问题如下：
Which of the following statements is not the advantage of convertible preference shares?
选项：
A.The conversion option becomes more valuable when the common stock price increases.
B.The preferred dividend is higher than a common dividend.
C.Convertible preference shares make it possible for minority shareholders to have more proportional representation on the board.
解释：
C is correct.
Rather than convertible preference shares, cumulative voting would benefit minority shareholders to have proportional representation on the board by allocating their votes to one or more candidates as they choose.
C选项，优先股股东本来就是少数没有投票权，当可转换优先股变成普通股时，他们不就有投票权了吗？不就增加了他们在董事会的存在感吗？
