Pure Business Flows and Financing Effects $ 9,999.86 $10,849.86 $11,699.86 0% Debt/ 25% Debt/ 50% Debt/ 100% Equity 75% Equity 50% Equity
Value of Asset $ 9,999.86 $ 10,849.86 $ 11,699.86
Cash Paid Out $ - $ 2,500.00 $ 5,000.00 Total Market Value of Equity $ 9,999.86 $ 8,349.86 $ 6,699.86 Number of Original Shares 1,000 1,000 1,000 Total Value Per Share $ 10.00 $ 10.85 $ 11.70 Exhibit 1 Koppers Company, Inc.
Before After Recapitalization Recapitalization
Book Value Balance Sheets
Net working capital $ 212,453.00 $ 1,778,139.00 Fixed assets $ 601,446.00 $ 601,446.00 Total assets $ 813,899.00 $ 2,379,585.00
Additional debt $ 1,565,686.00
Long-term debt $ 172,409.00 $ 1,738,095.00 Deferred taxes, etc. $ 195,616.00 $ 195,616.00 Preferred stock $ 15,000.00 $ 15,000.00 Common equity $ 430,874.00 $ 430,874.00 Total capital $ 813,899.00 $ 2,379,585.00
Market-Value Balance Sheets
Net working capital $ 212,453.00 $ 1,778,139.00 Fixed assets $ 1,618,081.00 $ 1,618,081.00 PV debt tax shield $ 58,619.00 $ 590,952.30 Total assets $ 1,889,153.00 $ 3,987,172.30
Long term debt $ 172,409.00 $ 1,738,095.00
Deferred taxes, etc. $ - $ - Preferred stock $ 15,000.00 $ 15,000.00 Common equity $ 1,701,744.00 $ 2,234,077.30 Total capital $ 1,889,153.00 $ 3,987,172.30
Number of shares $ 28,128.00 $ 28,128.00
Price per share $ 60.50 $ 79.43
Value to Public Shareholders
Cash received $ - $ 1,565,686.00 Value of shares $ 1,701,744.00 $ 2,234,077.30 Total $ 1,701,744.00 $ 3,799,763.30 Total per share $ 60.50 $ 135.09