Gower Electronics plc is expected to produce earnings of 80p per share in the year just about to begin and to pay out 60 per cent of these earnings as dividends. The company's earnings and dividends are expected to grow at 10 per cent per annum for the following three years. (Years two to four.) From year four onwards the growth rate is expected to be 5 per cent per annum and to continue at this level indefinitely into the future. The company is expected to maintain the same pay-out ratio indefinitely into the future. The required rate of return on Alba's shares is 12 per cent (per annum). Determine the value per share for Gower Electronics and the contribution of the company's growth to this value