Preference shares are a special class of stock that carries superior rights to ordinary shares. Like bonds, their dividends are fixed, and they rank higher than ordinary shares if a company goes into liquidation. Preference dividends must be paid out before ordinary dividends are - and if a payment is not made, then it rolls up.
There are only a hundred or so preference shares left on the UK market and liquidity is thin in many of them. However, the pref share market is not very efficient so there are many pricing anomalies to be exploited.
For a full guide to preference shares, see our November 2010 feature on the subject.
List of key UK preference shares
Where a link is present, it takes you to the prices, charts and data for that particular issue. We have not included issues where there is little or no online data.
| Company | TIDM | Coupon % | Date | Type |
|---|---|---|---|---|
| Abbey National | 10.375 | - | ||
| AECI | 87FZ | 5.5 | – | Cum R2 |
| Antofagasta | 70GD | 5 | – | Cum £1 |
| Ashpol | BC24 | 10 | – | Cum £1 |
| Associated British Engineering | BB65 | 8 | – | Cum Red £1 |
| Associated British Engineering | 4.9 | – | Cum £1 | |
| Aviva | AV.A | 8.75 | – | Cum Irred £1 |
| Aviva | AV.B | 8.375 | – | Cum Irred £1 |
| BBA Aviation | 77GE | 5 | – | Cum £1 |
| Bellway | BWYA | 9.5 | 6 Apr 14 | Cum Red |
| Bioquell | 58HG | 7.5 | – | Cum Red £1 |
| Blacks Leisure | 40GY | 10 | – | Cum £1 |
| Henry Boot | 5.25 | – | Cum £1 | |
| BP (2nd) | BP.B | 9 | – | Cum £1 |
| BP (1st) | BP.A | 8 | – | Cum £1 |
| TF & JH Braime | BMTP | 5 | – | Cum £1 |
| Bristol & West | BWSA | 8.125 | – | £1 |
| Bristol Water | BWRA | 8.75 | – | Cum Irred £1 |
| Broadstoner | 56IF | 4.2 | – | Cum £1 |
| Brunner Investment Trust | 44GL | 5 | – | Cum Stock |
| Caffyns | 78GL | 6.5 | – | Cum 1st £1 |
| Caffyns | 79GL | 10 | – | Cum £1 |
| Chapelthorpe | CPLP | 6 | – | Cum £1 |
| Chapelthorpe | CPLC | 5.75 | – | Cum £1 |
| Chemring | 4.9 | – | Cum 7% | |
| City of London (2nd) | CTYA | 4.2 | – | Non-cum £1 |
| City of London (1st) | BA69 | 6 | – | Cum £1 |
| City of London (Prefd) | 20 | – | £1 | |
| Close UK Ind | – | 15 Nov 12 | Zero | |
| Co-op Bank | CPBB | 9.25 | – | Non-cum irred £1 |
| Cobham (2nd) | 85GU | 6 | – | Cum £1 |
| Croda International | 49GP | 6.6 | – | Cum £1 |
| Croda International | 50GP | 5.9 | – | Cum £1 |
| Delta (2nd) | 4.5 | – | Cum £1 | |
| Delta (1st) | 6 | – | Cum £1 | |
| Dunlop Plantations | 75GR | 6 | – | Cum £1 |
| Ecclesiastical Insurance Office | ELLA | 8.625 | – | Non-cum irred £1 |
| Edinburgh New Zero | ENIZ | – | 31 May 11 | 1p shares |
| Epic Securities | EQPZ | – | – | Zero 10p shares |
| Fishguard & Rosslare Railways & Harbours | 72GU | 3.5 | – | Guaranteed Pref Stock |
| Fuller, Smith, Turner (1st) | 53GW | 6 | – | Cum £1 |
| Fuller, Smith, Turner (2nd) | 54GW | 8 | – | Cum £1 |
