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Question
How do preference shares differ from ordinary shares?
1
Preference shares carry more votes than ordinary shares and receive dividends last
2
Preference shares are only available to institutional investors and cannot be listed on a stock exchange
3
Preference shares represent a debt obligation and must be repaid at face value within ten years
4
Preference shares pay a fixed dividend ahead of ordinary shareholders and rank above them in liquidation, but typically carry no voting rights
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