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1.(a) Spamgate is a financial institution which acts in the retail sector providing loans and mortgages to companies and individuals. This is its core business model and it seldom buys or sells financial assets. In January 2017,
it provided a loan to Bosey, a public limited company, however, shortly after obtaining the loan, Bosey reported significant operating losses during the financial year ended 31 May 2017. Bosey has made unsuccessful attempts to attract new investors by offering them a low preference share subscription price. The poor liquidity position of Bosey has forced Spamgate to accept these preference shares in exchange for part of the loan.
The preference share price used to calculate the exchange rate for the loans was three times higher than the subscription price for the unsuccessful share issue. Spamgate accounted for the exchange of its loan investments for preference shares in Bosey by reducing the carrying amount of the loans, and increasing the value of the investment in Bosey’s shares. Spamgate intends to sell the preference shares held in Bosey as soon as it is feasible but does not consider this transaction to have changed its core business model.
In the year ended 31 May 2018, Spamgate has measured the loan to Bosey at amortised cost and the preference shares held in Bosey at fair value through other comprehensive income (FVOCI).
The directors of Spamgate would like advice on the measurement of the loan and preference shares held in Bosey and the accounting treatment of the share exchange in the year ended 31 May 2018. (9 marks)