| Gartmore Global | 3.75 | – | Cum £1 | |
| General Accident | GACB | 7.875 | – | Cum Irred £1 |
| General Accident | GACA | 8.875 | – | Cum Irred £1 |
| Guildhall Property | 68GY | 6 | – | Cum £1 |
| Heavitree | HVTB | 11.5 | – | – |
| Henderson Smaller Companies | 44IO | 4.5 | – | Cum Stock |
| HSBC Global | – | 30 Sep 11 | Zero | |
| Investors Perp Rec | – | 27 Oct 11 | Zero | |
| Investec IT | 3.5 | – | Cum Stock | |
| Investec IT | 5 | – | Cum Stock | |
| Investment Company | 7 | – | – | |
| James Halstead | JHDA | 5.5 | – | – |
| John Lewis | BC32 | 7 | – | – |
| John Lewis | 5 | – | – | |
| John Lewis | 5 | – | – | |
| John Lewis | 7.5 | – | – | |
| JP Morgan Private Equity | JPZZ | – | – | Zero 1p shares |
| JPMF Income & Capital | – | – | Zero 1p shares | |
| Jupiter Dividend & Growth | JDTZ | – | 30 Nov 11 | Zero |
| James Latham | 8 | – | – | |
| Lloyds Banking | LLPC | 9.25 | – | Non-cum irred |
| Lloyds Banking | LLPD | 9.75 | – | Non-cum irred |
| Lloyds Banking | 6.09 | – | Non cum fixed/floating | |
| Lloyds Banking | 6.475 | – | Non-cum | |
| London & St Lawrence | 5 | – | Cum £1 | |
| Low & Bonar 1st | BD46 | 6 | – | Cum £1 |
| Low & Bonar 2nd | BD70 | 6 | – | Cum £1 |
| Low & Bonar 3rd | 5 | – | Cum £1 | |
| M&G Equity | MEQZ | – | 08/03/2011 | Zero 1p shares |
| M&G High Income | MGHZ | – | 17/03/2017 | Zero 1p shares |
| Manganese Bronze | BB43 | 8.25 | – | – |
| Marston's | 92IP | 6 | – | Cum participating £1 |
| Menzies,J | 68HN | 9 | – | Cum £1 |
| Merchants Trust | 72HN | 3.65 | – | Cum £1 |
| Morgan Crucible 2nd | BA29 | 5 | – | Cum £1 |
| Morgan Crucible 1st | BA05 | 5.5 | – | Cum £1 |
| Mucklow, A&J | 37HR | 7 | – | Cum £1 |
| Narborough Pl | 20 | – | Cum 10p | |
| Natwest "A" | 9 | – | Non-cum £1 | |
| Northern Electricity | NTEA | 8.061 | – | Cum 1p |
| Northgate | 67GX | 5 | – | Cum 50p |
| Premier Energy & Water | – | 31/12/2010 | Zero 1p shares | |
| R E A | 9 | – | Cum £1 | |
| Raven Russia | RUSP | 12 | 31/12/1949 | – |
| Renold | 32ID | 6 | – | Cum £1 |
| Reo Securities | REOP | – | – | Zero 0.001p shares |
| Rights & Issues | 45ID | 0.5 | – | Cum £1 |
| Rotork | 76ID | 9.5 | – | Cum £1 |
| Royal Bank of Scotland | 5.5 | – | Cum £1 | |
| Royal Bank of Scotland | 11 | – | Cum £1 | |
| RSA Insurance | RSAB | 7.375 | – | Cum Irred £1 |
| S&U | 6 | – | Cum £1 | |
| S&U | 47IE | 31.5 | – | Cum 12.5p |
| Santander UK | SANB | 8.625 | – | Non-cum £1 |
| Simons | 64IG | 7.5 | – | Cum £1 |
| Standard Chartered | STAC | 8.25 | – | Non-cum irred £1 |
| Standard Chartered | STAB | 7.375 | – | Non-cum irred £1 |
| Stewart & Wight | 91II | 6 | – | Cum 33.5p |
| Tate & Lyle | BD15 | 6.5 | – | Cum £1 |
| Volex | 7 | – | Cum £1 | |
| Witan Investment | 87IP | 3.4 | – | Cum £1 |
| Witan Investment | 86IP | 2.7 | – | Cum £1 |
| 3i | 3.75 | – | Cum £1 |
