The Task:

Companies often manage their returns to shareholders actively. For example, the Commonwealth Bank of Australia (CBA) completed a

$532 million off-market share buy-back on 29 March 2004 with a buy-back price of $27.50 per share, comprising an $11.00 capital component

and a $16.50 fully-franked component. In March 2004, CBA also announced a dividend reinvestment plan (DRP) price of $31.61. In May 2004, CBA

announced a share purchase plan under which shareholders could apply for shares at $31.36.

Please select a company listed on the Australian

Securities Exchange and conduct a research on the financial actions taken by this company in relation to its returns to shareholders in the

past 5 years. What are the reasons that such actions are taken, and what is the impact ofthese actions on this company’s financial

structures and business? Are these actions unique in the market? Support your analysis with evidence from previous academic research.

ASX

Listed companies can be found at:

http:IIwww.asx.com.auIasxIresearchIlistedCompanies.do

Mandatory Requirements:

1. A synopsis of no more

than 100 words is to preface the essay.

2. The maximum length ofthe essay is 4 pages. The maximum length limit does not include the cover

page, synopsis, reference list and any appendices if you choose to have. Essays exceeding the page limit will be penalised at 10% per

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additional page. The essay should have a normal margin, font in Times New Roman and font size of 12, and single line spacing.

3. All essays

must include a list of references in academic form using the author-date (Harvard) citation style[1]. All sourced material, including direct

quotations, must be appropriately acknowledged.

Your final assignment will be assessed based on the quality of research you conduct and

the construction and presentation of your essay (such as clear expression, logics and coherence, etc.)

[1] See:

http:IIlibguides.library.usyd.edu.auIcontent.php?pid=160012&sid=1510179

Assessment Criteria:

Conforming with instructions (e.g. word

length, font, other instructions)

Clarity of expression (including grammar, spelling, referencing)

Presentation, communication

structure

Use of literatureI Knowledge oftheory

Analysis I critical reasoning I evaluation

Problem solving I synthesis or

evaluation I reflection

This was a question asked by a student and the answer was given by a tutor at my university, ifthis helps.

0:

What is the scope of corporate actions we can talk about?

A: The corporate action can be anything related to the changes of leverage and

dividend policies. However, you may expand on other topics but your focus should be on materials covered in the course.

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