Arnaud Ajdler · activist-deck
Dye & Durham Limited (DND)
112 pages · 3 arc beats · 2 loops
Dye & Durham Limited (DND)
Arnaud Ajdler · 2024-12 arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
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Deck intelligence map
3 coverage by narrative range · generated from this deck JSON
Narrative range 60 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
The Board's failures 20 slides 100% 20/20 slides 100% 20/20 slides · 137 hits — 0/20 slides
30% 6/20 slides · 7 hits 75% 15/20 slides 100% 20/20 slides 30% 6/20 slides The struggle for change 20 slides 100% 20/20 slides 100% 20/20 slides · 143 hits — 0/20 slides
10% 2/20 slides 75% 15/20 slides 100% 20/20 slides — 0/20 slides
The path to victory 20 slides 100% 20/20 slides 100% 20/20 slides · 139 hits — 0/20 slides
15% 3/20 slides · 4 hits 65% 13/20 slides 100% 20/20 slides 30% 6/20 slides Slide inventory
112 every slide · same image gating as the playbook
01
Includes branding for both Engine Capital and Dye & Durham, and a call to action for the proxy vote.front_matter
Open slide detailBeat · The Board's failures
05
The slide highlights both the firm's general strategy and specific case studies of successful activism.establish_context
Open slide detailBeat · The Board's failures
07
The timeline uses color-coding (green for Engine actions, red for DND obstruction/negative actions) to frame the narrative.frame_situation
Open slide detailBeat · The Board's failures
08
The slide uses a line chart to correlate specific activist milestones with share price movements.illustrate_case
Open slide detailBeat · The Board's failures
09
Uses a three-column layout to contrast the problem, the goal, and the solution.frame_problem
Open slide detailBeat · The Board's failures
10
Uses a series of rhetorical questions to frame the board's actions as contradictory and untrustworthy.expose_contradiction
11
Uses a waterfall chart to show the gap to the $1B target and a bar chart to show acquisition multiple discrepancies.name_villain
12
Uses a 'Management Says One Thing... But Then Does Another' framing to highlight hypocrisy.expose_contradiction
13
The chart uses negative percentages to highlight value destruction relative to benchmarks.compare_peers
14
The slide uses a scorecard format to systematically dismantle the leadership's credibility across talent, strategy, capital allocation, and execution.diagnose_problem
15
Uses a media clipping from The Globe and Mail to substantiate claims of a 'ransom' payment.expose_contradiction
17
The slide uses a callout box to point out that activity has slowed since the activist investor (Engine Capital) became involved.preempt_rebuttal
Open slide detailBeat · The Board's failures
18
Uses visual evidence (screenshots) to contradict management's stated strategy.expose_contradiction
Open slide detailBeat · The Board's failures
19
Uses a screenshot of the software interface to prove the legacy ESILAW branding remains visible.expose_contradiction
Open slide detailBeat · The Board's failures
20
Uses a waterfall-style logic to show how price increases mask customer losses.expose_contradiction
Open slide detailBeat · The Board's failures
21
The slide uses a bar chart to contrast negative/low growth of the subject company against higher market and peer growth metrics.compare_peers
Open slide detailBeat · The struggle for change
22
Uses a combination of press clippings, org chart analysis, and employee testimonials to build a case against the CEO and Board.name_villain
Open slide detailBeat · The struggle for change
23
Uses a 2x3 grid layout to categorize failures.name_villain
Open slide detailBeat · The struggle for change
24
Uses a timeline-style flow to illustrate a narrative of board mismanagement and defensive tactics.expose_contradiction
Open slide detailBeat · The struggle for change
25
The slide uses visual evidence (screenshots of legal letters) to support the claim of board entrenchment.expose_contradiction
Open slide detailBeat · The struggle for change
26
The slide uses a news clipping and a direct quote from counsel to frame the board's actions as self-serving entrenchment rather than genuine operational necessiexpose_contradiction
Open slide detailBeat · The struggle for change
27
Uses a news clipping as a primary source of evidence to frame the board's actions as a 'sideshow' and 'broken culture'.expose_contradiction
Open slide detailBeat · The struggle for change
30
Uses a classic 'He said / She said' or 'Claim vs. Fact' structure to discredit the board.expose_contradiction
Open slide detailBeat · The struggle for change
31
Uses a classic 'They say / We say' structure to discredit management claims.expose_contradiction
Open slide detailBeat · The struggle for change
32
Uses a side-by-side comparison of management quotes vs. market data to expose a contradiction.expose_contradiction
Open slide detailBeat · The struggle for change
33
Uses headshots and text descriptions of board turnover to argue against the efficacy of current leadership.expose_contradiction
Open slide detailBeat · The struggle for change
34
The slide uses a visual distinction (pink vs grey borders) to categorize directors as 'Incumbent' vs 'New', while highlighting that the 'Incumbent' group remainname_villain
Open slide detailBeat · The struggle for change
35
The slide uses a 'villain' framing to discredit incumbent directors.introduce_nominees
Open slide detailBeat · The struggle for change
36
Uses legal testimony and quotes to undermine the credibility of a specific board member.expose_contradiction
Open slide detailBeat · The struggle for change
37
Uses red 'x' bullets to emphasize negative attributes for each nominee.introduce_nominees
Open slide detailBeat · The struggle for change
38
The slide uses company logos as a proxy for the quality of experience brought by the activist's nominees.introduce_nominees
Open slide detailBeat · The struggle for change
43
Includes a quote from a top 20 shareholder as a qualitative data point.compare_peers
Open slide detailBeat · The path to victory
44
Uses a classic 'Before/After' or 'Current/Future' state comparison framework.diagnose_problem
46
