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Hard retractable preferred share
A preferred share that gives its holder the right to require the issuing company to buy back the share for cash as of a specified date with no option to effect the conversion into common shares of the company.
(1) The term hard is opposed to soft and means "for cash." It simply refers to a retractable preferred share, as opposed to a retractable preferred share with a conversion feature.
(2) In general, the issuer has the right to buy back this type of preferred share at a premium before the retraction date.