11.   Nevertheless, in terms of the rights which attach, redeemable preference shares are more akin to debt than shares.

12.   Preference shares normally carry no rights to vote except on a resolution for the winding up of the company, or to modify the rights attaching to the shares.

13.   Nevertheless, it is common that preference shares with a right to a cumulative dividend obtain voting rights if the dividend is in arrears for a specified period.

14.   The dividends are usually paid in priority to dividends on all other shares except for preference shares.

15.   An offer of preference shares, while not conferring an opportunity to participate in future growth or general voting powers, may have certain attractions.

16.   Preference shares, particularly redeemable preference shares, are sometimes considered to be more akin to loan stock than share capital.

17.   Finally, transfers of preference shares attract stamp duty at one half per cent whereas transfers of loan stock are generally exempt.

18.   Finally, preference shares will not be qualifying corporate bonds and consequently will offer roll-over as distinct from hold-over relief to accepting shareholders.

19.   The respective attributes of ordinary shares and preference shares have already been discussed.

20.   Each receipt equals four News Corp. preference shares.