Assume a company has 133 million shares outstanding. Assume the firms pays out 37% of its current net income of 30 million as dividends. The expected share price of the firm in one year is 36.9. The cost of equity is 9.3%. For reasons of simplification assume the tax rate on dividends is zero. Assume Modigliani and Miller theorem on dividends holds. What is the ex-dividend price of the firm under the current policy

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