Easy Over Eggs Limited (EOEL) has been paying a regular cash dividend of $1.50 per share each year for over a decade. They are paying out all their earnings as dividends and they are not expected to grow. There are 6,000,000 shares outstanding selling for $28 per share. EOEL have sufficient cash on hand to pay the next annual dividend. Suppose that, staring in year 1, EOEL decide to cut its cash dividend to zero and announce that they will repurchase shares instead. a) What is the immediate stock price reaction? Ignore taxes, and assume that the repurchase program conveys no information about operating profitability or business risk. (2 marks) b) How many shares will EOEL purchase? (4 marks) Edit View Insert Format Tools Table 12pt Paragraph BI UAV 2 T