It clearly states that the preference shares are irredeemable.
Hence redeeming them through a return of capital is contrary to the rights of the preference shares and would require a class vote. Similarly the shares have been described in the short description as being irredeemable.
Schedule 10A of FSMA 2000 states:
https://www.legislation.gov.uk/ukpga/20 ... hedule/10A
the law wrote:PART 2
LIABILITY IN CONNECTION WITH PUBLISHED INFORMATION
Liability of issuer for misleading statement or dishonest omission
3(1)An issuer of securities to which this Schedule applies is liable to pay compensation to a person who—
(a)acquires, continues to hold or disposes of the securities in reliance on published information to which this Schedule applies, and
(b)suffers loss in respect of the securities as a result of—
(i)any untrue or misleading statement in that published information, or
(ii)the omission from that published information of any matter required to be included in it.
(2)The issuer is liable in respect of an untrue or misleading statement only if a person discharging managerial responsibilities within the issuer knew the statement to be untrue or misleading or was reckless as to whether it was untrue or misleading.
(3)The issuer is liable in respect of the omission of any matter required to be included in published information only if a person discharging managerial responsibilities within the issuer knew the omission to be a dishonest concealment of a material fact.
(4)A loss is not regarded as suffered as a result of the statement or omission unless the person suffering it acquired, continued to hold or disposed of the relevant securities—
(a)in reliance on the information in question, and
(b)at a time when, and in circumstances in which, it was reasonable for him to rely on it.
4An issuer of securities to which this Schedule applies is not liable under paragraph 3 to pay compensation to a person for loss suffered as a result of an untrue or misleading statement in, or omission from, published information to which this Schedule applies if—
(a)the published information is contained in listing particulars or a prospectus (or supplementary listing particulars or a supplementary prospectus), and
(b)the issuer is liable under section 90 (compensation for statements in listing particulars or prospectus) to pay compensation to the person in respect of the statement or omission.
Which puts the company in a difficult position. If they advertise the investments are irredeemable and find a loophole through which they can be redeemed at par then they can be liable under FSMA.