Some investors think that Prestige Entertainment’s repurchase program

Some investors think that Prestige Entertainment’s repurchase program was a bad deal for shareholders, because the company paid too much for its repurchased shares.

Over the last quarter, Prestige repurchased 717.16 million shares at an average price of $17.35 per share. Shares outstanding are now 11,235.51M and the stock price is $12.01, which analysts regard as its fair value. What price was Prestige trading for before the repurchase?
A) $11.28
B) $12.01
C) $12.33
D) $13.06
E) $14.03

ANSWER

C