ll.Three CMS Forms A.Dual Class Equity Structure 1.Structure Other Shareholders' Controller's Share Share More voting ·Less voting rights rights
Controller’s Share • More voting rights Other Shareholders’ Share • Less voting rights
ll.Three CMS Forms A.Dual Class Equity Structure 2.Incidence Not the most common CMS structure Common in Sweden and South Africa Reason Corporate Law Restrictions Partly
Not the most common CMS structure Reason Corporate Law Restrictions Partly Common in Sweden and South Africa
ll.Three CMS Forms B.Stock Pyramids 1.Structure Controlling Control Shareholder Company A Company Control A Company B 0。p0●p Company Company in N CMS Form
Controlling Shareholder Company A Control Company A Control Company B Company N Company in CMS Form ……
ll.Three CMS Forms B.Stock Pyramids 1.Structure Controlling Shareholder Company A Cash Flow Rights In Company N Company N
Controlling Shareholder Company A ………… Company N
ll.Three CMS Forms B.Stock Pyramids 2.Incidence the most common CMS structure Quite common in Asian companies
the most common CMS structure Quite common in Asian companies