Lesing 1 Hoofstuk 7 PDF

Hoofstuk 7: Strukturering van die transaksie Me Theresa Visser Economic and Management Sciences | EyeNzululwazi ngoQoqosho noLawulo | Ekonomiese en Bestuurswetenskappe Leeruitkomste Betalingsmeganismes wat...

Hoofstuk 7: Strukturering van die transaksie Me Theresa Visser Economic and Management Sciences | EyeNzululwazi ngoQoqosho noLawulo | Ekonomiese en Bestuurswetenskappe Leeruitkomste Betalingsmeganismes wat gebruik word vir transaksies Kontant vs aandele ter finansiering van die M&A Hoekom skuld soms ook deel van koop is Voorkomende vs aktiewe anti-oorname verdedigingsmeganismes Knight vs squire verdedigingsmeganismes Economic and Management Sciences | EyeNzululwazi ngoQoqosho noLawulo | Ekonomiese en Bestuurswetenskappe Inleiding Samesmeltings / Amalgamasies: Reik aandele uit in die verkryger, ontbind die teiken en absorbeer Skep ‘n nuwe maatskappy, elk ontvang aandele en word ontbind Verkrygings: Aandele (betaal kontant of aandele) Bates (normaalweg kontant) Economic and Management Sciences | EyeNzululwazi ngoQoqosho noLawulo | Ekonomiese en Bestuurswetenskappe Kontant transaksies Wanneer om kontant te gebruik: Tipe transaksie (samesmelting, verkryging, JV, lisensie) Huidige stand van finansiële markte (ekwiteit en skuldmarkte) Verkryger se finansiële posisie (kapitaalstruktuur, kontantsurplus) Bronne vir kontant: Interne kontant? As nie, verkry kontant... dmv skuld of ekwiteit (in daardie volgorde!?) Teveel skuld? As ekwiteit, kan regte uitgifte gebruik. Economic and Management Sciences | EyeNzululwazi ngoQoqosho noLawulo | Ekonomiese en Bestuurswetenskappe Meganisme met kontant transaksies Gebruik kontant om of bates of aandele te verky Koop aandele: Kontant betaal aan aandeelhouers van die teiken (kapitaalwinsbelasting) Koop bates: Kontant betaal aan die teiken mpy, likwideer mpy en betaal dividend (kapitaalwinsbelasting vir mpy en dividendbelasting vir aandeelhouers van teiken) Kapitaalwinsbelasting : Individue: insluitingskoers van 40% en marginalekoers van 45%, dus effektiewekoers van 18% Mpy’e: insluitingskoers van 80%, belastingkoers van 27%, dus effektiewekoers 21.6% Dividend-weerhoudings-belasting (DWT): 20% op dividend uitbetaal Economic and Management Sciences | EyeNzululwazi ngoQoqosho noLawulo | Ekonomiese en Bestuurswetenskappe Voorbeelde op p. 194 en 196 Kontant vs aandele aanbod om bates te koop: Kontant betaal aan mpy, mpy gelikwideer, betaal dividend (KWB in maatskappy en DWT) Kontant betaal aan teiken aandeelhouers (KWB vir individuele aandeelhouers) Moet 2 opsies kan vergelyk en oorweeg Economic and Management Sciences | EyeNzululwazi ngoQoqosho noLawulo | Ekonomiese en Bestuurswetenskappe Voorbeeld Two companies are currently interested in a business combination with Golfwagen Ltd., an automotive manufacturer. One of these companies made a cash offer of R1 million that is structured as an asset purchase, whilst the other company made a cash offer of R9 per share to Golfwagen’s ordinary shareholders (assume that the company has 100 000 ordinary shares outstanding). The following information from Golfwagen’s statement of financial position is provided to you: Economic and Management Sciences | EyeNzululwazi ngoQoqosho noLawulo | Ekonomiese en Bestuurswetenskappe Voorbeeld Property, plant, and equipment (PPE) at book value 600 000 Share investments 300 000 Non-current assets 900 000 Inventory 250 000 Trade receivables 300 000 Cash 50 000 Current assets 600 000 TOTAL ASSETS 1 500 000 Ordinary shares 100 000 Reserves 500 000 Ordinary shareholders’ equity 600 000 Long-term loans 350 000 Debentures 300 000 Non-current liabilities 650 000 Trade payables 50 000 Short-term loans 100 000 Current tax liability 100 000 Current liabilities 250 000 TOTAL EQUITY AND LIABILITIES 1 500 000 Economic and Management Sciences | EyeNzululwazi ngoQoqosho noLawulo | Ekonomiese en Bestuurswetenskappe Oplossing Gebasseer op die gegewe inligting, sal die bate-aankoop tot die volgende kapitaalwins lei vir Golfwagen: Book value of assets 1 500 000 − Book value of liabilities (900 000) Taxable base of the company 600 000 − Proceeds from asset sale (1 000 000) Capital gain from asset sale 400 000 Economic and Management Sciences | EyeNzululwazi ngoQoqosho noLawulo | Ekonomiese en Bestuurswetenskappe Oplossing Consequently, 80% of the capital gain of R400 000 will be included in the taxable income of the company and taxed at the marginal corporate tax rate of 27%, resulting in a CGT payment of R86 400 (R400 000 × 0.80 × 0.27). The proceeds available to the ordinary shareholders therefore amounts to R913 600 (R1 000 000 – R86 400). This amount will be distributed to Golfwagen’s ordinary shareholders in the form of a cash dividend. Before the shareholders receive the dividend, however, DWT at a rate of 20% will first have to be levied on this amount (R913 600 × 0.20 = R182 720). The net proceeds ordinary shareholders would receive based on the asset purchase transaction therefore amounts to R730 880 (R913 600 – R182 720). The second company’s cash offer of R9 per share would attract capital gains tax in the hands of the individual shareholders. Based on an inclusion rate of 40% and the maximum individual tax rate of 45%, the effective rate of CGT for individuals in the highest tax bracket would amount to 18%.25 If we assume that the base cost of the ordinary shares is equal to the book value of the ordinary shareholders’ equity of R600 000, the CGT on the cash transaction amounts to R54 000 [(R900 000 – R600 000) × 0.18]. The net proceeds the ordinary shareholders would receive based on the cash offer therefore amounts to R846 000 (R900 000 – R54 000). Economic and Management Sciences | EyeNzululwazi ngoQoqosho noLawulo | Ekonomiese en Bestuurswetenskappe Example 2 African Sun Avos Ltd. is a listed fruit exporter operating primarily in the Limpopo province. It is considering the acquisition of Mango SA Ltd. and needs to decide whether to purchase Mango SA’s shares or its assets. The acquisition will entail a cash purchase of R500 000. Consider the following data for Mango SA: Book value Market value Total assets R300 000 R400 000 Total liabilities R200 000 R300 000 Ordinary shares R100 000 R150 000 Based on this information, the net proceeds that Mango SA’s ordinary shareholders will receive from the acquisition in the case of a share purchase transaction and an asset purchase transaction can be estimated as follows: Acquisition of Acquisition of shares assets Acquisition offer 500 000 500 000 Plus assumed liabilities N/A 200 000(a) Total transaction value 500 000 700 000 Minus basis in assets N/A (300 000)(a) Capital gain on the sale of assets N/A 400 000 Economic and Management Sciences | EyeNzululwazi ngoQoqosho noLawulo | Ekonomiese en Bestuurswetenskappe Example 2 (cont.) Acquisition of shares Acquisition of assets Acquisition offer 500 000 500 000 CGT on the sale of assets N/A (86 400)(b) DWT on cash dividend to shareholders N/A (82 720)(c) Distribution to ordinary shareholders 500 000 330 880 Basis in shares (100 000)(a) ___N/A Capital gain on share position 400 000 ___N/A CGT on share position (72 000)(d) N/A Net proceeds to Mango SA’s shareholders 428 000(e) 330 880 Economic and Management Sciences | EyeNzululwazi ngoQoqosho noLawulo | Ekonomiese en Bestuurswetenskappe Example 2 (cont.) (a) SARS requires the use of book values in this case. (b) The marginal corporate tax rate of 27% and inclusion rate of 80% is applicable here. (c) The dividend withholding tax of 20% is applicable here. (d) Shareholders’ personal effective CGT rate of 18% is applicable here. (e) Distribution to ordinary shareholders minus CGT on share position. Economic and Management Sciences | EyeNzululwazi ngoQoqosho noLawulo | Ekonomiese en Bestuurswetenskappe Opsomming Aandele of bates wat verkry moet word Betaling in kontant of aandele Belastinggevolge: KWB (korporatief vs individue), DWT vir individue Volgende lesing: betaling mbv aandele Economic and Management Sciences | EyeNzululwazi ngoQoqosho noLawulo | Ekonomiese en Bestuurswetenskappe