does the share represent a weight of gold or a litecoin value?
It is by weight. One share represents 1/1000th oz. of gold, currently worth about 23 LTC.
How does the trading of the shares work out?
Shares are traded just like any other shares on the Litecoin Global Stock Exchange. The shares are expected to always sell close to the price of gold because they can be exchanged for gold, but supply and demand determines the actual prices.