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78 Tide Co is a listed company. Its $1 ordinary shares are quoted on the local stock exchange. The Board of Tide Co is aware that the market is expecting Tide Co to pay a dividend of $100m to be paid at the year end, but in order to fund the investment in an important new project, the Board is considering offering a scrip dividend of 1 share for every 10 shares held instead of a cash dividend. Profit after tax and interest is forecast to be $290 million in the current financial year, and Tide Co's equity comprises: Ordinary share capital ($1 shares) $1,000m Reserves $400m Tide Co's share price is $1.65 per share. What is the expected share price of Tide Co after the scrip dividend has been issued? (to 2 decimal places) A $1.82 B $1.65 C $1.50 D $0.17