Why Humans Need God Essay - 2435 Words

Why Humans Need God Why is there a God, deity, or higher consciousness in all cultures found around the world? Why wont the concept of God go away? Do humans need God? Is there even a God, by any religious standard? These are all interesting questions that spur a topic for me that may appall some Christians, but may make sense to a lot of other people. I started out a few years ago when I was evaluating my beliefs and asked myself Why is there God?. I could not at that time believe without proof that there was a God, and I had no proof. I never got any real proof, just self realization upon self realization that there has to be a God, or at least the thoughts in my mind that corresponded with the thoughts of others in the past†¦show more content†¦God is not a definite. He may or my not save your life, he may or may not give you the results you want, because his will is often mysterious, but with science, if thats the solution its supposed to give you, chances are, thats what you are going to get. Do humans need God? According to Newburg, one of the reasons humans may be equipped with the extra sensory tools to reach for God, to have that built-in yearning to know Him, is because its healthy for us to be religious. We are more moral, therefore are less likely to get a knife in the back late at night, we are less stressed, we are more loving, therefore create more children, and we live longer in general because we are healthier. We also fear less because we have an almighty deity guarding our backs. One fear that is universal to all beings is death. According to Why God Wont Go Away, evolution has given higher intelligence creatures a fight or flight sense of danger, the pumping of adrenaline, the heightened anxiety and the increased heart rate all tell us that danger is near. With humans, we are also equipped with the sense of abstract danger awareness and we can sense that danger may be approaching even if no signs of danger have been actually exhibited. We feel danger around caves and in deep woods because we know creatures like snakes and large predators may be there, even if we may not see any real signs of danger.Show MoreRelatedThe Incarnation of Jesus Christ893 Words   |  4 Pagesthings about God the Father, The Son, and The Holy Spirit. I learned although the common person would think God is one person he is really three people in one body. Being humans we do not know the full story of God nor will we ever, it is a mystery and this is the base of our Catholic faith; believing that God has enlightened us with and believing in the mystery of God. Also, in being human we ask ourselves many questions. Why is Jesus the most qualified to come back to earth? Why are humans so self centeredRead More The Problem Of Evil Essay925 Words   |  4 Pagesa all-good, all-powerful God. It states that God being all-good means that he only wants good to exist. But, look at all the bad and evil in the world. A total contradiction of a all-good God. God being all- powerful means that he can make whatever he wants. So, if God can make whatever he wants then why did he not make all people and things good? This all boils down too the fact that evil does exist and with evil existing there could not be an all-good, all powerful God. nbsp;nbsp;nbsp;nbsp;nbsp;IRead MoreWhy Evil Exists Essay1172 Words   |  5 PagesWhy Evil Exists After the World War II and the Holocaust, many Jewish and Christian people were left wondering why God would let such a thing happen. Many felt estranged, as if God had somehow abandoned them in their most desperate time of need. The world needed an explanation as to why God would let such a thing happen to his so-called children. This need for an explanation of why evil exists in a world that is supposed to have been created by an all-powerful and all-loving God hasRead MoreThe Path to Salvation1106 Words   |  5 Pagesreligions worship countless false gods and/or idols. However, Catholics are a monotheistic people; they believe in and worship the one and only, all-powerful being. This being is comprised of three distinct natures: God the Father, God the Son, and God the Holy Spirit. These three, although distinct from one another, come together collectively in one Divine Person known as the Trinity, or God. God is the ultimate creator of all things. When these things, namely the human race, began their sinning waysRead MoreThe Problem Of Evil Questions God s Existence995 Words   |  4 Pagesof Evil Questions God’s Existence An argument against the existence of God is based on the presence of evil in the world. This deductively valid argument is divided into two categories; human action and natural evil (Sober, 2005, p. 120). Human action discusses how experiences makes us better people, while natural evil are tragic events that are not under the control of humans. Each category is used as evidence to refute God as an all-powerful omniscient, omnibenevolent, or omnipotent being. In orderRead MoreThe Question of God’s Existence928 Words   |  4 PagesGod is defined as â€Å"the Being perfect in power, wisdom, and goodness who is worshipped as creator and ruler of the universe† (â€Å"God†). I find it highly unlikely that God exists because if God is perfect in power and perfect in goodness then why are so many human attributes given to god: A perfect being would be one without emotions such as anger, hate, jealousy, sadness, and happiness to influence their decisions (â€Å"Godâ₠¬ ). I believe it stems from people’s innate sense to belong and be loved due to theRead MoreHymn To Purusha1272 Words   |  6 PagesHymn is created for worship other gods in heaven by â€Å"the fire of the sacrificial alter† (Doniger, 1). In the Hymn, it is indicated that Agni is one of the god whose task is â€Å"to carry the burned sacrifice upward to heaven where the other gods would receive it† (1). Hymn to Purusha listed â€Å"that the universe, and human society came about as a result of the sacrifice of Purusha† (4). According to Hymn to Purusha, Purusha has many heads, hands and feet. Yet, Purusha is God of eternal life (4). As we seeRead MoreMorality And The Existence Of God1619 Words   |  7 Pagesthis essay, I will be arguing that Zagzebski’s argument illustrates that it is rational to believe that God does exist. I will briefly explain the â€Å"Does Ethics need God?† fundamental argument about morality that is presented in Zagzebski’s argument. After the first two parts of my essay I will discuss some objections and respond them. I will argue that Zagzebski’s argument indeed proves that God exists and I will do this by outlining the main claims of this argument and by responding to objectionsRead MoreThe Future Of An Illusion Essay1664 Words   |  7 Pagesof God. He presents valid arguments as to why God is merely a concept created by humans to answer frustrating questions about life in a satisfying way, and the work seems to be sound in its entirety. However, there is an important weakness in Freud’s reasoning in that if God is meant to create order in the universe, why does the thought of Him create conflict, fear, and contradiction? Furthermore, though his psychoanalytic explanation provides fascinating answers to why people believe in God, itRead MoreEvil, Moral And Natural Evil1408 Words   |  6 Pagescenturies human beings have been questioning the existence of God. Thi s has led to numerous questions and theories. For instance, if God is all-know, all-loving, all-powerful then why does he allow tragedies, natural disasters and overall bad things to occur? Is he willing to remove all evils but not able to? Then he must not be all powerful. The Greek philosopher Epicurus stated: is he able but not willing? Then God must not be all good. Is he able and willing? Then why is there evil? Or is God neither

Essay on The Ratification Debate - 696 Words

