The Belgian food group, Delhaize, has just paid a dividend of €1.08. This is paid in semi-annual instalments. The firm has a policy to pay out 75 per cent of its annual dividend after 6 months and the remaining amount at the end of the year. If the annual discount rate on Delhaize shares is 8 per cent and the dividend is expected to grow at 3 per cent per year, what is the current share price of Delhaize?