village takeover - prefs convert to normal shares

Under the Village constitution in the event of a takeover the Prefs convert to normal shares - so lets hope for a takeover!!! see below:

From the age today:
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There was also heightened speculation about a takeover bid for the Australian entertainment company from a mystery offshore investor that has been buying large parcels of Village ordinary stock.

There have been suggestions that the buyer is friendly to Village co-chairmen Robert and John Kirby, who control about 47 per cent of the ordinary stock
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Anyone know anything more about this??

Ed