The Ratification Debate Federalists vs. Anti-Federalists People had many different opinions on the ratification of the Constitution. There were Federalists and Anti-Federalists that debated on many topics of the Constitution. The main reasons were: what type of government the United States of America should have, the people controlling our government, and some of the powers they should have. The Federalists were the ones who wanted change. They wanted to make changes to the government that was originally proposed. The Federalists wanted the government to protect the people, but not abuse their powers. They wanted to have the powers divided between the national and the state governments. The Constitution also stated that the government†¦show more content†¦The other sections of the government made sure that they didn’t have too much control over the whole central government. They gave each branch of government their own powers, and the branches wanted to protect these powers by not abusing them. (Fed 52). The Anti-Federalists argued that their form of government was more effective. They argued many points that were reasonable. Brutus wrote that he feared that our government would be controlled by a group of elites, and he thought that these elites would abuse the people’s rights by just doing what would only benefit them. Brutus thought once the elites started running our country, that they would be in power for a long time and no one could change their minds on certain views. (Brutus 1). He also brought up the fact that the large republic could not incorporate all the views of the small republics. The government would be too far away to even care about the concerns of a small town thousands of miles away. Brutus also thought that the government would only consist of the wealthy â€Å"elite† people and wouldn’t represent the needs of the common people. (Brutus 1). These different views on government made many people think hard on what type of government they wanted. In the end, the Federalist’s point of view won. Today, this type of government still exists. It made one of theShow MoreRelatedRatification : The People Debate1728 Words   |  7 PagesConstitution and its ratification process is usually presented as a unifying document establishing a system of government that most efficiently ensures the states’ newly won independence. Those who opposed ratification of the Constitution were seen as against a strong federal governmental power and obstructive in their opposition. In her book, Ratification: The People debate the Constitution, 1787-1788, Pauline Maier examined the often-tempestuous state-level debates over the ratification of the U.S. ConstitutionRead MoreThe Debate And Ratification Of The Constitution883 Words   |  4 PagesThe Debate and Ratification of the Constitution The Constitution of the United States of America was ratified in 1789. It begins with, â€Å"We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defense, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.† The constitution was to serve basicRead MoreThe Constitutional Convention And Ratification Debate1586 Words   |  7 Pagesdrafting and ratification of the Constitution a decade later. The 1787 constitutional convention and ratification debate was pivotal in the making of the US Constitution. The dynamics, antagonism, considerations, process and the eventual consensus regarding the Constitution can be explained by discrete theories in political discourses. However, there are theories that fit best within this historical context and help better explain the proces s of constitutional convention and ratification. This paperRead MoreThe Constitutional Convention And Ratification Debate1409 Words   |  6 Pagesdrafting and ratification of the Constitution a decade later. The 1787 constitutional convention and ratification debate was very important in the making of the US Constitution. The dynamics, antagonism, considerations, process and the eventual consensus regarding the Constitution can be explained by discrete theories in political discourses. However, there are theories that fit best within this historical context and help better explain the process of the constitutional convention and ratification. ThisRead MoreThe Constitution Convention And The Ratification Debate Essay1196 Words   |  5 PagesConstitution Convention and the ratification debate The constitutional conventions importance is indisputable, it is one of the biggest turning points in history and it is also an event that continues to affect politics to this day. It can’t be ignored, the constitutional convention has such a big historical significance and such a direct impact on America. People have tried to examine the workings behind the constitutional convention and the ratification debate. Many people debate whether the constitutionalRead MoreEssay about U.S. Constitution Ratification Debates789 Words   |  4 PagesU.S. Constitution Ratification Debates On September 28, 1787, after three days of bitter debate, the Confederation Congress sent the Constitution to the states with neither an endorsement nor a condemnation. This action, a compromise engineered by Federalist members, disposed of the argument that the convention had exceeded its mandate; in the tacit opinion of Congress, the Constitution was validly before the people. The state legislatures decisions to hold ratifying conventionsRead MoreThe Debate Over Ratification Of The United States Constitution940 Words   |  4 PagesThe most politicized debate in American history has been the arguments made by the Federalists and the Antifederalists over the ideas and powers stated within the United States Constitution. A large number of authors who write about the debates between these two political groups present the ideas of the Federalist and Antifederalist as separate, opposing ideologies about how the U.S. Constitution should either stay the same for the sake of the co untry or be amended to grant border rights to the publicRead MoreThe Debate Over The Articles Of Confederation And The Constitution Of 17871461 Words   |  6 PagesThe debate over the effectiveness of the Articles of Confederation has been a long lasting one. In order to create a document that would adequately protect the American people and their interests’ the Founding Fathers embarked on a journey to create a document that would address all of the discrepancies found within the Articles of Confederation Therefore, the purpose of this paper is threefold. First, to compare and contrast the Articles of Confederation and the Constitution of 1787. Second, toRead MoreThe Constitution Is The Perfect Balance Between Liberty And Power1505 Words   |  7 Pagescalled the anti-federalists. As federalists, Alexander Hamilton and others believed it was time for a new strong national government; they believed it was time for the ratification of the Constitution. Of course, the anti-f ederalists did not agree with them, which led to a debate between them and the federalists over the ratification of the Constitution. Before the Constitution, the thirteen colonies had what was called the Articles of Confederation, which was their version of today’s U.S.Read MoreThe Constitutional Convention of 1787 Essay817 Words   |  4 Pagesowners and anti-federalists who were farmers, tradesmen and local politicians who feared losing their power and believed more power should be given to the states. The Constitutional Convention dealt with the issue of the debate between federalists and anti-federalists. The debates, arguments and compromises between those who supported a strong central government and those who favored more power for the states resulted in the creation of the United States Constitution which granted specific powers

The Australian Constitution - 1230 Words

