A firm has 100 million shares outstanding, a current share price of $25, and no debt. The firm's management believes that the shares are under-valued, and that the true value is $30 per share. The firm plans to pay $250 million in cash to its shareholders by repurchasing shares. Management expects that very soon new information will come out that will cause investors to revise their opinion of the firm and agree with the assessment of the firm's true value. a. Assuming that the firm is not able to repurchase shares prior to the market becoming aware of the new information regarding the share's true value. If the firm repurchases the shares following the release of the new information, what's the number of shares outstanding following the repurchase? (2 marks) b. Assuming that the firm is not able to repurchase shares prior to the market becoming aware of the new information regarding the share's true value. After the release of the new information regarding the true value of the share, and following the repurchase, what's the firm's share price? (2 marks) c. From the firm's point of view, what are the advantages of using share repurchase to payout cash to the shareholders, compared to cash dividend? (4 marks)