Gibson Co. has a current period cash flow of $1.3 million and pays no dividends. The present value of the companys future cash flows is $16 million. The company is entirely financed with equity and has 690,000 shares outstanding. Assume the dividend tax rate is zero.

a) What is the share price of the company's stock?

b) Suppose the board of directors of the company announces its plan to pay out 50 percent of its current cash flow as cash dividends to its shareholders. What is the share price after the dividend payment?

c) Alex, who owns 2,100 shares of the company's stock, wants to achieve a zero payout policy through homemade dividend. What does he need to do?

Please provide detail steps and reasoning.