51.   Waxley said removing the phrase would be interpreted as meaning that preference shares held by Elliott and others could not be turned into ordinary stock.

52.   Katsuta said Daiwa Bank was not considering issuing preference shares or other paper to boost its capital adequacy ratio.

53.   Murdoch defended his plans to issue limited preference shares and said the company planned no major acquisitions and was not involved in any negotiations for a major purchase.

54.   The bank said it would study issuing preference shares to improve its capital adequacy ratios.

55.   The group was also expected to announce the re-organisation of preference shares, according to the Financial Times.

56.   The FSA is mulling the change in case the government injects public funds into banks in the form of preference shares for recapitalisation.