It is 31 January 2023, and the managers of KTK limited are considering changing the company's dividend policy. Earnings per share for 2022 for the company were 70p, and the finance director has said that he expects this to increase to 90p per share for 2023. The increase in earnings per share is in line with market expectations of the company's performance. The pattern of recent dividends, which are paid on 31 December are as follows: Year 2022 2021 2020 2019 2018 2017 Dividend per share (pence) 45.0 37.7 35.6 35.2 33.6 32.2 The managing director has proposed that 70 per cent of earnings in 2022 and subsequent years should be retained for investment in new product development. It is expected that, if this proposal is accepted, the dividend growth rate will be 13 per cent . KTK Limited cost of capital to be 17 per cent. Calculate the share price of GuardRoof PLC in the following circumstances. (a) The company decides not change its current dividend policy. (b) The company decides to change to change its dividend policy as proposed by the managing director and announces the change to the market. (c) Does the dividend policy adopted by a company impact the market value of that company?. Academic findings within this area have provided conflicting evidence with two distinct theoretical schools of thought: one supporting dividend relevance and the other supporting dividend irrelevance. Critically analyse and evaluate the differing theoretical viewpoints