Deere and Bros. is a broker that brings new issues of small firms to the public...
Deere and Bros. is a broker that brings new issues of small
firms to the public market. Its most recent deal for Sheridan,
Inc., had the following characteristics:
| Number of shares: | 1,300,000 | ||
| Proceeds to Sheridan: | $12,300,000 | ||
| Price to public: | $18 | per share |
The legal fees were $151,000, printing costs were $55,000, and all
the other expenses were $71,500. What is the profit or loss for
Deere and Bros.?
Homework Answers
| Total funds raised [ 1300000*18 ] | 23400000 |
| (-) Proceeds to Sheridan | 12300000 |
| (-) Total cost [ 151000+55000+71500 ] | 277500 |
| Profit for Deere and Bros. | 10822500 |
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