9. It is 1 April 2021 and you are talking to your best friend, Jean, about the 10,000 shares they hold in the multinational listed company Handley Ltd. There have been a lot of stories in the press lately speculating about whether or not Handley Ltd will pay a dividend this period as they have a lot of projects that need funding. Jean says to you: "I really need this dividend as there is a car that I've been planning for ages to buy. I understand that I can sell some shares - but if I do that my proportional ownership of Handley Ltd will be reduced whereas it won't be affected if they just pay out a dividend!" Three days later on 4 April 2021 Handley Ltd announce that a dividend will be paid. The statement is as follows: We are pleased to declare that the company generated EPS this period of $3 per share. Consistent with previous periods, we will adopt a payout ratio of 80%. Furthermore, reflecting the nature of the company's diverse operations, the cash dividend will be 50% franked at a corporate tax rate of 30%" Using the information above, complete the following tasks: a) Critically analyse the statement by Jean on 1 April 2020 (in no more than 100 words). b) Calculate the total value of the payout that Jean can expect to receive - making sure that you also provide details about any franking credits that they might be entitled to c) Briefly explain why only part of the dividend paid to Jean is franked (in no more than 100 words) Note that all of Miller and Modigliani's assumptions are assumed to hold - including that of a set investment plan