I know there's been a bit of discussion around this in the past,...

I know there's been a bit of discussion around this in the past, but why do the Village Roadshow Preference Shares (VRLPA) trade at a discount to the ordinary Village Roadshow Shares (VRL)?

On face value, the prefs seem like they would trade at a premium given the higher dividends and conditions attached if the company was ever wound up.

I may be an old cynic, but logic tells you investors generally aren't stupid and there must be a reason why the prefs trade at a discount.

Thoughts?