Hi all! Been away, but I wanted to stop in and add a few words about preferred stock. Then you can use the info to dig down deep like I know only this EFGO crew can.
First we have to think of preferred stock as having features of both equity and debt securities. Preferred stock is an equity security because it represents ownership in the corporation. However it does not normally offer the appreciation potential associated with common stock. Like a bond, preferred stock is usually issued as a fixed-income security with a fixed dividend. Its price tends to fluctuate with changes in interest rates rather than with the issuing companies credit quality. And as stated by others here, unlike common stock, most preferred stock is nonvoting. As far as we can see the preferred we are speaking about do have voting rights attached to them. Very rare to have the voting rights attached as ratso1 already pointed out.
Now the other thing to consider here is the par value of the preferred shares. Normally a preferred stock is identified by its annual dividend payment stated as a percentage of par, usually $100. 2000 X 100=????? Now we are taking care of Garr. For example a preferred stock with a par value of $100 that pays $6.00 in annual dividends is known as a 6% preferred. The dividend of preferred stock with no par value is stated in a dollar amount such as a $6.00 no-par preferred.
Another detail to consider is that preferred stock dividends like common stock dividends are not guaranteed. They are often paid semiannually as declared by the Board of Directors....Minaco..Garr..???? Who knows at this point??
Other benefits to owning preferred shares is when and if the Board of Directors declares dividends, they recieve their dividends before common stockholders. And if the company should go bankrupt, preferred stockholders have a priority claim over the common on the assets remaining after creditors have been paid.
And yes there are a variety of preferreds including, adjustable-rate, straight, cumulative, convertible, participating, and callable preferreds.
So I think the take away here is that you need to view a preferred more like a bond than a typical equity share. If it was to be traded it would fluctuate in price more like a debt instrument. The fixed rate of dividend payment causes preferred stock to trade like bonds. When interest rates rise the preferred price falls. Conversely when interest rates fall the preferreds stock price rises. This relationship is known as an inverse relationship between price and interest rates.
And as we all know the huge voting rights attached are the main consideration here with these preferred shares. No point in spinning our wheels guessing about things until we have more details.
Also, I have not been posting lately for lack of time and the old, if you dont have something good to say dont say............... Well what I can say is that I hope this EFGO story ends extremely well for everyone here.
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