Which of the following statements regarding the features of preference shares is true?

1. Participating preference shares are entitled to dividend payments above the stated rate

2. Redeemable preference shares must receive any unpaid dividends owed to them prior to ordinary shareholders receiving any dividends

3. Preference shares rank ahead of unsecured creditors in their claim on company assets in the event of liquidation

Select one:

I

II

III

I and II

I and III

II and III

I, II, and III

None of the statements are true