Subject: Re: FYI, buybacks
Wouldn't you expect arbitrage of some sort to close that gap whenever it's larger than, let's say, 2%?

I'd expect arbitrage to keep the two share price ratios in the rough vicinity of the economic interest ratio of 1500:1, yes.

But that's a different question from what the preference of head office might be when contemplating buybacks on any given day. They prefer A shares. Wasn't a 3% premium mentioned in the owner's manual?

Jim