Classes of shares
Read the excerpts of the Articles of Association of an operating UK company. What types ofshares are mentioned? What rights do these types of shares convey to their owners? What typesof shares are there under Bulgarian law?
Classes of shares
3 Form of the Company’s share capitalThe Company’s share capital at the date when these Articles are adopted is £9,000,000. Thisis made up of 1,500,000 preference shares of £1 each and 15,000,000 ordinary shares of £0,50each...
4 Rights of Preference Shares
4.1 If the Company has profits which are available for distribution, the holders of PreferenceShares are entitled, before the holders of any other class of shares, to be paid in respect of eachfinancial year, or any other accounting period of the Company, a fixed cumulative preferentialdividend at the rate 8 per cent per annum on the nominal value of the Preference Shares…
4.5 If the company is wound up, the holders of Preference Shares are entitled, before the holdersof any other class of shares:
a) repayment of the amount paid up on the nominal value of each Preference Share;
b) the amount of any dividend which is due for payment on, or after, the date the winding upcommenced which is payable for a period ending on, or before, such date...
5 Rights of Ordinary Shares
5.1 If the Company has profits which are available for distribution when all the cumulated dividendshave been paid to the holders of Preference Shares, or set apart for payment in accordancewith the provisions of Clause 4.1 hereof, such profits shall be distributed among theholders of Ordinary Shares per share participation…
5.3 The holders of Ordinary Shares are entitled to receive notice of General Meetings, or to attend, speak and vote at General Meetings.
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