I am attempting to value an 11.42% shareholding in a business, but the shareholding in question is held in "B Class Shares".
These shares rank Parri Passu with the ordinary "A Shares" which are in issue save for the following:
1. There is no entitlement to dividends on B shares when they are declared on A shares
2. There are restrictions within the company's articles which cover the possible transfer of B shares (They must first be offered to other B class holders, followed by A and then to the company itself before any third party)
These restrictions also allow the controlling parties to refuse to register any transfer of B shares so long as they do so in the interest of the company.
Having already arrived at a 60% discount on the shares which relates to the holding being an 11.42% minority share, should any further discount be applied to recognise the fact that the specific shares in question are "B Class Shares", and in addition, have restrictions within the articles as mentioned above?