pref shareholders are up the creek

Per announcement:

The Australian Securities and Investments Commission (ASIC) today announced the conclusion of its enquiries into the suspension of preference share dividends by Village Roadshow Limited (VillageRoadshow).

ASIC found that the decision by the board of Village Roadshow to suspend preference share dividends was permitted under the constitution of the company. ASIC's findings are supported by advice
from senior counsel.

ASIC considers that in future, issuers of preference share prospectuses should comprehensively disclose any risk of the suspension of dividends.