Dual-class shares
A capital structure in which different classes of ordinary shares carry unequal numbers of votes per share.
How to read the number
It lets founders keep control while raising outside money: the capital comes into one class and the votes stay in the other.
When the metric lies
A holder of the junior class shares in the profit but cannot change management. The structure is uncommon on the Russian market and is met mostly among foreign issuers.
Also known as: dual class