Brew Inc. only pays dividends to its shareholders. The current share price is $100, the company has 10 million shares outstanding, $200 million in outstanding debt, and $150 million in excess cash. Assume that the company will use all of its excess cash to pay its shareholders a dividend. For simplicity, also assume that the ex-date is tomorrow and that the dividend will be paid on the ex-date. Assume that market are perfect (i.e. there are no taxes, no transaction costs, and no information problems). What will happen to the share price on the ex-date? Select the best one. I. The share price will increase to $115. II. The share price will decline to $95. III. The share price will decline to $85. IV. The share price will increase to $105. V. Nothing, the share price will remain at $100