Earlier quoted context omitted.
I think you are mistaken. The pages are split -- see that closed quote and parenthesis. That quote is a continuation from pdf page 3, which has the opening parenthesis. Each of the cells for classes A, B, C overflow onto one page (each) that follows. So the C holders are entitled to a distribution on sale or repurchase, but not an annual distribution. > The Preferred 'C' Shares are entitled to receive dividends (and…
I didn't say it was an annual distribution. I was quantifying the 'plus any return owed' in the original article. In a sale, the C holders get the greater of: A) a % of proceeds as if all shares were ordinary shares, or B) what they paid the company for their shares PLUS 18% per annum accrued interest. So if the company were sold 9 years after they invested X, and the sale proceeds were less than 4X, the C shareholde…
You're quite right, I misread your post. Gonna learn to read one today, but clearly not today.