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Question 1 (1a) Saxo Ltd is a cruise ship operator and is badly affected by the COVID pandemic. It is planning its dividend policy and has the following expectations regarding its future profits: Year 2021 2022 Profits After Taxes $ 5,800,000 5,500,000 The balance sheet currently shows the following amounts in the Equity section: Share Capital (par value $0.20): $6,000,000 Retained Earnings: $12,000,000 Required: Determine the yearly dividend per share for 2021 and 2022 to be paid if the following policies are enacted: (0) Constant dividend payout ratio of 55 percent. (4 marks) (ii) Stable dollar dividend targeted at 60 percent of the earnings over the 2-year period. (4 marks) (iii) A regular dividend of $0.10 per share plus a year-end bonus when the profits in any year exceed $5,000,000. The year-end bonus dividend will equal 90 percent of profits exceeding $5,000,000. (5 marks) (16) Using realistic examples based on Saxo Ltd, critically discuss how dividend policy is affected by the Signalling effect Clientele effect Profitability of firm (9 marks) (10) Critically discuss the "agency problem" and discuss whether giving stock options can reduce this