{
  "docId": "019dd923-622b-71dc-a6dd-2ff9692ec362",
  "docSlug": "60ffa56ad868",
  "documentTitle": "Rio Tinto (RIO)",
  "authorId": "24_Palliser_Capital",
  "authorName": "Palliser",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-12-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 27,
  "pageCount": 48,
  "prevPage": 26,
  "nextPage": 28,
  "slideType": "before_after",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 10,
  "notes": "The slide uses a waterfall-style comparison to show how the DLC structure causes 'wasted' credits compared to a unified structure.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bullet_list",
    "bar_chart_stacked",
    "other"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dd-2ff9692ec362/27",
  "deckHref": "/decks/019dd923-622b-71dc-a6dd-2ff9692ec362",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dd-2ff9692ec362.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dd-2ff9692ec362#slide-27",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.92,
        "x": 0.04,
        "y": 0.15
      },
      "kind": "callout",
      "text": "Third-party expert analysis indicates that Rio's DLC structure has led to US$14.7 billion in wasted franking credits",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cd3f1198-95b7-46b3-a645-1fc6c40b7cf8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.92,
        "x": 0.04,
        "y": 0.37
      },
      "kind": "chart",
      "text": "Franking Credits Generated vs. Wasted (since 1995)",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5566eccd-7755-42f8-8963-07f999aedec7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.18,
        "x": 0.45,
        "y": 0.83
      },
      "kind": "metric",
      "text": "US$14.7bn Net cost to Australian shareholders",
      "attrs": null,
      "subkind": "big-number",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5c2eaa02-bfac-47e4-889f-d4a9bd0658fc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.18,
        "x": 0.64,
        "y": 0.83
      },
      "kind": "metric",
      "text": "+256% franking credits utilised without the DLC",
      "attrs": null,
      "subkind": "big-number",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d90babc6-1d1d-49c6-8018-5eaf5afba13f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "wasted franking credits: US$14.7bn",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0934-771a-b796-e4e63c5e1fad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.92,
        "x": 0.04,
        "y": 0.22
      },
      "kind": "paragraph",
      "text": "With the DSM terminated and given the natural rotation of Australian shareholders into the unified stock - our tax and accounting advice demonstrates that c.US$14.7 billion (+256%) in additional franking credits would have been utilised without the DLC",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fa7c005e-e7fc-47f8-8e20-1ccaf4698960",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.6,
        "x": 0.04,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Source: Palliser analysis. Note: Analysis assumes increased weighting of Australian shareholders in unified Rio Tinto based on detailed register analysis (see slide 33)",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e7c94cd1-0b10-4126-bbcc-a6c3538d7176",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.35,
        "x": 0.04,
        "y": 0.04
      },
      "kind": "title",
      "text": "Franking Credit Inefficiency",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c99f447a-1ab1-4e77-baf5-ce915cd3ccd4",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "8517dedb-a8c3-47ac-a439-e9d242e34e6b",
      "evidence": "The slide explicitly compares 'Status Quo' (DLC) vs 'Unified Rio' to demonstrate the inefficiency.",
      "confidence": 1
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 27,
      "from": 24,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "72f58ef3-852c-49c4-b5f0-37ef26598eed",
      "evidence": "The presentation highlights the costs of inaction, including destroyed shareholder value and wasted franking credits.",
      "position": 1,
      "objective": "What are the costs of not unifying the DLC structure?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.8,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}