Minion Plc is a publicly traded company with 10 million shares. It has 3 million options with an exercise price of 2 (valued at 50p per option) and another 4 million options with an exercise price of 3 (valued at 20p per option). An analyst has valued the equity of the company at 23 million. The current stock price is 270p. a. Estimate the value per share using the treasury approach and the option value approach. (3 marks) b. Which of the two valuations do you prefer and why? (2 marks)