Assume Genron has $20 million in excess cash and no debt. The firm expects to generate additional free cash flows of $48 million per year in subsequent years. Its stock sells for $42 per share at present. Genrons board is meeting to decide how to pay out its $20 million in excess cash to shareholders. The board is considering two options: Use the $20 million to pay a $2 per share cash dividend for each of Genrons 10 million outstanding shares or repurchase shares instead of paying a dividend. They vote in favour of paying a $2 per share cash dividend now and $4.8 per share in subsequent years. Since a cash dividend is declared, the stock price will fall after the ex-dividend date. You have 2000 shares in Genron, but do not like the $2 per share dividend. You would rather have a constant earning of $4.50 per share. Show how you can accomplish this in a perfect world. Will your answer differ very significantly if you acted before or after the ex-dividend date?