{
  "docId": "019dd923-622c-750b-8b98-56362394aa64",
  "docSlug": "6dfd595fdfac",
  "documentTitle": "Ballard Power Systems (BLDP)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-01-25 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 58,
  "pageCount": 60,
  "prevPage": 57,
  "nextPage": 59,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 9,
  "notes": "Uses a bar chart to show a downward trend in insider ownership over time.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "paragraph",
    "bar_chart_vertical"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-56362394aa64/58",
  "deckHref": "/decks/019dd923-622c-750b-8b98-56362394aa64",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-56362394aa64.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-56362394aa64#slide-58",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.18
      },
      "kind": "callout",
      "text": "Investors need to take a step back and realize that Ballard and its management have virtually nothing at risk if its China growth ambitions fail. It committed just $1.0m to the JV, and insiders own a miniscule 0.45% of the Ballard's stock – near all-time lows.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bad02c70-d8a6-4f1a-9384-125b8454306e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Investors need to take a step back and realize that Ballard and its management have virtually nothing at risk if its China growth ambitions fail.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0f19-73dd-8ea8-dee52744d603",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.9,
        "x": 0.05,
        "y": 0.47
      },
      "kind": "chart",
      "text": "Insider Ownership of Ballard's Shares",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ea66316f-6a64-484b-98f1-653d068e76b2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Insider Ownership: 0.45%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0f19-73dd-8ea8-e5ccbcb9c843",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.9,
        "x": 0.05,
        "y": 0.31
      },
      "kind": "paragraph",
      "text": "Ballard on its “Landmark” JV in China: “Ballard will contribute approximately $1.0 million for its 10% interest in JVCo. Under the terms of the agreement, Ballard has the right to appoint one of the three JVCo board directors and Ballard's CEO was appointed to the board of JVCo effective as of closing. Ballard has veto rights over certain key JVCo decisions and has no further obligation to provide future funding to JVCo.” Source: Ballard Press Release, Oct 2016",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8086d4de-35bc-4f71-a1d3-22c0426e229d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Ballard will contribute approximately $1.0 million for its 10% interest in JVCo. Under the terms of the agreement, Ballard has the right to appoint one of the three JVCo board directors and Ballard's CEO was appointed to the board of JVCo effective as of closing. Ballard has veto rights over certain key JVCo decisions and has no further obligation to provide future funding to JVCo. — Ballard Press Release, Oct 2016",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0f19-73dd-8ea8-e02c7baac958",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.25,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Ballard filings at Sedar.com",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "442ddee2-71a6-4925-92dd-fa0ffe7d338c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.65,
        "x": 0.305,
        "y": 0.05
      },
      "kind": "title",
      "text": "Insiders Don't Own Shares, Why Should You?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "21c778e7-57a2-4e53-aae1-27acbffcf06c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "antagonist-introduction",
      "slug": null,
      "matchId": "7f340662-584a-4ad8-bf54-e184ed90cebf",
      "evidence": "Frames management as having no skin in the game to undermine their credibility.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 60,
      "from": 54,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "5f905372-0afd-4750-b8c4-2971b5dc9958",
      "evidence": "The document presents a valuation and downside scenario, highlighting the potential risks of holding Ballard stock.",
      "position": 1,
      "objective": "To highlight the potential costs of inaction for investors who fail to sell their Ballard stock.",
      "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
}