â€Å"The Australian Constitution was drafted at a series of constitutional conventions held in the 1890s. It was passed by the British Parliament as part of the Commonwealth of Australia Constitution Act 1900 and took effect on 1 January 1901. The Constitution is the legal framework for how Australia is governed and it can only be changed by referendum.† â€Å"A constitution is a set of rules by which a country or state is run.† Some countries have unwritten constitutions which means there is no formal constitution written in one particular document. Their constitutional rules are derived from a number of sources. Britain sources its constitution from a number of important statutes, or laws, as well as principles decided in legal cases and conventions. New Zealand and Israel are two other countries that do not have formal written constitutions. Other countries have formal written constitutions in which the structure of government is defined and the respective powers of the nation and the states are written in one single document. These systems may also include unwritten conventions and constitutional law, which can inform how the constitution is interpreted. Australia, India and the United States are examples of countries with a written constitution. Some constitutions may be amended without any special procedure. The documents that make up the New Zealand Constitution may be amended simply by a majority vote of its Parliament. In other countries a special procedure must be followedShow MoreRelatedEssay The Australian Constitution1395 Words   |  6 PagesThe Australian Constitution The founding fathers of Australia could never have predicted the society that was to come. However, the constitution- the most important document of the land- stands today with only 8 changes to the words after over 100 years of use. The constitution is not without flaws; the rights outlined in the document are far from clear, which hampers the knowledge of the public about their rights. However, this does not mean that the rights are notRead MoreThe Australian Constitution Essay1027 Words   |  5 PagesThe Australian Constitution Will Australia become a republic in the next twenty years? This is a difficult question to speculate on. The main area of law governing this issue is section 128 of the Commonwealth of Australia Constitution Act 1900 (U.K). Other issues in this debate are regarding appointment, termination and the powers to be awarded to the proposed Head of State, and the impact the change will have on the States. Examining the history of Australian Legislative powers, and reasonsRead MoreThe United States And Australian Constitutions1939 Words   |  8 PagesUnited States and Australian constitutions have their share of similarities and differences. While they both have the same aim and goals, they are still two different countries with their own views, constitutions, and types of of government, and of course different approaches. As I go deeper into this I will explain how the constitutions are so similar yet so different. There are several similarities contained within the preambles of the Australian and United States constitutions. Immediately, theyRead MoreThe Australian Constitution And The Separation Of Power2193 Words   |  9 PagesThe Australian Constitution is a rich amalgam of various classical political principles. The concepts of the Rule of Law and the doctrine of the Separation of Powers evident in Montesquieu’s Spirit of the Laws are both salient examples of political theses that are central to Australian Constitutional Law. The structure of the Constitution itself and decisions of the High Court of Australia unequivocally validate the entrenchment of the doctrine separation of powers in the Commonwealth ConstitutionRead More The Australian Constitution And The Use Of Convention Essay1414 Words   |  6 Pages The Constitution of Australia is a written document, which came into effect when the six colonies federated to form the Commonwealth of Australia in 1901. It consists of eight chapters and 128 sections and lays down a set of laws or restraints by which the Federal Government must operate. It establishes the composition, procedures, functions, and powers of government, government authorities, such as the Governor General and other essential institutions. The Constitution is the basic framework forRead MoreAnalysis Of The Aboriginal And Torres Strait Islander People In The Australian Constitution1091 Words   |  5 Pagesconvention held recently and they push for a constitutionally enshrined Indigenous voice in the Australian Parliament and a commission that will hopefully lead to a treaty. More than 250 community leaders came together for the Uluru conference in discussing the future and what seemed to be the biggest topic, changes made in recognizing the Aboriginal and Toress Strait Islander people in the Australian constitution. Per the article, The Aboriginal and Torres Strait Islander leaders have rejected the ideaRead MoreAustralian s Constitut ion : The Founding Political And Legal Document Of Our Nation1556 Words   |  7 PagesAustralian’s Constitution is the founding political and legal document of our nation. It underpins the system of government and the federal laws by which our country is run. The Constitution was written over a century ago and was shaped by the values and beliefs of the time, the Aboriginal or Torres Strait Islander people were not recognised at all. In fact the only mention of the Indigenous people was to exclude them. Most Australian people in society today would be shocked to know that the ConstitutionRead MoreAustralia Based On The Doctrine Of Terra Nullius1416 Words   |  6 Pagesrecognize the existing Indigenous Australians and their ancestral land. Subsequently, the Aboriginals and Torres Strait Islanders were excluded from matters concerning their ancestral land during the drafting of the Australian constitution. Thus, resulting in an Australian constitution that discriminated ag ainst its first peoples, their connection to the land, culture and laws. â€Å"The Indigenous people we subjugated to the laws and customs of England, the Australian constitution ignored claims to land andRead MoreThe Australian Government Essay1381 Words   |  6 PagesWhen you think of the â€Å"land down under† you don’t really think of the kind of government they have. I chose to write about the Australian government because I really don’t hear much about Australia. It currently has a pretty interesting story to tell when it comes to their government. I became a bit interested in Australian politics when I saw a political animated cartoon on the internet that depicted Kevin Rudd, the last Prime Minister, on a news television show and it was quite humorous. I am goingRead MoreMajor Issues in the High Court Review 2006931 Words   |  4 Pages The major issues in the high court review 2006: Australian Federalism – implications of the work choices decision is that it seems unlikely that voters would have supported the characterisation of the corporation power that was adopted by the court. This might be viewed as a problem. This is argued that the majority’s disregard of failed referendums constitutes usurpation of the people’s privilege to change constitution as certain. Callinan J stated that the view of the people was appropriate arbiters

Social Inequality Is A Persistent Issue That Affects The

Social inequality is a persistent issue that affects the continuation of poverty and the sustainment of wealth. Poverty and wealth are derived from labels imposed by society dictating status, class and affluence. A vicious cycle, established through the disproportionate availability of opportunities and unequal distribution of resources, beings to erode the family unit, churches and communities. Therefore, social inequality impacts poverty and wealth through labeling, mass incarceration, crime, education and the creation of the working poor. Labeling Society imposed labels on poverty and wealth creates a strain on upward mobility through symbolic interactionism. While resources and power are often studied in relationship to social†¦show more content†¦Through their research on income inequality and predictions on criminology, Robert DeFina and Lance Hannon argue the reduction of poverty has been impeded by tougher laws on drugs, harsher treatment of parole violations and the legislation of mandatory sentencing. â€Å"Theoretically, the rise in imprisonment can affect various dimensions of poverty not only for the individuals imprisoned but also for their families and communities† (DeFina Hannon, 2013, p. 563). Entering the Criminal Justice system establishes a disparity in wealth and social capital, creating a gateway into the vicious cycle of poverty. The ripple negative effects of incarceration do not end once parolees are integrated back into society, as labeling limits income and educational opportunities. Racial status hierarchies are created as mass incarceration has resulted in the disproportionate incarceration of low income, minority citizens. Crime Crime and its correlation to poverty has created socially isolated communities throughout the United States. As compared to wealthy communities, high crime communities lack social organization due to the presence of poverty. Using theoretical models, John Hipp and Daniel Yates argue that poverty creates voids in important interactions between the wealthy and the poor that suppress criminology. â€Å"Theoretical models note that race and poverty in the United States are indistinguishable, and itShow MoreRelatedThe Affects Of Social Class Inequality On Higher Education1475 Words   |  6 PagesThe Affects of Social Class Inequality on Higher Education Assignment 1: Literature Review 48-290 Researching Social Life Fall 2015 Professor: Mark Munsterhjelm Date submitted: 8 October 2015 Ashley Doung 104268427 1. Research Question The literature review addresses the following question: Does social class inequality affect higher education? The theoretical paradigm that is considered for this question is the Critical paradigm, in which is mainly qualitative and inductive. CriticalRead MorePoverty Inequality And The Working Class976 Words   |  4 PagesInequality and poverty are thoroughly interconnected. Therefore, both the size and distribution of the economic pie are relevant in a discussion of poverty. Poverty, as measured by the Multidimensional Poverty Index (MPI), is comprised of three dimensions: health, education, and standard of living. According to this measure, approximately 1.7 billion people worldwide are â€Å"multidimensionally poor† (Hick, 2014, p. 125). While addressing poverty, it is also essential for one to examine the inequalityRead MoreGender Differences And Gender Inequality1717 Words   |  7 Pages Gender differences and gender inequality are sometimes used intercha ngeably but do not refer to the same thing. The two concepts are common in gender literature; however, they are not uniform across different cultures based on the degree of conservative attitudes present. The significant differences between sexes and used as arguments against equal rights primarily against women’s rights. Hence, the gender issue has continually been created in light of the standard views or conceptions ofRead MoreThe Structure Of New Zealand Society1201 Words   |  5 Pagesalternative explanations exist such as the structural explanations to prison growth, these focus on how the formal institutions of society such as government its institutions change the way society functions and this in turn directly affects how individuals perceive social problems in their society and their reactions to them (Workman, McIntosh, 2013). One of the most profound change to the structure of New Zealand society was the implementation of Neo liberalism politics during the earl y 1980s (LarnerRead MoreSocial Inequality And Gender Inequality Essay2163 Words   |  9 Pagesn AmericaSocial inequality is defined as the set of unequal for different social classes or statuses for various individuals within a group or society. It usually refers to people of distinct genders, ages and ethnicities. Many American’s have experienced some type of social inequality throughout their lifetime. America’s gaping inequality is seen everywhere from education to the workforce. Society tends to oversee inequality based on race, gender, and other social characteristics believe that racialRead MoreWhy Prostitution Is Wrong?1156 Words   |  5 Pagesbe illegal (Satz, 1995). Satz accepts that prostitution is wrong from the start but she seeks a good explanation for why. She decides that prostitution is wrong because the practice of women selling their sexual services to men perpetuates gender inequality. If we accept that prostitution is wrong then we should look for a good argument to explain why that is so. Many people feel that it is wrong in that there are some things humans can do that should not be put on the open market. This is the asymmetryRead MoreSocial Class As A Way That Constrains Someone s Life Chances And Opportunities For Social Mobility1395 Words   |  6 Pagesgenerational privilege (Alger, 1910). Economic inequality absolutely exists in America today, and the social class into which an individual is born affects their life chances and opportunities for social mobility to a stunning and upsetting degree. In this essay, I will argue that the evidence points to the strong, overwhelming role of social class as a way that constrains someone’s life chances and opportunities for social mobility. I will show how income inequality creates segregation, unequal access toRead MoreSexual Harassment And The Civil Rights Act869 Words   |  4 PagesSexual harassment is a form of gender discrimination and therefore it is a violation of the 1964 Civil Rights Act. Sexual harassment perpetuates inequality preventing students from equal access to education. Colleges are obliged by the Federal Government to implement the programs that prevent sexual harassment and educate students. Sexual harassment on campus can take various forms and come not only from student but also from the professors. When a professor promises a certain grade in exchange forRead MoreSocial Inequality And Gender Inequality Essay2091 Words   |  9 PagesSocial inequality is defined as the set of unequal opportunities for different social classes or statuses for various individuals within a group or society. It usually refers to people of distinct genders, ages, and ethnicities. Many American’s have experienced some type of social inequality throughout their lifetime. America’s gaping inequality is seen everywhere from education to the workforce. Society tends to o versee inequality based on race, gender, and other social characteristics . AmericansRead MoreThe Inequality Of Gender Inequality2723 Words   |  11 Pagesbest account for the persistence of gender inequality? Include discussion of at least two different types of feminism. Introduction It would be foolish to say that gender inequality is not a continuing problem in today’s society. However it is difficult to understand why this view is so persistent. This is due to the great variety of issues and the large number of competing and often contradictory theories that surround the study of gender inequality. In this essay three competing theories will

Managing Financial Resources and Decisions Free Essays

string(103) " capital from investors setting out the terms of loans, backed by its reputation but not collateral12\." Executive summary This report is to propose an appropriate capital structure for Xpresso Delight Limted’s business expansion with the minimum amount of capital as US$ 30 million. In order to achieve that goal, firstly, it is going to identify the sources of finance available for the business as debt financing which include loans, debentures and bonds; and equity financing, which includes common shares, preference shares and retained profit. It is also to discuss advantages disadvantages of each source, as well as to assess the implications of these different sources related to risk, legal, financial and dilution of control and bankruptcy. We will write a custom essay sample on Managing Financial Resources and Decisions or any similar topic only for you Order Now Based on those analyses, it is to select the appropriate sources of finance for the project including retained profit, common and preference shares and loans. What’s more, the costs involved with each source will be assessed and compared in order to form the best alternative of capital structure. There are three options of capital structure proposed: †¢ 50% debt financing; and 50% equity including 80% common share and 20% preference shares †¢ 25% debt financing; and 75% equity financing including 80% common shares and 20% preference shares †¢ 10% debt financing; and 90% equity financing including 80% common shares and 20% preference shares Besides, this report is also to mention and explain the importance of financial planning for Xpresso Limited. CONTENTS Page 1. Cover Sheet †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦ 1 2. Executive Summary †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦4 3. Introduction†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦.. 7 4. Main Body†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦ 8 4. 1 Available various sources of finance†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 8 4. 