An all-equity financed firm pays out all its earnings as dividends. There are 100 shares outstand- ing and annual earnings amount to $150. The equity cost of capital is equal to 8%. There are no corporate taxes and no capital gain taxes. Dividends are taxed at 25%. The firm has $100 excess cash. The management decides to pay a special dividend in the amount of the excess cash. Calculate the cum- and the ex-dividend share price.