{
  "docId": "019dd923-622c-750b-8b96-54d2d65f46fb",
  "docSlug": "f004c0c14f61",
  "documentTitle": "Bolloré SA (BOL FP)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2015-02-17 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.78790915,
  "pageNumber": 4,
  "pageCount": 26,
  "prevPage": 3,
  "nextPage": 5,
  "slideType": "other",
  "function": "illustrate_case",
  "density": "balanced",
  "nDataPoints": 6,
  "notes": "The slide uses a hypothetical corporate structure diagram to explain the mechanics of dividend distribution in a circular ownership model.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "process_diagram",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-54d2d65f46fb/4",
  "deckHref": "/decks/019dd923-622c-750b-8b96-54d2d65f46fb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-54d2d65f46fb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-54d2d65f46fb#slide-4",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Public shareholders in a circular structure similar to BOL's end up receiving greater economic value than their ostensible ownership of the company.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-64cd-733b-aca0-2e0fc37ac17a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.32,
        "w": 0.36,
        "x": 0.32,
        "y": 0.29
      },
      "kind": "diagram",
      "text": "Corporate structure diagram showing Sub, ListCo, HoldCo, Public, and Controlling Shareholder with ownership percentages.",
      "attrs": null,
      "subkind": "other",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7073d987-fe20-4f2f-989f-456326616149",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.4,
        "x": 0.14,
        "y": 0.61
      },
      "kind": "list",
      "text": "The subsidiary has cash of €100. The subsidiary is the only asset of the ListCo.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9b03248f-9cba-4c97-a9c4-d2462699a535",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.72,
        "x": 0.14,
        "y": 0.69
      },
      "kind": "paragraph",
      "text": "If the controlling shareholder of ListCo wanted to completely distribute the cash of Sub... the public shareholders would end up receiving €35.43.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5bd4fbaa-5346-483a-bad4-63b681d36b55",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.72,
        "x": 0.14,
        "y": 0.14
      },
      "kind": "paragraph",
      "text": "Public shareholders in a circular structure similar to BOL's end up receiving greater economic value than their ostensible ownership of the company...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "db6d54bd-110b-4ff4-8c42-4e0f5709c1ac",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.72,
        "x": 0.14,
        "y": 0.89
      },
      "kind": "source-note",
      "text": "This example assumes no tax-related slippage. We are unclear regarding the potential tax slippage in BOL's structure.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1ff8ead4-261d-4c7a-96ca-fea0d8ee7a51",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.42,
        "x": 0.14,
        "y": 0.1
      },
      "kind": "title",
      "text": "Illustration of the Economic Effect of Circular Ownership",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f049e319-08b3-4467-9780-f3b1f266655e",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 5,
      "from": 4,
      "beatId": "404548ac-20d3-43cc-b31a-2ac33a517f3e",
      "arcName": "The Sequoia Pitch",
      "arcSlug": "sequoia-pitch",
      "beatName": "Market Size",
      "beatSlug": "sequoia-pitch-market-size",
      "evidence": "Analysis of Bolloré's businesses",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}