4. WHIC 10.00 ports Hors d'Age Cheeseworks has been paying a regular cash dividend of $4.50 per shere each year for over a decade. The company is paying out all earings as dividends and is not expected to grow. There are 107.000 shares outstanding selling for $90 per share. The company has sufficient cash on hand to pay the next annual dividend at: -1 Sunpose that starting in year 1, Hors d'Age decides to cut its cash dividend to zero and arounces that it will repurchase shares instead. a. What is the immediate stock price reaction? Ignore taxes and assume that the repurchase program conveys no information about operating profitability or business risk Increase DATASR Hemain the same b. How many shares wil Hors d'Ago purchase? (Round your answer to the nearest whole number.) Nurriter af stares repurchased c. Project and compare future stock prices for the old and new policies. (Do not round intermediate calculations. Round your old policy answers to the nearest whole number and your new policy answers to 2 decimal places. Share Price Year Old Policy New Policy 3