1. 1. Debt financing†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 8 4. 1. 1. 1. Loans†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦8 4. 1. 1. 2. Debentures†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦8 4. 1. 1. 3. Bonds†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 9 4. 1. 2. Equity financing†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦. †¦Ã¢â‚¬ ¦. 9 4. 1. 2. 1. Issued share capital†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦9 4. 1. 2. 2. Retained profit other reserves†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 10 4. 2. Assessment of the implications of sources†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦10 4. 2. 1. Debt financing†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦. 10 4. 2. 1. 1. Debentures†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 11 4. 2. 1. 2. Bonds†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 12 4. 2. 2. Equity financing†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢ € ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦.. 12 4. 2. 2. 1. Issued shares†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦12 4. 2. 2. 1. 1. Common shares†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 12 4. 2. 2. 1. 2. Preference shares†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 13 4. 2. 2. 2. Retained profit†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦13 4. 3. Selection of appropriate sources The assessment and comparison for costs†¦. 4 4. 3. 1. Appropriate sources of finance†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦14 4. 3. 2. Costs of sources†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦14 4. 3. 2. 1. Retained profit†¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 14 4. 3. 2. 2. Issued shares†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦14 4. 3. 2. 3. Loans†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 15 4. 3. 3. Options of capital structure†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 15 4. 3. 3. 1. First structure†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚ ¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 15 4. 3. 3. 2. Second structure†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦. †¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 16 4. 3. 3. 3. Third structure†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦16 4. 4. The financial planning †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦17 4. 4. 1. Definition†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦17 4. 4. 2. Importance for Xpresso Limited†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 17 4. 4. 3. Shortage surplus of capital: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 17 5. Conclusion . †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 19 6. Appendix †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 20 7. References†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦21 3. INTRODUCTION: Xpresso Delight Limited is a publicly listed company in Australia Stock Exchange with the headquarter is based in Hanoi, Vietnam. Xpresso Delight Limited is majority owned (51% stake) by Chief Executive Officer (CEO), Mr. Nguyen Dong Khoa. The company has 30 cafes concentrated mainly in big cities in Vietnam like Hanoi, Ho Chi Minh City, Hai Phong, Da Nang, Can Tho and so on. With many advantages such as the growing affluence of coffee culture, the increasing expatriates population in Vietnam, and even the government’s pro-business policies; Xpresso limited believes that there is an immense market potential in the emerging Vietnam, which encourages it to embark on an ambitious plan of expanding, opening at least 20 cafes each year for the next five years in the various parts of the country. The company issues two kinds of share including ordinary shares (par value US$ 1 per share), which are currently traded at US$ 2. 50 per share; and preference shares, which are currently traded at US$ 52 per share in Australia Stock Exchange. Its corporate tax rate is 25% at present but is expected to go down. With strong earnings growth projected at a constant 15% per annum in the future, Xpresso Delight Limited is expected to pay out US$ 0. 30 per share as ordinary dividend in the next financial year while a constant preference dividend is US$ 5 per share per year. The average flotation cost for the new issue of ordinary shares and preference shares are 17% and 10% of the gross proceeds respectively. For new issue of ordinary shares and preference shares, Xpresso Delight Limited’s issue price will be set at their respective current market price as traded in the Australia Stock Exchange. Xpresso Delight Limited’s before-tax cost of debt is 15%. 4. MAIN BODY: 1. Available various sources of finance: In the case of Xpresso Limited, as a large company with stable profit growth looking for capital to expand, it is only necessary for long-term financing to be taken into account. Therefore, there are two principal sources of finance available to Xpresso Limited including debt and equity financing. 4. 1. 1. Debt financing: In regards to debt financing, the simplest meaning is borrowing money on credit with a promise to repay the amount borrowed, plus interest18. There are many types of debt financing, including borrowing from banks in terms of loans; or borrowing from investors in terms of debentures, bonds 4. 4. 1. 1. 1. Loans: A loan is a financial transaction in which one party – the lender – agrees to give another party – the borrower an amount of money which must be paid back in full16. With a good finance profile and the support of Vietnam government pro-business policies, it is easier for Xpresso Limited to borrow from commercial banks such as Vietcombank, VietinBank and so on. For example, the supportive interest rate of loans in Vietnam at present is fluctuating between 5 and 6 percent per year14, therefore if Xpresso Limited. borrows US$ 10,000, the interest it has to pay back will be between US$ 500 and US$ 600. 4. 1. 1. 2. Debentures: It is a channel for Xpresso to mobilize capital from investors setting out the terms of loans, backed by its reputation but not collateral12. You read "Managing Financial Resources and Decisions" in category "Essay examples" Investors can be individuals, Vietnam and foreign financial institutions such as VinaCapital, BankInvest and so on; and even Vietnam commercial banks are the main investors in organizational debentures. Because of its high standing in the market, investors and other creditors are willing to purchase once Xpresso Limited issues debentures. As in the Vietnam present market , the common interest rate of debentures issued by enterprises is 12. 5 percent per year11, if Xpresso issues debentures of US$ 10 million for 5 years, it has to pay investors the total interest of US$ 6. 5 million. 4. 1. 1. 3. Bonds: Bonds are large debts which are usually paid off over a period of 10 to 35 years1. Simply explaining, in bond financing, Xpresso mobilizes capital from investors instead of banks by selling bonds to them with a promise to pay back with interest, according to specified schedules8. As an example, if Xpresso issues bonds at an interest rate of 6%, the interest over 20 years would be about US$ 0. 73 for each dollar borrowed. 4. 1. 2. Equity financing: In terms of equity financing, equity capital generally is composed of funds that are raised by Xpresso in exchange for an ownership interest in the company17. Since it is owner’s equity, the company does not have to worry about any liability to repay interest or loans for other parties. There are two major sources of equity financing including issued share capital and retained profit other reserves12. 4. 1. 2. 1. Issued share capital: Issued share capital is capital that is subscribed by shareholders when they purchase shares Xpresso Limited issues, including common and preference shares4. Common shares are shares issued to the general public in the stock market, while preference shares are shares issued to some special people (for example, banks or specific institutions)2. 4. 1. 2. 2. Retained profit other reserves: Retained profit is simply profit that has been kept within Xpresso Limited rather than paid out to shareholders as dividends 2. 2. Assessment of the implications of sources of finance to Xpresso Delight Limited related to risk, legal, financial and dilution of control and bankruptcy: 4. 2. 1. Debt financing: As being categorized in debt financing, those various types including loans, debentures and bonds have some implications to Xpresso in similarity, which are going to be discussed below. There are many advantages of Xpresso Limited for using debt financing. There is no dilution of control since the creditors have no authority in running the company but just involve in the money they invest; and they usually do not participate in the superior earnings of the company either as the cost of debts is limited 13. The most important advantage is tax relief on interest as it is considered one kind of expenses3. For example, if Xpresso Limited borrows US$ 10,000 at the interest rate of 5%, it will have to pay the interest of US$ 500 but will be reduced US$ 500 in the tax-incurred income. What’s more, in time of inflation, debts may be paid back with â€Å"cheaper pesos†13 since the money becomes worth less. To the existing shareholders, one advantage is when Xpresso Limited unfortunately goes broke, they may lose their investment but other personal possessions are safe 2. However, using debt financing also has disadvantages. Obviously, debts add risk to the company12. There is a risk of not having enough money to pay by the maturity date or if the earnings of Xpresso Limited fluctuate 12; either of which easily makes the company become bankruptcy. To add more, the legal of debt financing in Vietnam is relatively complicated 2, and certain managerial prerogatives are usually given up in the bond’s indenture contract (for example, specific ratios must be kept above a certain level during the term of the loan)13. Besides, debentures and bonds also have their own characteristics. 4. 2. 1. 1. Debentures: One advantage of using debenture financing is that Xpresso Limited does not have to give collateral9. However, it also has disadvantages as it must compete with government loan stocks (gilts), what are the dominant type of debentures in Vietnam market, so the company must generally offer a higher rate of interest than the one on gilts to attract investors4. The legal issue of debentures that Xpresso Limited has to concern is that if a bond defaults, investors are entitled to the liquidation proceeds of property bought with the money they invest (by purchasing debentures)5. . 2. 1. 2. Bonds: Bonds have fixed interest and are issued for long-term1. One advantage of using bond is that substantial flexibility in the financial structure is enhanced by debt through the inclusion of call provisions in the bond indenture13. In case of financial distress, bondholders have greater claims of the issuer’s income than shareholders6. 4. 2. 2. Equity financing: 4. 2. 2. 1. Issued shares: The legal aspect involved is that shareholders are also owners of the company4. Therefore, the business ownership is diluted and it is possible to lose the control of the business for investors. However, there is also an advantage that there is large potential membership to provide capital and to share risks of loss, bankruptcy and so on. There is a part of profit of the company distributed to shareholders as dividends. One significant advantage of using issued share capital is that Xpresso may withhold the dividend if profits are insufficient. One disadvantage is that cash dividends are not tax deductible. 13) Besides, each type of shares also has its own characteristics. 4. 2. 2. 1. 1. Common shares: The advantages of using common shares are that common dividend is based on profits when so that Xpresso Limited is free from worrying about not having enough money to pay; there is no fixed maturity date for repayment of the capital; and the sale of common shares is frequently more attractive to investors than debts as its value grows with the success of the firm1 1. However, there are disadvantages as well. Shareholders ave right to vote, therefore the shareholders’ control and share in earnings are usually diluted13. If Xpresso decides to issue common shares, the stake of CEO (51% at present) will be reduced as the number of shares increases. In terms of finance, issuance of common shares requires higher underwriting costs; and the average cost of capital may increase above the optimal level when too much equity is issued13. 4. 2. 2. 1. 2. Preference shares: Legally, like common share, preference shares represent a part of ownership or equity of Xpresso Limited4. What’s more, in case of financial distress, claims of preference shareholders must be satisfied before common shareholders receive anything13. There is no default risk since non-payment of dividends does not necessarily mean bankruptcy. Preference dividend is fixed so that the company can plan to pay. Preference shareholders have no voting rights except in case of financial distress, which means there is no dilution of control. Call features and provision of sinking may be included so Xpresso may replace the issue if interest rates decline. There is one disadvantage that preference shares involve cumulative feature, which means in case Xpresso Limited does not have money to pay dividends in a particular year, the dividend keeps getting added to the next years’ dividend until the it is able to pay. (13) 4. 2. 2. 2. Retained profit: There are advantages to using retained profit as a form of finance due to the absence of brokerage costs (for example, merchant banks’ fees), its simplicity and flexibility, and all gains from investment will still ultimately belong to existing shareholders13. Besides, there are disadvantages as shareholders’ expectation of dividends may present a problem or insufficient earnings may be available4. 4. 3. Selection of appropriate sources of finance for a business project assessment and comparison for various cost involved for each sources: 4. 3. 1. Appropriate sources of finance: As discussed above, it is proposed that Xpresso Delight Limited should use equity financing in forms of retained profit, issued share capital and debt financing in forms of loans in the capital structure. The main source that should be included is retained earning since it is the solidest source and has the least risk to the firm3. Issued shares and loans are the next choices as they bring many opportunities and a relatively reasonable number of risks as well as liabilities. 4. 3. 2. Costs of sources: 4. 3. 2. 1. Retained profit: Costs of retained earnings include fixed expenses such as wages, rent, materials, electricity and so on; tax cost; dividends (dividends are a cost of retained earnings as well as a cost of share capital); certain costs if invested in the short term as not needed immediately; and also opportunity costs4. . 3. 2. 2. Issued shares: Costs of the issued share capital include flotation costs, dividends (cash dividend and scrip dividends- dividends in the form of new shares); cost of providing shareholders or owners with information about the performance of the business such as the cost of glossy financial reports, Annual General Meetings, audit fees and the adminis trative costs of company with legal and Stock Exchange requirements for disclosure of information to shareholders; and also certain costs associated with investing them if not needed immediately4. 4. 3. 2. 3. Loans: Loans have interest as the main cost. The rate of interest may either be fixed or variable but in the case of Xpresso Limited it is fixed. There are also other costs including an initial arrangement fee to cover lender’s administrative costs on setting up the loan (checking references, setting up data on a computer system and so on); factors charge commission for advancing funds; non-financial costs involved in the relationship between the company and creditors (for example, Xpresso will be required to provide the creditor with regular information about the performance of the business)4. That kind of non-financial cost may create the uncomfortable feeling of being watched for the owner. Opportunity cost is also included in this case as well. For instance, instead of paying interest of US$ 10,000 a year the business could do something else with that US$ 10,000 that might help generate income. 