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ENN Ltd is an all-equity financed company and currently has $300 million in excess cash. It has 200 million shares outstanding, and the current market

ENN Ltd is an all-equity financed company and currently has $300 million in excess cash. It has 200 million shares outstanding, and the current market price of each share is $15. The companys board has decided to pay out this excess cash as a one-time special dividend to shareholders. Assuming perfect capital markets, calculate the companys ex-dividend price per share. Show all calculations.

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