In reference to preference shares, 'non-participating' means that a holder of such shares:

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Non-participating preference shares do not participate in bonuses such as special dividends or bonus shares, but they still receive a fixed dividend payment. They may or may not be able to vote at the annual general meeting, and they cannot convert them into ordinary shares. However, they do not miss out on any missed dividend payments.

In Reference to Preference Shares, 'Non-Participating' Means That a Holder