PAN AM Airlines earns FCF of $10M and has $4M in cash that it wants to pay

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Question:

PAN AM Airlines earns FCF of $10M and has $4M in cash that it wants to pay out as a dividend. There are 0.6M shares outstanding. The current price is $90 and PAN AM wants to pay a special dividend of 6.67$. PAN AM is all equity financed and its WACC is 20%.

What is the value of the company before the dividend?

What is the value of the company after the dividend?

What is the stock price after the dividend?

How is shareholder wealth affected by the dividend?

Assume shareholder has 100 shares.