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Required:

(a)Evalua te the options for disposing of parts of Staple Group, using the financial information to assess possible

disposal prices. The evaluation should include a discussion of the benefits and drawbacks to Staple Group

from disposing of parts of the Staple Group.(19 marks)

(b)Discus s the significance of the finance director"s proposals for reduction in staff costs for Staple Group"s

relationships with its shareholders and employees and discuss the ethical implications of the proposals.

(6 marks) (25 marks)

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cPNpdPNpde

Where:

d PPrs a-e 2±rt ae ln(/)( yyv5st st dds t 2 2- q

MIRRPV

PVr R In e 1

11±

pcPPe ae±rt

EEuo:r:n:

PresentfValuefTable

Present value of 1 i.e. (1 + r)

-n

Where r = discount rate

n = number of periods until payment

Discount rate (r)

Periods

(n) 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%

1 0∑990 0∑980 0∑971 0∑962 0∑952 0∑943 0∑935 0∑926 0∑917 0∑909 1

2 0∑980 0∑961 0∑943 0∑925 0∑907 0∑890 0∑873 0∑857 0∑842 0∑826 2

3 0∑971 0∑942 0∑915 0∑889 0∑864 0∑840 0∑816 0∑794 0∑772 0∑751 3

4 0∑961 0∑924 0∑888 0∑855 0∑823 0∑792 0∑763 0∑735 0∑708 0∑683 4

5 0∑951 0∑906 0∑863 0∑822 0∑784 0∑747 0∑713 0∑681 0∑650 0∑621 5

6 0∑942 0∑888 0∑837 0∑790 0∑746 0∑705 0∑666 0∑630 0∑596 0∑564 6

7 0∑933 0∑871 0∑813 0∑760 0∑711 0∑665 0∑623 0∑583 0∑547 0∑513 7

8 0∑923 0∑853 0∑789 0∑731 0∑677 0∑627 0∑582 0∑540 0∑502 0∑467 8

9 0∑914 0∑837 0∑766 0∑703 0∑645 0∑592 0∑544 0∑500 0∑460 0∑424 9

10 0∑905 0∑820 0∑744 0∑676 0∑614 0∑558 0∑508 0∑463 0∑422 0∑386 10

11 0∑896 0∑804 0∑722 0∑650 0∑585 0∑527 0∑475 0∑429 0∑388 0∑350 11

12 0∑887 0∑788 0∑701 0∑625 0∑557 0∑497 0∑444 0∑397 0∑356 0∑319 12

13 0∑879 0∑773 0∑681 0∑601 0∑530 0∑469 0∑415 0∑368 0∑326 0∑290 13

14 0∑870 0∑758 0∑661 0∑577 0∑505 0∑442 0∑388 0∑340 0∑299 0∑263 14

15 0∑861 0∑743 0∑642 0∑555 0∑481 0∑417 0∑362 0∑315 0∑275 0∑239 15

(n) 11% 12% 13 % 14% 15% 16% 17% 18% 19% 20%

1 0∑901 0∑893 0∑885 0∑877 0∑870 0∑862 0∑855 0∑847 0∑840 0∑833 1

2 0∑812 0∑797 0∑783 0∑769 0∑756 0∑743 0∑731 0∑718 0∑706 0∑694 2

3 0∑731 0∑712 0∑693 0∑675 0∑658 0∑641 0∑624 0∑609 0∑593 0∑579 3

4 0∑659 0∑636 0∑613 0∑592 0∑572 0∑552 0∑534 0∑516 0∑499 0∑482 4

5 0∑593 0∑567 0∑543 0∑519 0∑497 0∑476 0∑456 0∑437 0∑419 0∑402 5

6 0∑535 0∑507 0∑480 0∑456 0∑432 0∑410 0∑390 0∑370 0∑352 0∑335 6

7 0∑482 0∑452 0∑425 0∑400 0∑376 0∑354 0∑333 0∑314 0∑296 0∑279 7

8 0∑434 0∑404 0∑376 0∑351 0∑327 0∑305 0∑285 0∑266 0∑249 0∑233 8

9 0∑391 0∑361 0∑333 0∑308 0∑284 0∑263 0∑243 0∑225 0∑209 0∑194 9

10 0∑352 0∑322 0∑295 0∑270 0∑247 0∑227 0∑208 0∑191 0∑176 0∑162 10

11 0∑317 0∑287 0∑261 0∑237 0∑215 0∑195 0∑178 0∑162 0∑148 0∑135 11

12 0∑286 0∑257 0∑231 0∑208 0∑187 0∑168 0∑152 0∑137 0∑124 0∑112 12

13 0∑258 0∑229 0∑204 0∑182 0∑163 0∑145 0∑130 0∑116 0∑104 0∑093 13

14 0∑232 0∑205 0∑181 0∑160 0∑141 0∑125 0∑111 0∑099 0∑088 0∑078 14

15 0∑209 0∑183 0∑160 0∑140 0∑123 0∑108 0∑095 0∑084 0∑074 0∑065 15

EF f fAnnuity Table

Present value of an annuity of 1 i.e.

