Companies often classify different classes (=types) of shares using letters. C share is used most commonly to describe a new class of shares issued by an investment company. The C shares have their own portfolio while the money raised by issuing them is invested. When the Board judges that the C share portfolio is sufficiently invested, the C share portfolio will be merged with the normal portfolio and the C shares converted into ordinary shares (using a formula based on their respective net asset values). The reason for doing this is to avoid the old shareholders’ portfolio being diluted by a huge injection of cash and having to bear the costs of investing that cash.
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