{
  "docId": "019dd923-622c-750b-8b95-a87005b884b8",
  "docSlug": "4cc7dff78d8c",
  "documentTitle": "Dye & Durham Limited (DND)",
  "authorId": "27_Engine_Capital",
  "authorName": "Arnaud Ajdler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-12-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7778431,
  "pageNumber": 77,
  "pageCount": 112,
  "prevPage": 76,
  "nextPage": 78,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 6,
  "notes": "Uses a quote from Mr. Proud to contrast with the subsequent equity offering announcement.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "screenshot"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b95-a87005b884b8/77",
  "deckHref": "/decks/019dd923-622c-750b-8b95-a87005b884b8",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b95-a87005b884b8.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b95-a87005b884b8#slide-77",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Just a few months later, the Company completed a highly dilutive equity issuance of 11.96 million shares (~19% of the Company’s share count) at $12.10 per share.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0396-73da-b900-beff16ff97ce",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.37,
        "x": 0.58,
        "y": 0.0037
      },
      "kind": "other",
      "text": "DYE & DURHAM ANNOUNCES CLOSING OF APPROXIMATELY $145 MILLION BOUGHT DEAL INCLUDING FULL EXERCISE OF OVER-ALLOTMENT OPTION",
      "attrs": null,
      "subkind": "unclassified",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1474c979-d59f-4d76-a340-6f19242b6eba",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.23,
        "x": 0.14,
        "y": 0.0063
      },
      "kind": "other",
      "text": "Mr. Proud, 5/10/2023",
      "attrs": null,
      "subkind": "unclassified",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7a538454-a21b-4a99-a904-1f504fe8c0ad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.37,
        "x": 0.58,
        "y": 0.0055
      },
      "kind": "paragraph",
      "text": "TORONTO, Feb. 6, 2024 /CNW/ - Dye & Durham Limited (\"Dye & Durham\" or the \"Company\") (TSX: DND) announced today the closing of its previously announced bought deal offering (the \"Offering\") of common shares of the Company (the \"Common Shares\").",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "229587aa-724f-4703-90bd-7f1d2d548154",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.43,
        "x": 0.04,
        "y": 0.0019
      },
      "kind": "paragraph",
      "text": "During fiscal 2023, the Board authorized repurchasing 14.7 million shares for an average price of $15.23 per share.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5a13b367-afa6-406e-9d51-37ec48690d0b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.43,
        "x": 0.53,
        "y": 0.0019
      },
      "kind": "paragraph",
      "text": "Just a few months later, the Company completed a highly dilutive equity issuance of 11.96 million shares (~19% of the Company’s share count) at $12.10 per share.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "625988dc-2060-4d6a-bff2-13736e0f61d4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.42,
        "x": 0.05,
        "y": 0.0032
      },
      "kind": "quote",
      "text": "Despite the positive progress we've seen, we believe our stock is significantly undervalued and represents one of the best opportunities in the market today [...]. Today, we announced another substantial issuer bid for up to $15 million at a price between $17 and $20 per share.",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "952c28ef-b735-4bf1-a250-b65afc283fa0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“Despite the positive progress we've seen, we believe our stock is significantly undervalued and represents one of the best opportunities in the market today [...]. Today, we announced another substantial issuer bid for up to $15 million at a price between $17 and $20 per share.” — Mr. Proud, 5/10/2023",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0396-73da-b900-c2f529d0e331",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.78,
        "x": 0.04,
        "y": 0.09
      },
      "kind": "title",
      "text": "The Board Followed Up Share Repurchases at Higher Prices with a Dilutive Equity Offering at Lower Prices",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f1e9ba21-906c-4eac-805c-7052657afb79",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "7eda4b90-c496-4adf-af39-2c8d6f6266ee",
      "evidence": "Contrasting management's stated belief in undervaluation with subsequent dilutive actions.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}