Complex Co has a dividend payout ratio of $40\%$ and has maintained this ratio for several years. The current dividend per share is $$0\mathrm{.}50,$ and the next dividend per share, payable in one year's time, is expected to be $$0\mathrm{.}52.$

The capital structure of Complex Co is as follows:

Equity:

$-$ Ordinary shares $($nominal value $$1$ per share$)$: $$25$ million

$-$ Reserves: $$35$ million

Debt:

$-$ Bond Green $($nominal value $$100)$: $$20$ million

$-$ Bond non$-$Green $($nominal value $$100)$: $$10$ million

Bond Green will be redeemed at nominal in ten years' time, pays annual interest of $9\%,$ and has a cost of debt of $9\mathrm{.}83\%$ per year. The current ex$-$interest market price of the bond is $$95\mathrm{.}08.$

Bond non$-$Green will be redeemed at nominal in four years' time, pays annual interest of $8\%,$ and has a cost of debt of $7\mathrm{.}82\%$ per year. The current ex$-$interest market price of the bond is $$102\mathrm{.}01.$

Complex Co's cost of equity is $12\mathrm{.}4\%.$ Taxation is ignored.

Required:

$($a$)$ Calculate the following values for Complex Co:

$($i$)$ Ex$-$dividend share price using the dividend growth model

$($ii$)$ Capital gearing using market values

$($iii$)$ Market value weighted average cost of capital

$($b$)$

i$)$ Discuss whether a change in a company's dividend policy will affect Complex's share price. Provide specific examples of companies that have changed their dividend policies and how it has affected their share prices.

ii$)$ Discuss other factors that might influence Complex's share price more significantly than the dividend policy.

$($c$)$ i$)$ Discuss why different capital instruments in Complex Co have different levels of risks and returns. Provide specific examples of companies with different types of capital instruments to illustrate your points. Discuss how these risks and returns might affect an investor's decision to invest in these instruments.

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