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Jamison Ltd is considering a risky investment project in offshore operation. To finance the ongoing working capital needs of the project over 15 years, $20 million will be needed if it continues to be successful. The board of directors is considering two options to finance the project – i) issue more shares or ii) borrow the required cash. Assume that the expected returns on ordinary shareholders’ equity are the same for both options. Required:Explain how should the board of directors of Jamison Ltd rank the two options. Include in your discussion the factors that should be considered by the board. (word limit: 150 – 200 words)