3.) Dont need a's answer. a) Briefly explain the circumstances under which the management of a company, acting in the interest of its existing shareholders, might issue shares in order to finance a small project with negative expected net present value. (4 marks)

dont need b's b) Explain some of the adjustments we need to make in order to separate operating, financing and investing activities when reformulating financial statements. (5 marks)

only need C's answer c) Write down three accounting relations connecting free cash flow, operating income net operating assets, net financial expense, net financial obligations and payments to debt and equity holders. Explain these relations in your own words (6 marks)