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He recounted the story as we drove across town, in his black Ford S.U.V. "The government was selling 20.4 per cent of Telmex voting stock with an option for five per cent of non-voting stock," he said.
He has two class of voting stock.
L. 96 592 inserted provisions respecting entitlement to hold voting stock.
Nonvoting stock tends to trade at a discount of 4 to 10 percent below voting stock.
The Sulzbergers control a majority of voting stock in the Times Company through a family trust.
Murdoch personally holds another 1% of voting stock through a separate trust outside the family block.
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Eight of Investor's core investments contain high-voting stock.
As a theoretical matter, initial public offerings of limited or non-voting stock can never harm investors.
This IPO is also for non-voting stock, which makes this a special case.
Most shareholders have non-voting stock.
The more widely traded A shares, the non-voting stock, closed at $28.90, up 1.4%.
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