Health plc is an all-equity financed, listed company in the pharmaceutical industry which produces a small, specialist range of drugs that treat heart disorders. The drugs are protected by an international patent as soon as new research and development has progressed sufficiently. On 1 March 2023, following many years of testing, a new drug, goodheart, was given government approval in Botswana. It was approved for use in most other countries during April and May 2023. Sales of goodheart will commence on 1 January 2024. The company's accounting year-end is 31 December. Including the earnings generated by sales of goodheart, the company could pay a total annual dividend of BWP32.2 million in each of the years ending 31 December 2024 to 31 December 2028. Thereafter, it is expected that competitors will develop similar drugs and most of the excess profits will disappear, in which case the company could pay a total annual dividend of BWP19 million from 31 December 2029 onwards. (Assume for simplicity that dividends are declared and paid on the 31 December each year). In order to manufacture goodheart, it will be necessary to raise BWP80 million of new capital on 1 January 2024 to finance the purchase of equipment.