Liontown Resources has 30 million shares outstanding with a market price of $20 per share and no debt. The firm has had consistently stable earnings, and pays a 30% tax rate. Given the positive outlook, the board of directors approved the management's proposal to borrow $200 million on a permanent basis through a leveraged recapitalization in which they would use the borrowed funds to repurchase outstanding shares. Provide your answers to 2 decimal places where necessary.

a) Before the transaction, what is the value of Liontown Resources' unlevered equity?

b) After the transaction, what is the value of Liontown Resources as a levered firm?

c) What is the value of a share of Liontown Resources after the recapitalization?

d) Explain how borrowing funds to repurchase shares can be beneficial to shareholders.