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  "documentTitle": "Olam International Ltd. (SGX:O32)",
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  "authorName": "Carson Block",
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  "presentationDate": "2012-11-27 00:00:00",
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  "notes": "The slide uses a 'villain critique' style to highlight discrepancies between public announcements and actual project outcomes.",
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      "kind": "callout",
      "text": "Olam has a knack for generating publicity for new agreements, while it avoids informing investors and analysts when the agreements fail to materialize.",
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      "text": "1. The joint venture with the Lababidi Group to build a port-based sugar refinery in Lagos failed to launch. 2. Two joint ventures with the Modandola Group were announced in 2009... 3. The groundbreaking joint venture with Chinatex was announced in 2007.",
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      "text": "Olam also confuses investors and analysts by discussing acquisitions in the annual reports that have not yet been completed, such as the Brazil sugar mill.",
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      "text": "Olam has won awards for transparency; however, we believe these accolades were not due. Olam excels at disclosing volumes of information. The usefulness and accuracy of it are different matters. Olam’s acquisitions highlight this issue.",
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      "kind": "quote",
      "text": "…we did not invest until we had secured a facility offering significant structural advantages, and was available at the right price. — Olam 2012 Annual Report",
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      "kind": "source-note",
      "text": "71 Olam, 4Q11, Financial statements, p. 21. 72 In the investor presentation for Crown Flower Mills pg. 19... 73 FY2007 Annual Report, pp. 20-21. 74 p.45 2012 Annual Report... 75 May 29, 2012 Financial Times article...",
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      "text": "Acquisitions: All Hat, No Cattle",
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