CGOV.2:4.2 - Recover rights before calculating percentages

Identify the relevant interests, their holders and the terms that affect this matter. Separate the registered holder from a person entitled to economic benefits or able to instruct the holder when that distinction changes exercise of the right.

For each material interest, recover the needed rights from its terms: participation in a specified distribution, votes for this resolution, class approval, appointment or removal, transfer, or conversion. These are possible rights, not a claim that every share carries each one. Record dates, expiry, default or conversion can change the answer. An unexercised option can matter to a future scenario without supplying present votes.

Keep the source and uncertainty with a contested right. Reuse sufficient established terms. Investigate an additional holding, agreement or intermediary only when its resolution can change the receiving result.