Which of the following is not a characteristic of preference shares?

Preference shares are a special category of share capital that grants shareholders certain priority rights over equity shareholders: • They are considered a type of equity but with preferential rights over dividend distribution and repayment of capital at winding up (Statement A → True). • Preference shareholders are generally entitled to a fixed dividend (Statement B → True). • They do not carry voting rights, except in special circumstances (Statement C → True). • Importantly, dividends on preference shares are paid before equity shareholders, not after (Statement D → False). • Certain types of preference shares may also come with a fixed maturity/redemption period (Statement E → True).