this call finishes inthemoney, Mr. Mercx will exercise, Mr. Armstrong will tender his share. ? Nothing will change for the firm except the names of the shareholders. 247 Dilution Example ? Suppose that Mr. Armstrong and Mr. LeMond meet as the board of directors of LegStrong. The board decides to sell Mr. Mercx a warrant. The warrant gives Mr. Mercx the option to buy one share for $1,500. ? Suppose the warrant finishes inthemoney, (gold increased to $350 per ounce). Mr. Mercx will exercise. The firm will print up one new share. 248 Dilution Example ?The balance sheet of LegStrong Inc. would change in the following way: Balance Sheet Before (Book Value) 0 $3,000 $3,000 Total $3,000 Total Assets $3,000 Debt Equity (2 shares) Gold: Liabilities and Equity Assets 249 Dilution Example Note that Mr. Armstrong’s claim falls in value from $1,750 = $3,500 247。 3 Balance Sheet Before (Market Value) 0 $5,000 $3,500 $1,500 Total $3,000 Total Assets $5,000 Debt Equity
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