Uses a waterfall-bridge chart to illustrate the path from current share price to intrinsic value.show_valuation_bridge
49
Includes a quote from CEO Matt Proud to contrast with the poor performance data.compare_peers
50
The slide uses a 'before-after' logic to contrast management's claims with actual data.expose_contradiction
Open slide detailBeat · The path to victory
51
The slide highlights a specific governance concern regarding peer group selection bias.expose_contradiction
Open slide detailBeat · The path to victory
52
The chart highlights the poor performance of follow-on offerings compared to the initial IPO price.expose_contradiction
Open slide detailBeat · The path to victory
53
The slide uses testimonials to highlight management's failure to deliver on promises and the resulting loss of investor confidence.expose_contradiction
Open slide detailBeat · The path to victory
54
The slide uses a two-column list format to categorize feedback, with specific callouts for 'trust' and 'inconsistent' actions.expose_contradiction
Open slide detailBeat · The path to victory
56
Uses an org chart with red 'X' marks to visually represent departed executives.expose_contradiction
Open slide detailBeat · The path to victory
57
The slide uses a combination of a timeline/list of personnel and qualitative testimonials to build a narrative of poor leadership.expose_contradiction
Open slide detailBeat · The path to victory
58
Uses testimonials to support the thesis of poor leadership and high turnover.expose_contradiction
Open slide detailBeat · The path to victory
59
Uses a before-after-framing style to juxtapose corporate data with employee testimonials.expose_contradiction
Open slide detailBeat · The path to victory
60
Uses a waterfall chart to show the gap to the $1B target and a bar chart to compare scale against peers.name_villain
Open slide detailBeat · The path to victory
61
The slide uses a bar-in-bar style to show FCF (dashed red box) relative to Adj. EBITDA (grey bar).expose_contradiction
62
Uses a CEO quote to establish the target, then contrasts it with actual performance data.expose_contradiction
63
The slide uses a negative bar for 2023 growth to emphasize the decline.compare_peers
64
Uses news clippings and logos to build a narrative of reputational damage and market erosion.expose_contradiction
65
The slide uses external validation (news, Reddit, Facebook) to frame the company as predatory.expose_contradiction
66
The chart uses a waterfall-style logic to show how a 10x price increase is offset by customer losses to result in only 2.5x revenue growth.expose_contradiction
67
Uses a 'before-after' style layout to contrast public marketing claims with internal reality.expose_contradiction
68
Uses a process-style arrow to link specific regional product descriptions to a summary box of negative findings.expose_contradiction
69
Uses a process-flow diagram to contrast 'Light Integration' vs 'No Integration' across product groups.expose_contradiction
70
The slide highlights the URL 'dyedurham.co.uk' and circles specific product modules to prove the lack of integration.expose_contradiction
72
Uses a combination of quantitative data (bar chart) and qualitative evidence (quotes) to build a case against management's capital allocation.expose_contradiction
73
The slide uses a process flow to highlight a value-destructive capital allocation decision.diagnose_problem
74
Uses 'FAIL' stamps to emphasize the negative outcomes of the Board's strategic initiatives.expose_contradiction
75
The slide uses a bar chart to contrast historical focus (IPO through Q4 2024) with recent focus (Q1 2025).expose_contradiction
76
The slide uses a callout box to highlight the impact of activist intervention on reducing transaction costs in 2024.expose_contradiction
77
Uses a quote from Mr. Proud to contrast with the subsequent equity offering announcement.expose_contradiction
80
The slide uses a comparison table to highlight governance failures.expose_contradiction
81
The slide uses a press clipping from The Globe and Mail to validate the claim of board obstructionism.expose_contradiction
82
The slide uses a bar chart to visualize the gap between the current share price and the implied share price at the peer median multiple.expose_contradiction
83
Uses a timeline on the left and a callout box on the right to contrast board behavior with shareholder demands.expose_contradiction
84
The slide highlights a discrepancy between DND's financial scale and the scale of its chosen compensation peers.expose_gap
85
The slide highlights a contradiction between the CEO's claim of not owning common shares and the existence of Plantro as a large shareholder.expose_contradiction
86
The table highlights the two members of the Compensation Committee (Mario Di Pietro and David MacDonald) who received significantly higher 'Withheld' votes compexpose_contradiction
87
The slide uses a table to detail specific option grants to named executives to support the argument of misaligned incentives.expose_contradiction
89
The slide uses a waterfall-style bridge to justify a target share price range of $46.34 to $56.21.show_valuation_bridge
90
The slide features a nominee bio on the left and a strategic roadmap/plan on the right.plan_implementation
93
The slide uses a three-column layout to profile candidates, emphasizing their specific operational and M&A experience.introduce_nominees
95
The slide uses a color-coded background (blue for Engine, pink for DND) to visually distinguish the two groups of nominees.introduce_nominees
98
The slide uses a table format to present strategic pillars for operational improvement.propose_solution
99
Uses a before-after framework to contrast legacy client/server software with modern SaaS integration.frame_situation
100
The slide highlights the lack of integration between acquired products and the opportunity to cross-sell/integrate.compare_peers
102
The slide uses a simple three-row process flow to define the activist slate's initial priorities.plan_implementation
104
The slide uses a comparison table to highlight the shift from discretionary/undisclosed metrics to specific, performance-based targets.compare_peers