I don't see how they can "sell the company". That works in the US, but not under "English" law. They can sell the assets, not the company (to sell the company, what they do is sell their shares, in which case the Prefs stay as is).
For whatever it is worth, let me clarify: it were 1,000 shares we were talking about here, I would not have spent a single second on this board. This is for real.
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