Suppose a company produces a perpetual cash flow of $220 million per year and is expected to continue doing so in the infinite future. The company's capital structure currently consists entirely of ordinary equity and the cost of ordinary equity capital is 28%. The company has the plan to buy-back $140 million in shares by borrowing $140 million at 5% p.a. interest rate. Assume the debt will be outstanding for the infinite future and the Modigliani and Miller Proposition 1 is valid. Determine the cost of company's ordinary equity capital after share buy-back