{
  "docId": "019dd923-622b-71dc-a6dc-7748f33ed5ad",
  "docSlug": "5e24078814e2",
  "documentTitle": "Cellnex Telecom, S.A. (CLNX)",
  "authorId": "20_TCI_Fund",
  "authorName": "Christopher Hohn",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2023-03-23 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 1,
  "pageCount": 1,
  "prevPage": null,
  "nextPage": null,
  "slideType": "other",
  "function": "state_demand",
  "density": "balanced",
  "nDataPoints": 1,
  "notes": "This is a formal activist investor letter.",
  "elementsJson": [
    "paragraph",
    "logo_grid"
  ],
  "metadataConfidence": 1,
  "imagePath": "https://imgproxy.kitesheet.com/mRWlkxGzy0jD9WDkimKJTsvqNevwoGvnUXg6iIEWNEk/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy81ZTI0MDc4ODE0ZTIvcDAwMS5wbmc",
  "slideHref": "/slides/019dd923-622b-71dc-a6dc-7748f33ed5ad/1",
  "deckHref": "/decks/019dd923-622b-71dc-a6dc-7748f33ed5ad",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-7748f33ed5ad.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-7748f33ed5ad#slide-1",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Without limiting our ability to propose different agenda items, we currently intend to propose resolutions at the AGM removing Bertrand Kan (Chairman), Peter Shore and Alexandra Reich as directors and appoint Jonathan Amouyal (of TCI) as a director and potentially additional directors.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0931-74b9-a32f-da6a31eb6570",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.78,
        "x": 0.11,
        "y": 0.56
      },
      "kind": "paragraph",
      "text": "We currently intend to propose resolutions at the AGM removing Bertrand Kan (Chairman), Peter Shore and Alexandra Reich as directors and appoint Jonathan Amouyal (of TCI) as a director.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "27b01e38-9ad5-44b3-a1b7-21c1f7afa9fc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.78,
        "x": 0.11,
        "y": 0.64
      },
      "kind": "paragraph",
      "text": "We believe that Cellnex is a great company, but in our opinion it cannot reach its full potential because it is held back by poor corporate governance.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "59e147b2-fff6-415c-9d88-234500560e0b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.78,
        "x": 0.11,
        "y": 0.35
      },
      "kind": "paragraph",
      "text": "TCI Fund Management Limited (\"TCI\") acts for TCI Luxembourg S.a.r.l and CIFF Capital UK LP, which together own more than 3% of the share capital of Cellnex Telecom, S.A.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "951d81f4-d6e7-4471-9f83-1d7c81a80540",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.78,
        "x": 0.11,
        "y": 0.31
      },
      "kind": "title",
      "text": "Notification of intention to propose new directors for Cellnex",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2f6980de-d83e-4712-86e4-3234f2479e14",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Governance critique",
      "slug": "governance",
      "agent": null,
      "layer": "slide",
      "matchId": "69a51690-a446-494a-abd5-373dd5f48821",
      "evidence": "The slide discusses TCI's intention to propose new directors due to poor corporate governance.",
      "confidence": 0.7
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 1,
      "from": 1,
      "beatId": "7343ae5c-f5d3-44cb-bb10-1bf33f0a3bc2",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Problem & Complication",
      "beatSlug": "consultants-gambit-problem-complication",
      "evidence": "TCI's concerns over Cellnex's corporate governance",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [
    {
      "to": 1,
      "from": 1,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "1c0c578a-8390-471f-ae88-70a6f2b1c342",
      "evidence": "Implied by TCI's proposal to remove directors and appoint a new one",
      "position": 0,
      "objective": "Highlight the risks of not addressing governance concerns",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": "https://imgproxy.kitesheet.com/jqzMzfC5zYkuOepnSzWHFokGy59dAsddkcexUbKlWrc/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy81ZTI0MDc4ODE0ZTIvcDAwMS5qcGc",
  "thumbSrc": "https://imgproxy.kitesheet.com/NjQyRHrvAJsU0dVNQQ4DoTraO9Sdvy65IAIqNqWCxpU/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy81ZTI0MDc4ODE0ZTIvcDAwMS5wbmc",
  "thumbSrcAlt": "https://imgproxy.kitesheet.com/eFw-bOEJlg-sPyHF6IReDEWiwm0opNCL1MH7YMsRkYI/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy81ZTI0MDc4ODE0ZTIvcDAwMS5qcGc"
}