Further to the above comments this is my take on the situation..... All shares, ordinary and preference carry a vote. In the event of a winding up the sale proceeds remaining would be distributed among Ordinary shareholders after all debts (Bank, HMRC etc) have been cleared. That could include any remedial works which a purchaser of the land could demand. The Preference Shareholders would get their 12.5p per share back - hence term `preference` - the original share price as paid in 1919 - of course then it was two shillings and sixpence or half a crown..
With regard to the "dead" shares I believe 2 exercises were carried out by past boards to ascertain whether there was any significant financial benefit in cancelling and reissuing and both exercises concluded that the cost would wipe out the benefit.It's also worth noting that if these shares were resurrected the existing shareholders would have first call on them as they would in the case of the Club making a Rights Issue. Only if the existing shareholders opted to forego this option would the shares then be offered to new investors.