Market value of unquoted preference shares: dividend rate dictates valuation and reductions for unpaid dividends. Rule 1C (now omitted) valued an unquoted preference share issued before the valuation date at paid up value if its dividend rate was not less than eight per cent, and at adjusted paid up value if the rate was less than eight per cent. Where no dividend was paid for specified continuous accounting years ending on or before the valuation date, the paid up or adjusted paid up value was reduced by graduated rates for non cumulative shares and by one half those rates for cumulative shares. 'Adjusted paid up value' was defined by proportioning the paid up value to the stipulated dividend rate relative to eight per cent.
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Provisions expressly mentioned in the judgment/order text.
Market value of unquoted preference shares: dividend rate dictates valuation and reductions for unpaid dividends.
Rule 1C (now omitted) valued an unquoted preference share issued before the valuation date at paid up value if its dividend rate was not less than eight per cent, and at adjusted paid up value if the rate was less than eight per cent. Where no dividend was paid for specified continuous accounting years ending on or before the valuation date, the paid up or adjusted paid up value was reduced by graduated rates for non cumulative shares and by one half those rates for cumulative shares. "Adjusted paid up value" was defined by proportioning the paid up value to the stipulated dividend rate relative to eight per cent.
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