21 Regular Dividends The balance sheet for Severn Trent plc is shown here in market value terms. There are 2.4 billion shares outstanding.

Market Value Balance Sheet (£m)

Cash 5,045 Equity 4,022 Non-current assets 5,526 Liabilities 6,549 Total 10,571 Total 10,571 The company has declared a dividend of £0.40 per share. The equity goes ex dividend tomorrow. Ignoring any tax effects, what are the shares selling for today? What will they sell for tomorrow? What will the market value balance sheet look like after the dividends are paid?