Conifers Ltd, a tree relocation company, follows a stable plus special dividend policy. The company recently (2023) had earnings available to common shareholders of R400m on sales of R4b and has 250m shares outstanding. The company maintains a stable pay-out ratio of 10% and issues special dividends whenever its net profit margin (after the stable dividend had been paid) exceeds 10%. Special dividends amount to all profits exceeding 50% of the amount, after the stable dividend had been deducted. Determine the total dividend that Conifers Ltd will pay per share in 2023. a. 16c b. 100c c. 120c d. 125c