{ "docId": "019dd923-622b-71dc-a6dd-ae628fe3d169", "docSlug": "b8729cb82d0d", "documentTitle": "Hilton Grand Vacations (HGV)", "authorId": "26_Land_and_Buildings", "authorName": "Land and Buildings", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2021-05-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 7, "pageCount": 13, "prevPage": 6, "nextPage": 8, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses a red dashed box to highlight the specific contradiction in HGV's claims.", "elementsJson": [ "headline_text", "subtitle_text", "comparison_table", "callout_box", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622b-71dc-a6dd-ae628fe3d169/7", "deckHref": "/decks/019dd923-622b-71dc-a6dd-ae628fe3d169", "deckJsonHref": "/decks/019dd923-622b-71dc-a6dd-ae628fe3d169.json", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dd-ae628fe3d169#slide-7", "components": [ { "bbox": { "h": 0.1, "w": 0.63, "x": 0.355, "y": 0.425 }, "kind": "callout", "text": "Apollo's obligation to vote with HGV Board recommendations in a contested election, amongst other items, serves to entrench the Board and management. A contested election is not a \"routine\" matter.", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6433fb7d-dba4-4a55-ba66-c937449fd22a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.63, "x": 0.355, "y": 0.56 }, "kind": "callout", "text": "So long as the Apollo parties own a number of shares equal to 5% of the total outstanding shares of our common stock at closing, the Apollo parties are obligated to vote all of their shares as recommended by our board of directors with respect to routine matters (including contested or uncontested elections of directors, \"say on pay\" votes, approval of equity compensation plans and ratification of the selection of HGV's auditors).", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "75294417-fe77-4975-8fa7-60c5832dc33c", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "Apollo’s obligation to vote with HGV Board recommendations in a contested election, amongst other items, serves to entrench the Board and management. A contested election is not a “routine” matter.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-25b7-709e-b8ce-b946578bf22f", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "So long as the Apollo parties own a number of shares equal to 5% of the total outstanding shares of our common stock at closing, the Apollo parties are obligated to vote all of their shares as recommended by our board of directors with respect to routine matters (including contested or uncontested elections of directors, “say on pay” votes, approval of equity compensation plans and ratification of the selection of HGV’s auditors). — HGV Proxy Statement", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-25b7-709e-b8ce-beee5d2ac661", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.03, "y": 0.95 }, "kind": "source-note", "text": "Source: HGV's transaction announcement deck released March 10, 2021 and preliminary proxy statement filed April 15, 2021. Source: Company Filings, including Schedule 14A filed with the SEC on April 30, 2021.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d9d13bb1-a5a7-4651-8e59-f5d56edb3129", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.55, "w": 0.94, "x": 0.03, "y": 0.35 }, "kind": "table", "text": "Comparison table between L&B's Statement and HGV's Response or Clarification of Facts", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "758b19a6-6f96-4fa1-a1aa-d20d0817674a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.7, "x": 0.03, "y": 0.18 }, "kind": "title", "text": "APOLLO VOTING AGREEMENT REQUIRES HGV TO SUPPORT BOARD RECOMMENDATIONS IN A CONTESTED ELECTION...", "attrs": null, "subkind": "action-title", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f1c4dc1e-6556-4c20-aec1-070b32c0b988", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.3, "x": 0.03, "y": 0.05 }, "kind": "title", "text": "HGV'S MISLEADING CLAIMS", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e0dc64ea-9d37-4a84-91d8-c64302d2dd6e", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "d66c668d-a12b-4135-8270-60abf57a9fca", "evidence": "The slide explicitly frames HGV's claims as 'misleading' and uses a red box to highlight the contradiction.", "confidence": 0.9 } ], "arcBeats": [ { "to": 12, "from": 4, "beatId": "c0bef6e0-1fe9-480a-99a8-5d237665be47", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitate (Make it worse)", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The document agitates the problem by highlighting flaws and concerns about the acquisition", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "loops": [ { "to": 10, "from": 4, "name": "Zoom In", "slug": "06-zoom-in", "bestFor": "Technical deep-dives, case studies, detailed analysis", "matchId": "4c9c9a3e-4af2-4983-985b-2f4a12f9bd56", "evidence": "The document uses a zoom-in loop to focus on specific details and contradictions in HGV's claims", "position": 0, "objective": "To highlight the flaws in HGV's claims and the acquisition", "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication", "confidence": 0.7, "description": "Start broad, then progressively focus on specific details that prove your point" }, { "to": 12, "from": 2, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "3175196c-1975-4293-a5d9-d66dc2e4bb83", "evidence": "The document implies that not voting against the acquisition will result in significant costs and risks", "position": 1, "objective": "To highlight the risks of not voting against the acquisition", "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": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }