Corporate Financial Strategy

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Corporate Financial Strategy
This Course Guide has been taken from the most recent presentation of the course. It would be useful for reference purposes but please note that there may be updates for the following presentation.

FIN B482
Corporate Financial Strategy



Introduction

FIN B482 Corporate Financial Strategy is a one-year 10-credit course designed for students who wish to acquire a thorough understanding of the fundamental financial theories underlying the many decision-making processes in corporate finance, investment management and risk management. In this course, you will learn not just theories, but also how to apply the theories to practical problems. Wherever possible and appropriate, examples and cases pertaining to the Hong Kong business environment will be used for illustration and discussion. You are strongly recommended to take BUS B170 Quantitative Methods for Business and FIN B280 Introduction to Financial Management before attempting this course.

Finance is a complex subject characterized by explosions of new theories and techniques, new financial products and services, and new investment opportunities around the world. No single course, nor indeed any single academic programme, is able to address and discuss every detail in every subject area of finance. Therefore, it is essential that we develop a course that familiarizes our students with the major theories that constitute the building blocks of modern finance on one hand, and that illustrates with examples and cases how the theories can be put into practice on the other.

Most of the theories covered in this course are time-honoured in the business world. In fact, several of the financial economists who developed these theories have, in the last decade or so, been awarded the Nobel Prize in Economics.

The aim of the course is to help you appreciate both the essence of the fundamental theories and how these theories work so that you can continue your own study and conduct your own research whenever you might need to. The aim is not to overwhelm you with mathematical formulae! Instead, the essence of the theories is explained in an intuitive manner so that they will become just common sense to you. And, hopefully, by the time you have finished this course, you will have learned how to apply the theories in solving practical problems.

This course consists of three parts. Part I contains Units 1-3, which deal with the fundamental theories that are the building blocks of modern finance. It also takes care of most of the important theories in investment. The major topics include:

  • market efficiency and its implications for financial decisions;

  • risk-return relationships and optimal portfolio choice;

  • the concept and use of CAPM and APT in investment and corporate finance;

  • basic techniques in option pricing and the use of option theory to evaluate various investment opportunities.

Part II is Units 4-8. It deals with financial practices in capital budgeting, capital structure policy, mergers, and valuing risky debt and equity. Major topics include:

  • capital budgeting decisions under uncertainty

  • theories and practice in capital structure decisions

  • mergers and acquisitions decisions

  • valuing fixed income securities and common stocks.

Part III consists of Units 9 and 10 and deals with hedging financial risk and foreign exchange risk management.

What this course helps you do

Aims

FIN B482 Corporate Financial Strategy aims to:

  1. Introduce you to the institutional aspects of the environment in which financial decisions are made.

  2. Familiarize you with important financial theories so that you have the necessary conceptual knowledge for evaluating whether a firm's financial policies, such as investment, financing, and risk management, are compatible with the objective of maximizing shareholders' wealth.

  3. Equip you with the tools and skills necessary for making prudent and rational decisions in finance.

  4. Introduce you to a way of thinking and to a set of analytical skills that will enable you to enrich your knowledge base by furthering your own study on any subject areas in finance whenever you see the need to do so.

Course learning outcomes

On completion of this course, you should be able to:

  1. Analyse the risk attitude of an investor and its influence on investment decisions.

  2. Evaluate the market risk and market rate of return on an asset.

  3. Analyse and make appropriate decisions on capital budgeting, capital structure, dividend, and mergers and acquisitions policies.

  4. Apply option pricing in risk management and investment decisions.

  5. Evaluate risky bonds.

  6. Use financial statement analysis in equity evaluation.

  7. Apply foreign currency risk management effectively.

  8. Identify and analyse possible economic, legal and social implications in risk management.

Working through this course

Materials

In addition to this Course Guide, the course includes Units 1-10, and an Assignment File that comprises four assignments. Please ensure that you have all of these materials.

Study units

FIN B482 Corporate Financial Strategy is designed to take advantage of a well-written prescribed textbook. The study units provide instructions on how to proceed in your study, add points of clarification to each important issue, and give examples that illustrate the use of the concepts and principles presented in the text. It is important to bear in mind that the study units are by no means a substitute for the assigned textbook. Instead, they merely serve as a set of `lectures', recorded in black and white, that you might normally listen to in a classroom. Although the textbook is written more for the business environment in North America, the applicability of good theories is subject to no boundaries of any kind. What is important is that the decision maker fully understands the assumptions and hence the limitations behind those theories. Wherever appropriate, local examples and cases will be used for discussion in the study guide.

There are ten study units in FIN B482 Corporate Financial Strategy. Each unit requires, on average, three to four weeks of work. Exactly how long each unit takes greatly depends on how much time you can afford to spend with the assigned readings for each topic. Each unit includes a list of points describing what the unit will do, instructions for study, study notes and summaries of key concepts and issues. In addition, in order to ensure that you properly understand the materials and concepts discussed, each unit contains self-test questions and exercises. Some of the problems may contain small cases that require you to apply the theories and techniques you have just learned to analysing a real-life situation.

The study units are:

Unit 1  Capital markets, consumption and investment

Unit 2  Risk-return relationships and market equilibrium

Unit 3  Pricing contingent claims

Unit 4  Capital budgeting

Unit 5  Valuing risky debt and debt financing

Unit 6  Capital structure and dividend policy

Unit 7  Valuing equity

Unit 8  Mergers, restructuring and corporate control

Unit 9  Managing financial risk

Unit 10  International financial management

Set textbook

There is one required textbook for FIN B482 Corporate Financial Strategy:

  • Brealey, R A, Myers, S C and Allen, F (2016) Principles of Corporate Finance, International edn (12th edn), McGraw-Hill.

Calculator and computer requirements

You are recommended to have a financial calculator. Models such as HP12C, Texas Instrument BA II Plus, and Casio FC-100 are allowed at the final examination. For details of the approved models of calculators, please refer to the `List of Approved Calculators in February 2005 exams' from Registry. The University's list of approved models of calculators should be adhered to unless you have sought prior approval from the Course Coordinator via the Exams Office. May I also remind you that models like Casio FC-200 etc. are capable of text storage/display and should NOT be allowed in exams. In any cases, calculators with text storage/display, communication functions, print-out, graphic display should NOT be allowed in exams. You are also required to have access to a personal computer equipped with Microsoft Excel for Windows.

Assignment File

The Assignment File (available from the Online Learning Environment, OLE) provides you with guidelines for working on your assignments. You can refer to the Course Guide section on assessment that follows, and to the Assignment File itself for more information.

Readings

Some additional readings are incorporated into the study units. They are mostly articles from scholarly journals and chapters from other books.

How you are assessed

You will be assessed on your understanding of the key concepts of the principles and theories discussed in this course and on your ability to apply these concepts to practical problems in finance.

The study units will also include self-assessment exercises that help you develop such abilities.

Course assessment marking scheme

Table 1 Assessment breakdown

Type Marks
Assignments 10% +15% + 15% = 40%
Final examination 60%
Total 100%

Tutor-marked assignments

There are three TMAs for the course. Each assignment consists of concept related questions and numerical problem. All are weighted as shown in table 1.

Assignment 1 evaluates your understanding of:

  • the role of capital markets and implications of market efficiency

  • the utility theory and how it may affect an investor's portfolio choice.

Assignment 2 evaluates your understanding of:

  • option pricing techniques and the use of such techniques to evaluate various investment opportunities

  • the main issues and problems managers face when making capital budgeting decisions

  • techniques for valuing fixed income securities.

Assignment 3 evaluates your understanding of:

  • capital structure and dividend theories, and the implications of these theories on the financing decisions and the value of the firm

  • various approaches for valuing common stocks

  • mergers and acquisitions (M&A) theories and the implications of these theories on M&A decisions and the value of the firm.

How to submit assignments

You must use Microsoft Word and Microsoft Access to prepare the TMAs, and submit the TMAs via the Online Learning Environment (OLE). All assignments must be uploaded to the OLE by the due date.

Failure to upload a TMA in the required format to the OLE may result in the score of the TMA being adjusted to zero.

TMA submission extension policy

The assignment policy of the University as stated in the Student Handbook should be observed. Students are required to submit assignments for a course in accordance with the dates communicated by the course coordinator. Students may apply for a submission extension on the grounds of illness, accident, disability, bereavement or other compassionate circumstances.

Applications for extensions of up to seven days should be submitted to the tutor. The tutor shall consider valid and unexpected emergencies on an individual basis. Normally, documented proof of the extenuating circumstances is not required for extensions of up to seven days. The tutor shall decide and advise the student of the revised date for submission.

For extensions of over seven days, students should note the following:

  1. If students require an extension of more than seven days on the grounds of illness, accident, disability, bereavement or other compassionate circumstances, they are required to complete an `Application Form for Assignment Extension over seven days' and submit it to the Course Coordinator.

  2. Supporting documents must be submitted along with the application for extension of over seven days to justify the claim.

  3. Applications for extension should normally be lodged before or on the due date.

  4. Applications are considered by:

    • the Course Coordinator for extensions of 8 to 21 days; and

    • the Dean for extensions of over 21 days.

After an assignment is submitted via the OLE, it is your responsibility to check that the assignment has been successfully submitted. Extension applications due to any problem with uploading will not be accepted. The University cannot accept any responsibility for assignments that are not received by your tutor due to any problem with submission via the OLE. As a precaution, you are advised to keep a copy of each assignment you submit.

According to the University's policy, no extension of the due date will be allowed for the final TMA. This policy will be strictly enforced. Any late submission of the final TMA will result in the score of the TMA being adjusted to zero.

Final examination

There will be a three-hour final examination which accounts for 60% of the total course assessment. The final examination tests you on the basic concepts of the financial theories that constitute the building blocks of modern finance and on your ability to apply these building blocks in solving real-life financial problems.

The final examination questions cover all parts of the course. Thus, when studying for the final exam, make sure that you review the entire course materials including the activities, self-tests, TMAs and your tutor's comments.

Before the final examination, you will receive a specimen examination so that you can learn about the style and format of the final examination. You will also receive other information regarding the examination arrangement after you send in your exam registration card.

Remember that your final result in this course depends on your performance in both continuous assessment (TMAs) and the examination. In order to pass the course, you need to pass both the continuous assessment and the examination. For more information on the University's policies on assignments and examinations, please refer to your Student Handbook.

Course overview

Table 2  Course organizer

Unit

Title Study time
(weeks)
Assignment
(end of unit)
1 Capital markets, consumption and investment 3  
2 Risk-return relationships and market equilibrium 3  
3 Pricing contingent claims 3  
4 Capital budgeting 3 TMA 1
5 Valuing risky debt and debt financing 4 TMA 2
6 Capital structure and dividend policy 4  
7 Valuing equity 4  
8 Mergers, restructuring and corporate control 3  
9 Managing financial risk 3 TMA 3
10 International financial management 3  
  Revision 3  
  Total 36  
Use of case studies

Case studies are a useful and increasingly popular form of learning and assessment in the OUHK's School of Business and Administration. In this section we will look at why case studies are used and then suggest some learning strategies that you can use to approach case studies. We will also briefly discuss some problems that you may encounter as you learn from case studies.

What is a case study approach to learning?

One main purpose of a case study is to explore an issue or a number of issues in relation to an organization. The intention is to get you to carefully diagnose an organization; to focus on key problems, and to suggest how these might be resolved. Often the case is a real-life account of an organization which you are required to analyse in order to focus on a problem. Usually, the information that is provided is incomplete and you are often expected to observe developments in the organization over a period of time. The case study approach is an excellent opportunity to actively apply material that you have read and conceptual knowledge to the reality of an organization.

At the OUHK, case studies may be used as part of TMAs, exams, study units, or day-school exercises. You normally are given some information about a company (this could be both text and graphical information, such as figures and tables). You are then asked to think about some problems related to the company and to use concepts and apply theories that you have learned in your course to propose possible solutions for the company.

Let's have a look at two kinds of case study questions that you might be asked to work through in your courses. The first example is quite structured, while the second is much more open-ended.

Two examples of case study questions

  1. Read the case study entitled 'ABC Consultants' and consider the following issues:

    • Using your understanding of the resource-based model, what measures could be taken to improve ABC's returns?

    • Drawing on your broad understanding of the consultancy industry, assess ABC's relative competitiveness and its profit potential.

    • To what extent do internal factors account for ABC's financial weaknesses?

    • Based on your assessment of ABC's financial weaknesses, formulate a new strategic intent and develop a mission statement for ABC.

  2. Read the case study entitled 'XYZ Industries'.

    • Identify the key problems that are currently faced by XYZ's management.

    • Propose viable solutions to these problems.

Why case studies?

As you can see from the above examples, a case study approach to learning requires a great deal of thinking and often will not easily yield a quick 'wrong' or 'right' answer. However, case studies are also good preparation for dealing with real-life business problems. Cases may be short and relatively simple, or longer and complex. The purpose is the same for both types: to give you an opportunity to develop your skills in analysing the strengths and weaknesses of the organization under examination, to consider the processes at work within the organization, and to make decisions about future actions.

Case studies are not meant to replace textbooks, but rather to ask you to draw connections between theories and practice and to apply abstract ideas, concepts, and principles to specific concrete situations. Consequently, case analysis develops a number of skills that are crucial in business. In particular, they help you to:

  • analyse complex, unstructured, sometimes ambiguous situations;

  • identify critical issues and problems;

  • question your own and others' assumptions;

  • improve your problem-solving skills;

  • develop your ability to find alternatives and make informed decisions;

  • make decisions with incomplete information and think strategically;

  • self-educate yourself and draw on a broad range of resources and knowledge; and

  • present and justify recommendations in writing.

You may find that there are many possible 'right' answers to the questions in a case study. This illustrates that there is often no single best way to responsibly manage and solve real-life business problems.

Some guidelines for analysing case studies

The following strategies should help you to successfully analyse case studies:

1 Read the case and become familiar with the facts

First, skim read the case to obtain a general understanding of the main point(s). Highlight or underline the pertinent points as you read.

Read the case again, and this time note down critical facts (such as names, time sequences, and where events occurred). Try to understand how events have influenced decisions. Identify the important individuals or stakeholders, and try to assess the importance of supporting information in the case. How reliable is this supporting information? Are there any gaps in the information that is given?

Make a note of any questions that you have as you read the case.

2 Assess the context of the case

Try to understand the environment of the organization and the wider context of the case.

Ask yourself questions about:

  • The state of the organization: What is the state of this organization: good, bad or in-between? Usually this involves thinking about interpersonal relationships, and assessing production or financial problems.

  • Key players and systems: How do systems and people operate in this organization? Why do they operate like this? Are the systems undergoing change? How successful are the changes? Is there someone who could sabotage any future strategy? Is there someone who can ensure the success of a future strategy?

  • Significant trends: How does this industry operate? What are the main or unique characteristics of the industry? What were they five or ten years ago, and what are they likely to be in the future? What impact are trends likely to have on the organization under investigation? How does this organization's performance compare with that of competitors?

  • Constraints: Clearly identify all constraints in the case. A constraint may be viewed as anything (usually beyond the control of the organization) that may prevent an otherwise feasible course of action from becoming a success. What is outside the control of individuals in the case study? For example, it is unlikely that any company or individual in Hong Kong could prevent a foreign government from imposing tariff barriers on imports.

A SWOT analysis is a good way to get a better understanding of the organization and the context or environment in which it is operating.A SWOT analysis considers the Strengths and Weaknesses of the organization, and the Opportunities and Threats which the organization faces in the external environment.

3 Recognize the case's symptoms

Read the case again and as you read, try listing all the symptoms of the case. The symptoms of a case are not the problems, but they may help you to identify the problems. Symptoms are all the things that are undesirable or that are not as expected. For example, falling sales could be a symptom of several problems such as poor market segmentation, poor product quality, or problems in a supply chain. At this stage of your analysis, you should just try to observe all the symptoms, and avoid prematurely identifying problems or suggesting solutions. Like a doctor who consults a patient, you first need to observe and note all the symptoms before you can give a definite diagnosis of the problem. Think about how the symptoms may be interrelated. Relationship diagrams, like the one below, may help you to see the relationships between symptoms.

4 Diagnose the case's problems

After you have a good sense of the symptoms, you're ready to determine key issues that need to be analysed more closely. You are now diagnosing the situation, like a doctor diagnosing a patient's symptoms. Ask yourself 'what seems to be the trouble in this organization?' and make a list of what you now perceive to be the key problem(s). You will probably need to go back to the details of the case and as you do this, you may add to or refine your list of potential problems.

If there are several problems, you need to order and prioritize them. You might want to number problems according to how you perceive their importance, or make a matrix, like the one below, which shows relationships between various criteria and each problem.

