A company is planning to repurchase some of its shares.

A company is planning to repurchase some of its shares. Relevant details are as follows:

   • 100 million shares in issue

   • Current share price $5

   • 5 million shares to be repurchased

   • 10% repurchase premium

   • Repurchased shares to be cancelled

What would you expect the share price after the repurchase to be?

Give your answer to two decimal places.

$ ?