1, Ordinary or preference shares may be issued.

2, Preference shares, particularly redeemable preference shares, are sometimes considered to be more akin to loan stock than share capital.

3, The issue of perpetual preference shares is being offered by underwriters led by Lehman Brothers.

4, The respective attributes of ordinary shares and preference shares have already been discussed.

5, Acceptances for the preference share offer totalled only 1.23 percent.

6, The offer also values each Lloyds preference share at 255. 5 pence.

7, Zero dividend preference shares are also being issued in a ratio of 37 for every 63 ordinary shares.

8, You can put me down for 50 preference share.

9, A preference share that can be converted into common shares at a fixed conversion price.

10, Any preference share may be issued on the terms that it is, or at the option of the Company is, liable to be redeemed.

11, Should the parent undertaking's consolidated balance sheet show a minority interest in respect of the preference shares?

12, Formal venture capitalists are also likely to want loan capital or preference shares; they may want these to be convertible.

13, Equity Capital is available in amounts from ￡100,[http:///preference share.html]000 and normally consists of a mix of preference share capital and ordinary equity.

14, The dividends are usually paid in priority to dividends on all other shares except for preference shares.

15, Venture capitalists will usually want ordinary shares as well as loan capital or preference shares in return for their investment.

16, Nevertheless, in terms of the rights which attach, redeemable preference shares are more akin to debt than shares.

17, It is widely expected that bondholders will then be asked to convert some of their holdings into a new convertible preference share.

18, So there is no requirement to recognise a minority interest in respect of the preference shares.