Metal and electrical manufacturer CMI is the latest company looking to change the original terms and conditions of its convertible preference share issue, blaming changes in international accounting standards.
Convertible preference shares pay a rate of interest like a debt instrument, but can contain an equity component, giving investors the option to convert into stock or get their original investment back in cash at a set date.
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Philip Baker writes on markets specialising in bonds, equity markets and currencies. Based in our Sydney newsroom, Phil is a markets columnist. Connect with Philip on Twitter. Email Philip at pbaker@fairfaxmedia.com.au
