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Judt Technologies has $40 million in excess cash and no debt. The firm expects to generate additional free cash flows of $32 million per year

Judt Technologies has $40 million in excess cash and no debt. The firm expects to generate additional free cash flows of $32 million per year in subsequent years and will pay out these future free cash flows as regular dividends. Judt's unlevered cost of capital is 8% and there are 8 million shares outstanding. Judt's board is meeting to decide whether to pay out its $40 million in excess cash as a special dividend or to use it to repurchase shares of the firm's stock. Assume that you own 2500 shares of Judt stock and that Judt uses the entire $40 million to repurchase shares. Suppose you are unhappy with Judt's decision and would prefer that Judt used the excess cash to pay a special dividend. The number of shares that you would have to sell in order to receive the same amount of cash as if Judt paid the special dividend is ________ shares.

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