2017-01-31 15:54:31 UTC
Conversion is easy. FWONB can always be converted, one-for-one, to FWONA. FWONA and FWONK have no conversion opportunities.
Voting is less clear. FWONA has one vote per share. FWONB has ten votes per share. FWONK has no voting rights. But what the voting is for is a mystery. (for example, do FWONA and FWONB vote on the same issues? Or is there different voting for the two listings?)
At the end of the day I went for 50 shares of the FWONB. FWONK just sounds bad. Literally, fa-won-k. I gambled that the 10 votes per share and convertibility at some point made the FWONB a better deal than the FWONA.
Its all a punt anyway so we will see how it plays out.
PS. I actually made a pile of cash on the CART offering. I bought into it just before all the rumors about Bernie buy them hit and the stock jumped. I kept one share so I could have the certificate which is quite nice. I bought Ferrari to get the certificate as well only to find out they don't issue them anymore. Such a shame.