New Tech Corporation has assets with a market value of $300 million, $40 million of which are cash. It has debt of $50 million, and 7 million shares outstanding. Assume perfect capital markets and no taxes.

a. What is New Tech Corp.'s current stock price?
b. If Tech Corp distributes $20 million as a dividend, what will its share,

price be after the dividend is paid?
c. If instead, New Tech distributes $20 million as a share repurchase,

what will its share price be once the shares are repurchased?