Question 6. (12 marks) On April 27 2020, Financial Times, one of the leading business newspapers, published an article titled "Australia's NAB slashes dividend as coronavirus hits earnings". Read the extract of the article in italics and answer questions below. a. From the signaling perspective, discuss the implication of NAB's planned dividend cut. (3 marks) b. What form of capital raising NAB plan to use to get A$3.5bn ($2.3bn)? (2 marks) C. "But analysts questioned the decision by Australia's second-largest bank by market capitalisation to maintain any form of payout as it turned to investors for fresh capital." Why analysts questioned NAB's decision? Discuss. (Hint: relate this to the pecking order hypnosis of capital structure). (4 marks) d. According to Modigliani-Miller (MM) theorem on capital structure/payout policy, capital structure or payout policy are irrelevant for firm value. List at least three capital market imperfections in the real world that could produce deviation from outcomes of the MM theorem