{ "docId": "019dd923-622b-71dc-a6db-e31f337eb1b0", "docSlug": "e16ba280bde0", "documentTitle": "TransCanada Corp (TRP)", "authorId": "08_Sandell", "authorName": "Thomas Sandell", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2941177, "pageNumber": 11, "pageCount": 17, "prevPage": 10, "nextPage": 12, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 2, "notes": "Uses a dual-axis line chart to show the correlation between the announcement and stock performance.", "elementsJson": [ "headline_text", "subtitle_text", "bullet_list", "line_chart", "callout_box" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-e31f337eb1b0/11", "deckHref": "/decks/019dd923-622b-71dc-a6db-e31f337eb1b0", "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-e31f337eb1b0.json", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-e31f337eb1b0#slide-11", "components": [ { "bbox": { "h": 0.1, "w": 0.4, "x": 0.45, "y": 0.33 }, "kind": "callout", "text": "Current Comments from SE CEO Greg Ebel: 'Our MLP drop-down strategy is already yielding positive results for investors.... total market capitalization of Spectra Energy and Spectra Energy Partners has increased by $6 billion'", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "75a9d2ee-6ecb-4844-bdb0-14cfd07684d6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.3, "x": 0.1, "y": 0.33 }, "kind": "callout", "text": "Historic Comments from SE CEO Greg Ebel: 'We've always looked at our MLPs as a financing vehicle, and we use them when there's a better cost of capital'", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a2c9a203-e671-4a26-a617-641b1a13f0e7", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "SE’s negative views on ‘all-in’ dropdown are similar to TRP’s resistance today - with shareholder prodding, SE reversed its views", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-5371-75ed-83d8-d8e1d0c24765", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.6, "w": 0.9, "x": 0.05, "y": 0.3 }, "kind": "chart", "text": "Dual-axis line chart showing Spectra and SEP stock performance over time", "attrs": null, "subkind": "line", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d33ce776-ab97-421b-b1fc-6a0404f392f3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.2, "x": 0.09, "y": 0.5 }, "kind": "legend", "text": "May-2013: Sandell Group sends White Paper to SE; follow-up calls with CEO/CFO", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7ad90232-ee75-4c7e-973f-7d9417387807", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.2, "x": 0.38, "y": 0.73 }, "kind": "legend", "text": "11-Jun-2013: SE announces full MLP dropdown into SEP", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c7a26d44-d074-41c3-9281-8ce250e023f1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.07, "w": 0.8, "x": 0.05, "y": 0.22 }, "kind": "list", "text": "SE's negative views on 'all-in' dropdown are similar to TRP's resistance today – with shareholder prodding, SE reversed its views\nPost 'all-in' dropdown, SE/SEP share prices have substantially increased, resulting in a lower overall cost cost of capital", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a491af99-f167-431a-9bf6-9370f08324bd", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "metric", "text": "share price: $6 billion", "attrs": null, "subkind": "primary", "toolName": "Quantification", "toolSlug": "quantification", "confidence": null, "componentId": "019dd953-5371-75ed-83d8-e17a1ec292c2", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“We’ve always looked at our MLPs as a financing vehicle, and we use them when there’s a better cost of capital” — Historic Comments from SE CEO Greg Ebel. “Our MLP drop-down strategy is already yielding positive results for investors.... total market capitalization of Spectra Energy and Spectra Energy Partners has increased by $6 billion” — Current Comments from SE CEO Greg Ebel.", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-5371-75ed-83d8-dc4eeaf52792", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.02, "y": 0.17 }, "kind": "title", "text": "Spectra Energy (SE) Case Study: 'All-In' Dropdown Unlocked Shareholder Value, Reduced Cost of Capital", "attrs": null, "subkind": "action-title", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9941b373-44b0-40e5-8cfe-403ebf5d1262", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.02, "y": 0.11 }, "kind": "title", "text": "TransCanada Corp: Un-TRPing Shareholder Value", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0fb0b3f5-cbff-4b36-9e87-fedc5ac659b4", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "ceo-quote-contradiction", "slug": null, "matchId": "df9e1e39-c4ac-4e99-9787-0b51091c2a02", "evidence": "Contrasts historic vs current CEO comments to highlight a strategic pivot.", "confidence": 0.95 } ], "arcBeats": [ { "to": 15, "from": 10, "beatId": "14c6855c-f1c7-4ede-a00e-b5737b74c0d2", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution (Provide relief)", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The valuation reveal, valuation table, and expose contradiction slides propose solutions and demonstrate their potential impact.", "position": 2, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "loops": [ { "to": 15, "from": 10, "name": "Golden Circle", "slug": "11-golden-circle", "bestFor": "Visionary leadership, brand positioning, mission statements", "matchId": "cd5c2a0b-1862-441c-98a8-5046a069e4cc", "evidence": "The presentation applies the golden circle framework to explain the solution.", "position": 1, "objective": "Understand the solution", "structure": "The Why (Belief) -> The How (Process) -> The What (Result)", "confidence": 0.7, "description": "Invert the typical pitch by starting with why you exist, rather than what you do" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }