A company conducts the following capital payout and raising policies. Assume that there are no taxes, no signalling effects and no transaction costs.

Which one of the following statements is NOT correct?

a. After cash dividend, normally the share price will fall.

b. 8 for 5 stock split will increase the number of shares by 60% and decrease the share price by 37.5%.

c. 2 for 3 rights issue at a subscription price of $7 when the pre-announcement stock price was $8, will increase the number of shares by 66.67% and decrease the share price by 5.11%.

d. 20% stock dividend (not a cash dividend) will increase the number of shares by 20%.

e. 3 for 4 bonus issue will increase the number of shares by 75% and decrease the share price by 42.86%.