preference share

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preference share

a special type of share in a company, which has the characteristic that it confers an entitlement to a specified percentage rate of dividend that is payable in priority to the claims of ordinary shareholders. A company's share capital maybe split between ordinary shares and preference shares. Ordinary shareholders are entitled to the remaining profits that have been appropriated for the payment of dividends.
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Some preferred stocks have similar features, and Fitch does not distinguish between such hybrids and the comparable perpetual preferred shares.
This action was taken at a meeting of the Company's Board of Directors on June 23, 2004 pursuant to an agreement (the "Agreement") reached earlier with certain holders (the "Participating Preferred Stock Holders") of the Company's 7.
The dividends on the Series J preferred stock will be paid on December 31, 1995 to shareholders of record on December 15, 1995.