Ann: Update on Quickflix Restructure and Capital Raising, page-2

"In order to progress a capital raising and pursue corporate transactions the Company’s board is seeking to restructure the existing redeemable preference shares (“RPS”) held by Stan Entertainment Pty Ltd (“Stan”) a company that operates its own SVOD business, owned by Nine Entertainment Co. (ASX: NEC) and Fairfax Media Ltd (ASX: FXJ). The RPS ranks ahead of ordinary shareholders with respect to dividends and capital returns and whilst from a legal perspective it constitutes equity, accounting standards require it to be recorded as debt in the Company’s accounts. The face value of RPS is presently $11,653,329. Whilst Stan can only ask for redemption of RPS in limited circumstances, the Company is not in a position to fund redemption and any new equity raised by the Company will rank behind the RPS. The existence of this right is a significant disincentive for incoming investors. The board and its advisors therefore believe that securing necessary investor support for an equity capital raising, including an offer to existing shareholders, is likely to be conditional on Stan agreeing to restructure the RPS. "

what's the word i am looking for, snookered?