Some of the main points are...

They are preferential, which means they get an agreed fixed dividend ahead of any ordinary shares.

They are non voting so don't get a say at AGM. He will be on the board though.

They're redeemable (I think) in essence it's loan capital but it can be converted to equity... this is what Delia/Michael did when they initially loaned the club money... thus was debt and repayable until it was converted into equity.

I'm no expert and so I'll defer to other Wrath subject matter experts.

Posted By: Worthing Yellow, Aug 24, 12:50:22