4. 3. 3. Options of capital structure: There are three alternative capital structures that could be taken into account. Based on the comparison between their advantages and disadvantages, the most appropriate structure would be chosen. . 3. 3. 1. First structure: For the first structure, it is to use 50% debt financing; and 50% equity including 80% common share and 20% preference shares. That means US$ 15 million of debts, and US$ 15 million of equity including US$ 12 million of common shares and US$ 3 million of preference shares. The costs of sources are: Rf = US$ 0. 167 million Rc = US$ 1. 84 million Rd = US$ 1. 69 million The total cost is: 0. 167 + 1. 84 + 1. 69 = 3. 697 (US $ million) 4. 3. 3. 2. Second structure: The second structure is to use 25% debt financing; and 75% equity financing including 80% common shares and 20% preference shares. That means US$ 7. 5 million of debts, US$ 22. 5 million of equity including US$ 18 million of common shares and US$ 4. 5 million of preference shares. The costs of sources are: Rf = US$ 0. 25 million Rc = US$ 2. 81 million Rd = US$ 0. 84 million The total cost is: 0. 25 + 2. 81 + 0. 84 = 3. 9 (US$ million) 4. 3. 3. 3. Third structure: The third structure includes 10% debt financing; and 90% equity financing including 80% common shares and 20% preference shares. That means US$ 3 million of debts, and US$ 27 million of equity including US$ 21. 6 million of common shares and US$ 5. 4 million of preference shares. The costs of sources are: Rf = US$ 0. 3 million Rc= US$ 3. 32 million Rd = US$ 0. 34 million The total cost is: 0. 3 + 3. 32 + 0. 34 = 3. 96 (US$ million) As comparing the costs and the advantages disadvantages of the three structures, it is to be said that the second structure is the best capital structure to apply for Xpresso Limited. Because although it does not has the lowest cost, the proportions of sources of finance included are the most appropriate option as the percentage of debts used (25%) is not too high for adding risks to the company but also ensures for the financial leverage (the tax relief) to be used. In addition, the cost of finance in this structure is still relatively low. 4. 4. The financial planning: 4. 4. 1. Definition: In general, financial planning is the process of developing strategies to help you manage your financial affairs so you can build wealth, enjoy life and achieve financial security5. . 4. 2. Importance for Xpresso Limited: Financial planning involves achieving a balance between the requirements to minimize the risk of not having cash to pay creditors and the requirements to maximize the earnings made by using assets4. It plays a very important role in helping Xpresso co-ordinate and organize the internal system, set up detailed plans for using resources, as well as for paying d ebts and liabilities, develop strategies, and finally prepare for any potential incidents in the future7. For Xpresso, every transaction has to be well-planned to run the business efficiently. . 4. 3. Shortage surplus of capital: Capital surplus- the amounts of directly contributed equity capital in excess of the par value13 – has a large impact on Xpresso Limited as it can be used to distribute as bonus dividends to shareholders, to reinvest as owner’s equity and it also helps to reduce the cost of capital mobilizing9. It helps gain more prestige for Xpresso but also gives more pressure on the management as they have a duty to use it effectively. Capital is one factor of production, therefore its shortage makes difficulties for Xpresso to operate and develop efficiently4. Even it can lead to bankruptcy if capital shortage is too large. 5. CONCLUSION: It can be said that each and every source of finance has both advantages and disadvantages. The aim is to make use of the advantages and also to avoid the disadvantages of all sources. The best capital structure is to combine the appropriate sources to make the best use for the company. To conclude, the capital structure proposed is to use 25% debt financing and 75% equity financing including 80% common shares and 20% preference shares in estimated US$ 30 million of capital. The cost of finance is US$ 3. 9 million. The structure has a relatively cost of finance and also ensures to make use of all advantages as well as minimizes all disadvantages of sources of finance used for expansion. As preparing a detailed and well-organized financial planning, there is a high rate of success for the expansion and other further developments of Xpresso Delight Limited Company. Appendix 1. Formula of cost debts: + Before-tax cost: Rdt = debts x 15% + After-tax cost: Rd = Rdt x (1 – t) Rd : After-tax cost Rdt : Before-tax cost t : Corporate tax rate (t = 25%) . Formula of cost of issuing shares: 1. Cost of issuing common shares: Rc = Dc / Pc (1 – ec) + g Dc : dividend per share (Dc= US$ 0. 3) Pc : value per share (Pc= US$ 1) ec : flotation cost for ordinary share (ec= 17%) g: rate of earnings growth (g= 15%) 2. Cost of issuing preference shares: Rf = Df / Pf (1 – ef) Df : dividend per share (Df = US$ 5) Pf : value per share (Pf = US$ 1) ef : flotati on cost for preference (ef= 10%) Reference: 1. City County of San Francisco (2002) Bond Financing Basics. San Francisco: Controller’s office 2. Communist party of Vietnam (2005) Procedure of borrowing from Vietnam bank for agriculture and rural development [online]. Updated 20 June 2005 [accessed 29 November 2009]. Available from: http://www. cpv. org. vn/cpv/Modules/News/NewsDetail. aspx? co_id=30592cn_id=223635 3. Edexcel HNCHND business (2004) Business environment, London: BPP professional Education 4. Edexcel HNCHND business (2004) Managing financial resources and decisions, London: BPP professional Education 5. Financial News (1996) [online]. eFinancialNews Ltd [cited 26 October 2009] . Available from Internet: http://www. efinancialnews. com/sc=TWTAM000GS 6. Financial planning defined (2005) [online] Financial Planning Association [cited 25 October 2009]. Available from Internet: http://www. fpa. asn. au/FPA_Content. aspx? Doc_id=1056 7. Hong, P. (2007) Capital surplus- to distribute or not?. Saga [online]. Accession No. 362/GP-BC, 10 October, [cited 1 December 2009]. Available from: http://www. saga. vn/Luatkinhdoanh/Luattrongnuoc/6794. saga 8. Hong, S. (2009) Organizational debentures attractive to foreign How to cite Managing Financial Resources and Decisions, Essay examples Managing Financial Resources and Decisions Free Essays P1 Identify (i.e. – list down) at least 4 sources of finance available to Blue Mountain Solutions. We will write a custom essay sample on Managing Financial Resources and Decisions or any similar topic only for you Order Now P2 Assess the implications of different sources finance (e.g. – equity financing and debt financing) for Blue Mountain Solutions including their relative advantages and disadvantages. [Guidance – example of impact category- financial, legal, dilution of control, and bankruptcy) P3https://phdessay.com/the-advantages-and-disadvantages-of-usinfg-npv-net-present-value-and-irr-internal-rate-of-return-npv-net-present-value/ Using scenario 2, evaluate sources of finance (long term loan and mortgage) for the property that Miss. Begum wishes to buy. P4 Analyse the interest costs of your chosen sources of finance for Miss Begum for her property. P5 Explain to Miss Begum the meaning of financial planning and discuss its importance using relevant examples. [Guidance note – you should make specific reference to the need to identify shortages and surpluses and implications of failure to finance adequately] P6 Identify business decision makers (e.g. – shareholder, banks, employees, suppliers) for Blue Mountain Solutions or any other organisation of your choice and discuss their information needs for effective decision making. P7 Explain the impact of finance on the financial statements (e.g. – balance sheet, profit and loss account) of Blue Mountain Solutions or any other organisation of your choice. P8 Describe various types of budgets and explain how budget analysis is useful to make appropriate decisions. P9 Using scenarios 3 calculate and explain cost per unit (CPU) P10 Using scenario 4 assess the viability of a project using an investment appraisal technique (e.g. – Net Present Value (NPV), Internal Rate of Return (IRR) P11 Discuss the main financial statements (e.g. – balance sheet, profit and loss account). P12 Compare formats of financial statements for a Sole Trader and for Public Limited Company (example – Tesco). P13 Using the scenario 5, interpret the financial performance of Tesco Plc and Sainsbury Plc. How to cite Managing Financial Resources and Decisions, Papers

