16. Sennsanger Ltd is an Australian firm that has just announced a dividend that was much higher than what the market was expecting owing to a more profitable year than anticipated. The four key dates relating to this dividend were as follows: Briefly (in no more than 10 lines in total) explain what each of these days represents and the predictable average stock price reaction that might be linked to each day [4 marks ] 17. Braaf Ltd has 100,000 shares on issue currently trading at $40 per share and is trying to determine whether they should distribute $100,000 in excess cash via dividends or via a share repurchase. Rodney owns 1,000 shares in Braaf Ltd and could use $1,000 of cash at the moment. Assuming perfect capital markets, free of taxes, information costs, transaction costs etc., demonstrate why Rodney's financial position should be unaffected by Braaf Ltds' decision to pay the dividend, repurchase the shares or do neither. 16. Sennsanger Ltd is an Australian firm that has just announced a dividend that was much higher than what the market was expecting owing to a more profitable year than anticipated. The four key dates relating to this dividend were as follows: Briefly (in no more than 10 lines in total) explain what each of these days represents and the predictable average stock price reaction that might be linked to each day [4 marks ] 17. Braaf Ltd has 100,000 shares on issue currently trading at $40 per share and is trying to determine whether they should distribute $100,000 in excess cash via dividends or via a share repurchase. Rodney owns 1,000 shares in Braaf Ltd and could use $1,000 of cash at the moment. Assuming perfect capital markets, free of taxes, information costs, transaction costs etc., demonstrate why Rodney's financial position should be unaffected by Braaf Ltds' decision to pay the dividend, repurchase the shares or do neither