{
  "docId": "019dd923-622c-750b-8b96-063645a867ac",
  "docSlug": "ad39e81239e4",
  "documentTitle": "Olam International Ltd. (SGX:O32)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2012-11-27 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 86,
  "pageCount": 133,
  "prevPage": 85,
  "nextPage": 87,
  "slideType": "appendix_disclosure",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 7,
  "notes": "The slide serves as a case study in poor due diligence, specifically focusing on the QCH acquisition and the subsequent loss of water rights from Twynam.",
  "elementsJson": [
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-063645a867ac/86",
  "deckHref": "/decks/019dd923-622c-750b-8b96-063645a867ac",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-063645a867ac.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-063645a867ac#slide-86",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "That Twynam would do this so soon after Olam bought QCH, and that Olam appeared to have no legal recourse against Twynam, is another example of poor quality due diligence efforts by Olam’s management.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b3-7229-befe-c7ba26a2f354",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.7,
        "x": 0.14,
        "y": 0.31
      },
      "kind": "paragraph",
      "text": "Between June and October of 2007, Olam acquired the publically traded Australian company Queensland Cotton Holding (QCH) for a total consideration of A$166.5 million (US$136.3 million), which was approximately 24.2x TTM PAT.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8e01b1ff-d847-4574-b6c2-cf6c6e1cb2da",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.7,
        "x": 0.14,
        "y": 0.6
      },
      "kind": "paragraph",
      "text": "Twynam's water rights sale appears to have significantly diminished the value of QCH. That Twynam would do this so soon after Olam bought QCH, and that Olam appeared to have no legal recourse against Twynam, is another example of poor quality due diligence efforts by Olam's management.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ed26684b-a652-4f5f-90d4-9ea0f4d89918",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "The Oilseed and Cotton joint ventures are expected to be earnings and value accretive from the first year onwards. — Olam",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-25b3-7229-befe-c8acb94c332a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.7,
        "x": 0.14,
        "y": 0.76
      },
      "kind": "source-note",
      "text": "Footnotes 146-153 detailing sources for the acquisition and deal failures.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f1574dc6-30c6-48e1-a29e-b02a16d2bdae",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.6,
        "x": 0.14,
        "y": 0.285
      },
      "kind": "title",
      "text": "Oops – Queensland Cotton Holdings Loses a Key Supplier",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "458780a4-58ad-46cf-a5fa-666adf60e4c4",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 133,
      "from": 51,
      "beatId": "bfd56f27-9e0e-4a96-9fda-8bd5736531bb",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "Conclusion and recovery analysis",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}