massive wall being built, page-25

I agree, i doubt any new preference shares will be issued anytime soon, but it is possible. the beppa constitution allows for issueing of shares that rank equally but not above. the reason its unlikely is investors would rather buy beppa at 12c than a new issue at $1.

the interest/dividend/coupon of beppa cant be diluted, but if more beppa were issued it would dramatically alter the maths regarding seeing $1 in 2012.