MORE Bhd has already issued 200,000 ordinary shares and 50,000 redeemable preferences shares. All of the shares are fully paid for. The redeemable preference shares have a cumulative dividend fixed at 7% per annum and priority in the return of capital upon winding up. MORE Bhd has been operating at a loss for several years. Its current asset value is estimated at RM100,000 only. The management plans to reduce their liabilities and tidy up their balance sheet. They are considering a few alternative proposals. The proposals are as follows: a) cancel the shares that are no longer represented by available assets; b) alter the preference shares dividend to 4% non-cumulative; or c) redeem all the redeemable preference shares. Advise the company on how they can do the above proposal, highlighting the legal requirements for each proposal. Support your answer with relevant statutory provisions and case laws, if any. MORE Bhd has already issued 200,000 ordinary shares and 50,000 redeemable preferences shares. All of the shares are fully paid for. The redeemable preference shares have a cumulative dividend fixed at 7% per annum and priority in the return of capital upon winding up. MORE Bhd has been operating at a loss for several years. Its current asset value is estimated at RM100,000 only. The management plans to reduce their liabilities and tidy up their balance sheet. They are considering a few alternative proposals. The proposals are as follows: a) cancel the shares that are no longer represented by available assets; b) alter the preference shares dividend to 4% non-cumulative; or c) redeem all the redeemable preference shares. Advise the company on how they can do the above proposal, highlighting the legal requirements for each proposal. Support your answer with relevant statutory provisions and case laws, if any