As with most people in the recent days, I have been googling around on Hyflux's preference shares, but sadly nothing much can be found. One of the best analysis out there is done by this blogger: http://bullythebear.blogspot.com/2011/04/hyflux-preference-shares-part-1.html He has written a trilogy as well! Considering that the deadline for subscription is like 3 days from now, I guess this will be the first and last post for me. I will simply summarize the pros and cons briefly here: Here's the good part first. 1. The dividends are cumulative - ie if they fail to pay one time, they must make up next round, ie you will more or less get your 6% over time. 2. The dividend must be paid as long as common shareholders are paid, Hyflux dividend track record is ok, not super stellar but at least got dividend every year, albeit the yield is ...