GLOBE Inc is an all equity financed company currently worth £32 million with 5 million of shares outstanding. The company has decided to leverage up and replace £12 million of equity with debt. They expect the cost of debt to be 6%. If the tax rate is 30% and assuming all conditions hold in perpetuity, show the market value balance sheets

a. before the change of capital structure is announced

b. at the time the change is announced

c. when the change is completed.