I don't understand how A and B shares work. At the moment, the Glazers family's share in the club is at 78% assuming that sales haven't gone through but if they reduced it down to 10%, they probably would be the majority owner because of B shares votes right? Or they'll be forced out by the shareholders to give up shares?
https://www.sec.gov/Archives/edgar/data/0001549107/000110465921035115/tm219125-2_424b7.htm#tDOSC
the offering prospectus has a description of share capital section. You canread about it there.
there’s a difference between voting control and economic ownership, though. Bs have 10 votes and As have one. If there were 100 shares outstanding, 90 As and 10 Bs, the 90 As would be entitled to 90% of the dividends but only 90/190 votes.
However, “At any time that the holders of the Class B ordinary shares together hold Class B ordinary shares representing at least 10% of the total number of Class A and Class B ordinary shares outstanding, the voting power permitted to be exercised by the holders of the Class B shares will be weighted such that the Class B shares shall represent, in the aggregate, 67% of the voting power of all shareholders entitled to receive notice of, attend and vote at any meeting convened to consider a special resolution.”
so basically as long as 10% of all shares are Class B shares,all Class B shares aggregated represents 67% of the voting power, so as long as they all vote together they can pass anything (I’m not a Cayman lawyer, but I don’t think there’s anything in the Cayman Islands Companies Law that requires greater than a 662/3% vote to pass, and certainly won’t be in the company’s organizational documents).