Sanedrive Ltd. provides the following snapshot of its financial position in market value terms:

Fixed assets = $500,000

Cash = $50,000

Equity = $1,000,000

Number of outstanding shares = 10,000.

Considering this information, which of the following is not correct?

a.

In a world without taxes, the shareholders will be indifferent between a cash dividend or a stock repurchase.

b.

If the firm used $25,000 for a stock repurchase, the stock price will be $100 after the repurchase.

c.

If a dividend of $0.25 per share is declared, the ex-dividend price will be $99.75 per share

d.

In case of a repurchase, the outstanding number of shares will be 9,750

e.

A dividend as low as $0.25 per share indicates a small stock dividend

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