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Question - Norman Ltd issues 4,000 x $1,000 6% convertible bonds at the start of 1 July 2021.
The bonds are issued at par and are redeemable in three years' time or are convertible into 250 ordinary shares per $1,000 bond.
When the bonds are issued, the prevailing market interest rate for similar debt without conversion options is 9%.
Discount factors are:
9%
6%
Year 1
0.917
0.943
Year 2
0.822
0.890
Year 3
0.772
0.840
Required - Calculate the equity component of the bonds.
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