What makes this a good speculative investment? Dividends are not cumulative. Lack of long term history abiding rule of law in Russia. In addition, these quasi preferred shares are subject to a lot of arbitrary regulations by the company itself. Not to mention that Putin hates them. Where do these shares go from here in a 9 bill debt-laden company? I can't see them receiving dividends in a long, long time. It may take years and a lot of restructuring before they ever get any money given potential covenants tied to the debt... Without divies, where's the value? Last but not least, Justice family appear to be net sellers here. And they own a chunk!
These preferred shares have nothing "preferential".
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