A company has issued both ordinary shares and preference shares. The directors propose to reduce the dividend rate payable on the preference shares. Under the Companies Act 2006, what is the statutory procedure required to vary these class rights?

Section 630 of the Companies Act 2006 protects class rights. To vary the rights attached to a specific class of shares (like preference shares), the company must obtain either written consent from the holders of at least 75% in nominal value of the issued shares of that class, or a special resolution passed at a separate general meeting of the holders of that class.