{
  "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": 33,
  "pageCount": 48,
  "prevPage": 32,
  "nextPage": 34,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "overcrowded",
  "nDataPoints": 18,
  "notes": "Uses a quote from the CFO to frame the rebuttal.",
  "elementsJson": [
    "headline_text",
    "quote_block",
    "bullet_list",
    "data_table",
    "bar_chart_grouped",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dd-2ff9692ec362/33",
  "deckHref": "/decks/019dd923-622b-71dc-a6dd-2ff9692ec362",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dd-2ff9692ec362.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dd-2ff9692ec362#slide-33",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "However, we view that any flowback would be almost entirely offset by inflows from ASX index replicating funds, superannuation funds and other Australian institutions",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0934-771a-b797-82fd0002c16e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.4,
        "x": 0.55,
        "y": 0.35
      },
      "kind": "chart",
      "text": "Flow-Forward from Increased S&P/ASX200 Weighting chart comparing BHP and Rio Tinto pre- and post-unification.",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4c530280-89b5-4c7b-9e12-36006a7b5ac5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.4,
        "x": 0.55,
        "y": 0.7
      },
      "kind": "list",
      "text": ">300% S&P/ASX upweighting to be underpinned by Australia's US$3.5 trillion pool of pension fund assets. Substantial portion mandated for listed equities. Long-term net buying driven by Australian retail and institutional investors.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "316897a1-c23f-48c5-9f66-ed2e9e6ac477",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.45,
        "x": 0.05,
        "y": 0.3
      },
      "kind": "list",
      "text": "Management makes a rudimentary guess that Rio's share price would trade down towards the Plc line, rather than re-rating upwards towards the Ltd line. Loss of FTSE UK inclusion would create selling pressure, but we view this as offset by Australian inflows.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9a353ac1-b9d6-489c-b2b6-8e6bc3257540",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "S&P/ASX weighting: >300%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0934-771a-b797-8b8a5e26b033",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.15
      },
      "kind": "quote",
      "text": "\"[Unification] would take the Ltd price down in a double-digit percent because you're putting 77% of the shareholders into the Ltd structure.\"",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "457e93c6-322a-4786-b4ad-164fce17d549",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"[Unification] would take the Ltd price down in a double-digit percent because you're putting 77% of the shareholders into the Ltd structure.\" — Peter Cunningham, CFO, 31 July 2024",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0934-771a-b797-87f76fdab921",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Source: Company filings, Palliser analysis, Bloomberg. (1) Based on estimated market capitalisation of a unified Rio Tinto under the Ltd-acquires-Plc unification structure as of 30 October 2024.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7311f77e-0598-4857-8eb1-fb19800f8741",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.45,
        "x": 0.05,
        "y": 0.6
      },
      "kind": "table",
      "text": "Estimated Flow Effects table showing share flows in millions and percentages for lower and upper bounds.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "89023d57-f0f9-4fe1-a8c7-95d3bd1f7b36",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "Share Price: Overstated Flow Back Concerns",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1b479350-397b-41e4-a3bc-1fcddc12acf1",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}