Holders of preferred shares in San Miguel Corp., as well as in other listed companies, are lucky because they are paid dividends ahead of common shareholders. The dividends due them are sourced to SMC’s unappropriated retained earnings, which totaled P121.975 billion as of March 31, 2015. This “turn-off” factor could be what has been “alienating,” to use the words of a reader of The Manila Times, investors in SMC’s listed common shares.

To better illustrate this “alienation,” the public may want to look more closely at SMC’s capital stock of nearly 3.725 billion shares, divided into 2.379 billion common shares and 1.346 billion preferred shares. The latter, in turn, are further divided into 279.406 million SMCP1; 721.012 million SMC2A; 90.428 million SMC2B; and 255.559 million SMC2C.

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