Proportional Voting Shares are employed to maintain Foreign Private Issuer status with the SEC by reducing the absolute number of shares held by US persons. As an American company listed on a Canadian stock exchange this provides simplified regulatory reporting. Without that status Schottensteins would be required to report and file in both Canada and the US which would be overly expensive and burdensome. Proportional Voting Shares are not Super Voting Shares, meaning the effective voting and economic interest of the holders are unchanged. Proportional Voting Shares (PVS) are immediately converted into common shares at the time of a trade in the market.
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