Criteria Problem #1 Problem #2 Problem #3
Importance: what will happen if the problem is not addressed?      
Urgency: how quickly must this problem be solved?      
Centrality: To what extent does this problem cause others?      
Solvability: Can this problem actually be solved?      

Also try to establish if there are relationships or themes in common among the various problems. Perhaps different problems in your list are actually variations of a broader central problem.

Ask yourself what assumptions you have made about the case. Are these assumptions reasonable, and are they supported by the facts? Would other people objectively suggest the same problems, based on the facts that you have? Are you suggesting problems that are not supported by the facts of the case?

After you have considered and put into order the possible problems and questioned your assumptions relating to these problems, you should write a statement of the problems as you perceive them. Avoid suggesting solutions at this stage.

Once you have a problem statement, you need to find evidence in the case to support your problem diagnosis. Also, try to identify ideas, concepts and theories from your textbook and course units which help to explain what is happening in the case.

5 Formulate criteria for a 'good' solution and identify possible constraints to solutions

Before you propose a solution, you need to consider the characteristics of a 'good' solution. Obviously, your solution should bring benefits such as improved productivity, reduced costs or greater profits. However, it also needs to be viable and to accommodate the constraints that you have already identified, i.e. Is the solution legal? Is there a budget for this solution? Does it conflict with the organization's culture?

Try to brainstorm alternative solutions. Aim to generate a broad and creative range of options and then try to rate each according to various criteria.

The following matrix demonstrates how this can be done.

  Cost Ease of implementation Impact on organization culture Impact on profits
Option 1 *** * * **
Option 2 * *** *** **
Option 3 ** * * ***

Also refer to ideas, concepts and theories from your course materials as you consider and assess each possible solution.

It's often wise to propose a solution that allows for plausible alternatives if it should fail. Managers use the term satisfice when they are considering acceptable alternative solutions, that is, the solution is able to satisfy the situation while also making some realistic sacrifices to existing constraints. Therefore, it is a satisficing rather than a maximizing solution.

Finally, don't forget to consider the possibility of taking no action. What will actually happen if no action is taken? Are any (or all) of the solutions less viable than taking no action at all?

6 Recommend a viable solution

After you have assessed the merits and pitfalls of each alternative solution, select the best solution for the situation.

Remember that the solution needs to be viable. Can the recommended solution be introduced? Are there the resources and the willingness to implement it? Be realistic about what may work. Explain why it is the best solution within the constraints of the existing context and explain how it can be applied to the organization. Suggest a time-frame for the solution's implementation.

Outline possible strategies for implementing your solution, either partially or completely. As many feasible courses of action as possible should be considered before you choose the one that seems the most likely to succeed. The more ideas you have, the greater your chance will be of finding a solution that will work well. The complexity of most organizational problems means that it is highly unlikely that one idea alone will correct the situation. Usually a combination of actions is required, and these need to be funded differently, timed carefully and staffed as necessary.

7 Present your solution as a written recommendation

Review your final solutions and then prepare a set of written recommendations. These should clearly outline your proposed solution in relation to the problems that you have identified. Your recommendations should also include details of why these solutions are the most appropriate given the circumstances and constraints of the case. Finally, you need to clearly state how and when your proposals will be implemented.

Your tutor and your course Assignment File can provide some guidelines on how to present your recommendations.

Some mistakes to avoid as you analyse cases

When you first tackle case studies, you should be careful to guard against the following mistakes:

  1. One of the most common mistakes made in case analysis is repeating or simply summarizing the facts of the case. Your tutor is already very familiar with the case details, so you do not have to restate them. You are required to use and analyse the facts, not repeat them. Your analysis should contain only enough case material to support your arguments. Therefore, be analytical!

  2. You may often be tempted to just deal with symptoms and ignore the causes of the problem. It is very important to analyse the background of the case (and the climate in which the events of the case unfold).

  3. Avoid discussing problems in isolation and do not overlook their interrelatedness. If you try to think in terms of 'systems' rather than in terms of individual problems, you are more likely to avoid this pitfall.

  4. Students often fail to state the assumptions underlying their analysis. If any important assumptions have been made, have you questioned them and are they reasonable and appropriate? Avoid selectively using and interpreting case material in order to justify a preconceived solution.

  5. Practical limitations and constraints may sometimes be overlooked. For example, a recommendation that a whole team be fired is probably unrealistic.