Loves Diet by John Donne Essay Example For Students

Loves Diet by John Donne Essay John Donne’s ‘s poem loves diet is an excellent example of his use of metaphysical conceit. The title of the poem itself is rather intriguing. At the first glance the title seems to suggest a diet of love prescribed to a person in an attempt to better his life, however as one reads the entire poem one realizes that the poems love is subjected to a diet in this case the diet requires love to exercise discretion. In the first stanza of the poem, the poet tells the reader that his love had grown to a â€Å"cumbersome unwieldiness and burden us corpulence. It had become so unbearable and troublesome for him to deal with that he had to put it on a diet and curtail it. In this case love had to make use of â€Å"discretion† and exercise it limits. In this stanza itself Donne’s makes use of the greatest figure of speech that proceeds to characterise the entire poem as well. He portrays love as a separate human being, in this case a rather obese one. Therefore love has been given a rather negative portrayal at the very beginning of the poem itself using this personification which is the major figure of speech in this stanza and in the poem as a whole. The speaker in stanza 2 changes from the poet to love. In this stanza love takes on the actual role of a separate human being and get almost be regarded as the speakers friend. Love talks about the diet that the poet has enforced on him and his effort in living up to it. He begins by telling the reader that he did not allow the lover more than â€Å"’sigh† in favour of his lady love, irrespective of whether she praised her lovers love for her or criticizes its insufficiency. This portrays the women as never being satisfied with what she has and always looks for something more that she can get out of it. If at all the lover managed to extract a sigh from his lady and attempt to live upon that sigh, Love would show him that it was not that genuine or sincere that it could be lived on. The major figure of speech governing this stanza is a personification again primarily because Donne’s has endowed love with several personal qualities. In the third stanza Donne’s continues to right as love and elaborates on the way he enforces this diet on himself and the lover. He proceeds to say that when the lover emotionally touched love and caused him to shed a tear love would drench that tear with so much of negativity and shame that the lover could gain nothing positive out of it. If the lover lived on his lady loves tears love would let him know that those tears were far from genuine and her love was far from true. The last line in the third stanza is extremely expressive and indicates the unfaithfulness of the lady in question. In a very poetic line, sharp enough to draw blood and yet gentle enough to seem appropriate Donne’s says that the ladies â€Å"roving† eye make have cried for her lover but those tears were equivalent to a mere bodily discharge like sweat instead of being equated with actual tears of grief. The use of the personification continues to this third stanza where Donne’s portrays love as an extremely determined and rather stubborn individual and friend and well wisher to the poet. Love continues to speak about the various steps in the diet that he is strictly enforcing on the speaker. .u82b68d3ddf11a03559b9d6c3a65fc1d9 , .u82b68d3ddf11a03559b9d6c3a65fc1d9 .postImageUrl , .u82b68d3ddf11a03559b9d6c3a65fc1d9 .centered-text-area { min-height: 80px; position: relative; } .u82b68d3ddf11a03559b9d6c3a65fc1d9 , .u82b68d3ddf11a03559b9d6c3a65fc1d9:hover , .u82b68d3ddf11a03559b9d6c3a65fc1d9:visited , .u82b68d3ddf11a03559b9d6c3a65fc1d9:active { border:0!important; } .u82b68d3ddf11a03559b9d6c3a65fc1d9 .clearfix:after { content: ""; display: table; clear: both; } .u82b68d3ddf11a03559b9d6c3a65fc1d9 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u82b68d3ddf11a03559b9d6c3a65fc1d9:active , .u82b68d3ddf11a03559b9d6c3a65fc1d9:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u82b68d3ddf11a03559b9d6c3a65fc1d9 .centered-text-area { width: 100%; position: relative ; } .u82b68d3ddf11a03559b9d6c3a65fc1d9 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u82b68d3ddf11a03559b9d6c3a65fc1d9 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u82b68d3ddf11a03559b9d6c3a65fc1d9 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u82b68d3ddf11a03559b9d6c3a65fc1d9:hover .ctaButton { background-color: #34495E!important; } .u82b68d3ddf11a03559b9d6c3a65fc1d9 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u82b68d3ddf11a03559b9d6c3a65fc1d9 .u82b68d3ddf11a03559b9d6c3a65fc1d9-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u82b68d3ddf11a03559b9d6c3a65fc1d9:after { content: ""; display: block; clear: both; } READ: Beowulf is a story about a man named Beowulf who desired fame and fortune in life EssayWhatever the speaker would ask love to right, it would be written, however, when the lover’s lady wrote back to him Love would burn those letters because he understood and recognized the insincerity behind it. However love seems to be slightly perturbed at this point, wondering if this would push the lover over the edge thus turning a favour into a folly. If this action on his part would lead the lover to detesting him, would a title achieved in this manner be of a value at all. This line is rather ambiguous because it could also indicate that the lover in question is fortieth in line when it comes to the list of men in the ladies life. He could therefore be ruing at being no. 40 or he could be wishing to ascend the ranks and make self a place at the top of the list. Donne’s continues his extensive of the personification in this stanza as well which actually dictates the tone of the entire stanza. Donne’s in stanza five shifts the speaker from love to lover. In this case the lover talks about bringing his love back on track after probably dealing with heart brake or unrequited love. A very clear indication of this is his use of the term â€Å"buzzard† in the very first line of this stanza. The buzzard is a big stupid and ugly bird and by associating it with love he regards his love to be stupid. This indicates a slight tone of regret which is then wiped away in the next line of the stanza where he says he directs his love at what when how and where he chooses. It is probable that the disillusionment that he has suffered at the hands of this lady have led him to aimlessly and purposelessly caste his love as far as he can in the hope of finding a suitable women. As he proceeds in the stanza he mentions that he does find several women but the ending of each of their stories is just the same: unsuccessful. As time goes by he realizes that the game of love is finally over and it is now time for him to continue to live his life by engaging in his daily mundane and routine activities. Donne’s makes use of personification and metaphor in the final stanza of this poem. He begins by personifying love as a buzzard, thus characterising it as being stupid. His use of a metaphor lies in line 4 where he uses the metaphor of a falconer. In this case like the falconer allows his falcon to fly high the lover castes his love as far out as he can. In the last line of the stanza the poet compares love to a game that has just ended despite several attempts he has been left disillusioned and hear broken. The rhyme scheme in this poem is almost consistent, with the exception of the first stanza where the rhyme scheme is ABACBC. Stanzas 2-5 however posses a regular rhyme scheme which is ABABCC. The tone of the poem cannot technically be called entirely negative although it portrays love in opposite shades of white and black, while the speaker considers love in a more negative tone, love himself comes across as being rather positive.