In the recent annual general meeting of Umi Technology Limited, the board of directors declared an annual dividend of $2.50 per share, and the shareholders agreed to a rights issue of shares in order to raise funds to expand the business to the provinces.(b) Some shareholders holds the belief that in order for the business to expand, it must return 60% of its annual earnings and reinvested the retain earnings to earn a 15% rate of return. If they demand a