ManuTeX, Ltd has 5 million in cash that will be used to repurchase shares. The plan has already been appropriately announced to the market. ManuTeX is currently an all-equity firm with 5 million shares outstanding, each trading at 12 per share. ManuTeX has not issued any other securities except for stock options granted to employees. The market value of the options is currently 8 million. Assuming perfect capital markets, what is the market value of equity after the repurchase? State your answer as a whole number without any decimal points.