Info been looking at from the companies register: Shareholdings (companiesoffice.govt.nz) So I'm guessing the A class shares are being dribbled out as new investors buy in?
The Class A/B shares ties in with their constitution:
2.4 Rights attaching to Class A Shares and Class B Shares Unless otherwise provided by the terms of issue or by this Constitution:
(a) The Class A Shares confer on the holder each of the following rights:P a g e 5 | 34
(i) holders of Class A Shares are entitled to 97% of the total voting rights of all Shareholders in proportion to their Shareholding
(ii) Subject to clause 4 of this Constitution, holders of Class A Shares are entitled to not less than 97% of all Dividends authorised by the Board, to be distributed to the holders of Class A Shares in proportion to their Shareholding;
(iii) Upon the liquidation of the Company not less than 97% of the Surplus Assets shall be distributed to the holders of Class A Shares in proportion to their Shareholding.
(b) The Class B Shares confer on the holder each of the following rights:
(i) holders of Class B Shares are entitled to 3% of the total voting rights of all Shareholders in proportion to their Shareholding;
(ii) Subject to clause 4 of this Constitution, holders of Class B Shares are entitled to not less than 3% of all Dividends authorised by the Board, to be distributed to the holders of Class A Shares in proportion to their Shareholding;
(iii) Upon the liquidation of the Company not less than 3% of the Surplus Assets must be distributed to the holders of Class B Shares in proportion to their Shareholding.
My main query is how they value themselves at $3.99.
As an aside, NBR article behind the paywall: One-of-a-kind crypto offer fails to take off | NBR