Shareholders' agreement
A contract among holders governing how they will vote and how they may deal with their shares.
How to read the number
It lets a group act as one without merging their stakes: formally the holdings are separate, in practice the vote is single.
When the metric lies
The agreement binds its signatories, not the company, and an outside holder sees only as much of it as the parties chose to disclose.
Also known as: shareholders agreement