  6. A very common mistake is poor integration of the facts in the case with the concepts, principles, and theories in the textbook. Such integration is vital. Ask yourself if relevant theories from your course have been fully and constructively applied.

  7. Finally, recommendations are too often not spelled out in detail or are unrealistic. A timetable for implementing them is also often not given.

Analysing cases poses many challenges, and this is one reason the case study method is so rewarding. It is a very active form of learning. It offers you a risk-free opportunity to gain managerial and organizational experience and should greatly increase your confidence to make informed decisions in the real world.

Good luck and we hope you enjoy working through the cases that you encounter!

How to get the most from this course

Keep in mind that application of the theories you are learning is the key. As mentioned already, you should become familiar enough with them so that applying them eventually seems like common sense.

You should spend as much time as you can working through the examples provided in the study units and textbook, and be sure to complete all the activities and self-tests. If you do so, you will be well prepared for the written assignments, and eventually for the course examination.

In order to keep abreast of the newest developments and to assess the impact of these developments, you are strongly encouraged to read from other sources such as newspapers and business magazines, in addition to the assigned reading materials as prescribed in this Course Guide.

Tutors, supplementary lectures, tutorials and surgeries

At the start of the course, you will be informed of who your course tutor will be. He or she may be a practitioner in the field of finance or a tutor from one of Hong Kong's tertiary institutions. Much of the communication you have with the OUHK during the course will be with your tutor. The role of your tutor includes the grading of your TMAs on a timely basis, guiding your study throughout the course, and assisting you in dealing with any difficulties that may arise in your studies. You are strongly advised to keep a copy of all the TMAs that you send to your tutor so that you can communicate more clearly any problems or questions you have regarding the assignments.

Your tutor has complete authority on grading your assignments. In case you cannot complete all of the TMAs or you cannot sit the final examination, you must contact your tutor to make alternative arrangements.

Five three-hour supplementary lectures, ten two-hour tutorials and two three-hour surgeries will be organized by your tutor to assist you in this course. You will be notified of the dates, times and locations of these tutorials, along with the name and phone number of your tutor, as soon as you are assigned to a tutorial group. It is strongly recommend that you attend all these tutorials as they will help you in your study, enhance your chance to earn better grades, and allow you to meet and interact with other students on the course.

Tutors are required to start supplementary lecture/tutorial/surgery sessions on time. If a tutor fails to turn up 30 minutes after the scheduled starting time, students may assume that the session is cancelled and they should report the case to the Course Coordinator so that a make-up session can be arranged.

Summary

Finance is regarded as one of the fastest growing fields in Southeast Asia and China in the next decade. Finance is a very dynamic subject fuelled by new regulations, the proliferation of new financial products and services, and explosions of new global investment opportunities and activities. This is why many students find finance an exciting, interesting and intellectually stimulating subject, and I am sure that most of you will find this course not only illuminating but also extremely useful.

Have fun with the course, and good luck.

A note about the developer of this course

Dr Kwok-Sang Tse is currently Associate Professor of Finance at the School of Economics and Finance, The University of Hong Kong. He has been an Associate of the Society of Actuaries (ASA) since 1991. Dr Tse's teaching experience began when he taught finance courses as a PhD candidate in Finance at Michigan State University in the United States where, in 1989, he earned the recognition of being named one of the best teachers at the university by winning the All-University Excellence-in-Teaching Award. From 1989 to 1995, Dr Tse was a member of the finance faculty at Indiana University at Bloomington/Indianapolis. There, he taught investment, corporate finance, insurance and risk management at both the undergraduate and the MBA levels. In 1994, Dr Tse returned to Hong Kong and joined the finance faculty at the Hong Kong University of Science and Technology. While there, he taught corporate finance to both undergraduate and MBA students. In addition, he developed and taught the real estate investment course with an emphasis on the local real estate market.

Deferment of studies

If you wish to defer your studies of this course until a later date, you should apply for deferment of studies. For the regulations governing deferment of studies, please refer to your Student Handbook. If you have applied for deferment of studies you should continue with your studies of this course and submit the required assignments until formal approval is given by the University. Should you have difficulties in submitting an assignment, you are advised to liaise with your Course Coordinator and apply for a TMA extension. Students who have been granted deferment of studies will not be allowed to submit TMAs due before the date that their application for deferment of studies is received by Registry.

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