WhereQrQwQdiscountQrate

QQnQwQnumberQofQperiods

Discount rate (r)

Periods

(n) 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%Q

QkQj∑ssjQ j∑srjQj∑sqkQj∑splQ j∑solQj∑snmQj∑smoQ j∑slpQj∑skqQj∑sjsQ k

QlQk∑sqjQ k∑snlQk∑skmQk∑rrpQ k∑rosQk∑rmmQk∑rjrQ k∑qrmQk∑qosQk∑qmpQ l

QmQl∑snkQ l∑rrnQl∑rlsQl∑qqoQ l∑qlmQl∑pqmQl∑plnQ l∑oqqQl∑omkQl∑nrqQ m

QnQm∑sjlQ m∑rjrQm∑qkqQm∑pmjQ m∑onpQm∑npoQm∑mrqQ m∑mklQm∑lnjQm∑kqjQ n

QoQn∑romQ n∑qkmQn∑orjQn∑nolQ n∑mlsQn∑lklQn∑kjjQ m∑ssmQm∑rsjQm∑qskQ o

QpQo∑qsoQ o∑pjkQo∑nkqQo∑lnlQ o∑jqpQn∑skqQn∑qpqQ n∑plmQn∑nrpQn∑mooQ p

QqQp∑qlrQ p∑nqlQp∑lmjQp∑jjlQ o∑qrpQo∑orlQo∑mrsQ o∑ljpQo∑jmmQn∑rprQ q

QrQq∑polQ q∑mloQq∑jljQp∑qmmQ p∑npmQp∑lkjQo∑sqkQ o∑qnqQo∑omoQo∑mmoQ r

QsQr∑oppQ r∑kplQq∑qrpQq∑nmoQ q∑kjrQp∑rjlQp∑okoQ p∑lnqQo∑ssoQo∑qosQ s

QkjQs∑nqkQr∑srmQr∑omjQr∑kkkQ q∑qllQq∑mpjQq∑jlnQ p∑qkjQp∑nkrQp∑knoQ kj

QkkQkj∑mprQs∑qrqQs∑lomQr∑qpjQ r∑mjpQq∑rrqQq∑nssQ q∑kmsQp∑rjoQp∑nsoQ kk

QklQkk∑looQkj∑oqoQs∑sonQs∑mroQ r∑rpmQr∑mrnQq∑snmQ q∑ompQq∑kpkQp∑rknQ kl

QkmQkl∑kmnQkk∑mnrQkj∑pmoQs∑srpQ s∑msnQr∑romQr∑morQ q∑sjnQq∑nrqQq∑kjmQ km

QknQkm∑jjnQkl∑kjpQkk∑lspQkj∑opmQ s∑rssQs∑lsoQr∑qnoQ r∑lnnQq∑qrpQq∑mpqQ kn

QkoQkm∑rpoQkl∑rnsQkk∑smrQkk∑kkrQ kj∑mrjQs∑qklQs∑kjrQ r∑oosQr∑jpkQq∑pjpQ ko

(n) 11% 12% 13 % 14% 15% 16% 17% 18% 19% 20%Q

QkQj∑sjkQ j∑rsmQj∑rroQj∑rqqQ j∑rqjQj∑rplQj∑rooQ j∑rnqQj∑rnjQj∑rmmQ k

QlQk∑qkmQ k∑psjQk∑pprQk∑pnqQ k∑plpQk∑pjoQk∑oroQ k∑oppQk∑onqQk∑olrQ l

QmQl∑nnnQ l∑njlQl∑mpkQl∑mllQ l∑lrmQl∑lnpQl∑lkjQ l∑kqnQl∑knjQl∑kjpQ m

QnQm∑kjlQ m∑jmqQl∑sqnQl∑sknQ l∑rooQl∑qsrQl∑qnmQ l∑psjQl∑pmsQl∑orsQ n

QoQm∑pspQ m∑pjoQm∑okqQm∑nmmQ m∑molQm∑lqnQm∑kssQ m∑klqQm∑jorQl∑sskQ o

QpQn∑lmkQ n∑kkkQm∑ssrQm∑rrsQ m∑qrnQm∑proQm∑orsQ m∑nsrQm∑nkjQm∑mlpQ p

QqQn∑qklQ n∑opnQn∑nlmQn∑lrrQ n∑kpjQn∑jmsQm∑sllQ m∑rklQm∑qjpQm∑pjoQ q

QrQo∑knpQ n∑sprQn∑qssQn∑pmsQ n∑nrqQn∑mnnQn∑ljqQ n∑jqrQm∑sonQm∑rmqQ r

QsQo∑omqQ o∑mlrQo∑kmlQn∑snpQ n∑qqlQn∑pjqQn∑nokQ n∑mjmQn∑kpmQn∑jmkQ s

QkjQo∑rrsQo∑pojQo∑nlpQo∑lkpQ o∑jksQn∑rmmQn∑posQ n∑nsnQn∑mmsQn∑kslQ kj

QkkQp∑ljqQo∑smrQo∑prqQo∑nomQ o∑lmnQo∑jlsQn∑rmpQ n∑popQn∑nrpQn∑mlqQ kk

QklQp∑nslQp∑ksnQo∑skrQo∑ppjQ o∑nlkQo∑ksqQn∑srrQ n∑qsmQn∑pkkQn∑nmsQ kl

QkmQp∑qojQp∑nlnQp∑kllQo∑rnlQ o∑ormQo∑mnlQo∑kkrQ n∑skjQn∑qkoQn∑ommQ km

QknQp∑srlQp∑plrQp∑mjlQp∑jjlQ o∑qlnQo∑nprQo∑llsQ o∑jjrQn∑rjlQn∑pkkQ kn

QkoQq∑kskQp∑rkkQp∑nplQp∑knlQ o∑rnqQo∑oqoQo∑mlnQ o∑jslQn∑rqpQn∑pqoQ ko

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