This memorandum discusses the suggested alternatives for business expansion, including share buyback and different types of preference shares. It explains the benefits of share buyback for shareholders and the differences between cumulative and non-cumulative preference shares, as well as convertible and non-convertible preference shares. The memorandum also discusses the effect of convertible preference shares on the earnings per share (EPS) of the company. The conclusion recommends issuing preference shares with non-cumulative and convertible features as external funds for expanding business operations overseas.