The following data apply to Elizabeth's Electrical Equipment (in million): Value of operations is $20 millions; short-term investments is $5 millions; Debt is $5 millions; Number of shares is 0.5 millions. a. The company plans on distributing $5 million of short-term investments as dividend payments. What will the intrinsic per share stock price be after the distribution?

b. The company plans on distributing $5 million of short-term investments by repurchasing stock. What will the intrinsic per share stock price be after the repurchase?