a$)$ Briefly describe and discuss the following five forms of share buybacks in Australia, including a short description of the characteristics of each form:

i$.$ On market buybacks

ii$.$ Equal access buybacks

iii. Employee share scheme buybacks

iv$.$ Selective buybacks

v$.$ Minimum holding buybacks

b$)$ Using the following information, estimate the value of Sardinia Ltd$,$ an e$-$commerce start$-$up company:

Company and operations set$-$up costs $($total immediate expenditure$)$ $$2,000,000,$ Year $1($end$)$ free cash flow $$2,400,000,$ Year $2($end$)$ free cash flow $$2,700,000.$ You also estimate that the constant growth rate in free cash flows from year $3$ will be $2\mathrm{.}5\%$ per annum. You intend to sell this start$-$up company after $2$ years of operation. The required rate of return on similar projects is $10\%$ per annum.

i$.$ Estimate the terminal value of this business at the end of year $2$

ii$.$ Estimate the present value of this business given the information provided