Show that a stock repurchases is conceptually the same as a cash dividend using the following example:

Question:

Show that a stock repurchases is conceptually the same as a cash using the following example: Repo Corp. has 1,000 shares outstanding at a market price of $20 per share. In debating whether to declare a 5 percent cash the directors instead chose to repurchase 50 of the outstanding shares.
Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...