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  "documentTitle": "FirstGroup plc (FGP)",
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  "authorName": "Sandell Asset Management",
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  "presentationDate": "2014-01-15 00:00:00",
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  "notes": "The slide uses a timeline to illustrate a pattern of recurring failure, supporting the activist's argument for management change.",
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      "text": "The Company’s track record since the Laidlaw acquisition has been consistently poor performance with a stabilisation in one business followed by deterioration in another",
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      "text": "“execution risk remains given the poor track record” — Morgan Stanley (May-2013). “We remain to be convinced that management can deliver a turnaround” — Nomura (Jun-2013).",
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      "text": "Source: Company filings, broker research, press articles. (1) JP Morgan (Apr-2010)... (11) Nomura (Jun-2013)",
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      "text": "Operational benefits: improved focus",
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