{
  "docId": "019dd923-622c-750b-8b98-5f0124239c3a",
  "docSlug": "80f82c26a432",
  "documentTitle": "Globant SA (GLOB)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": null,
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-04-04 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 25,
  "pageCount": 40,
  "prevPage": 24,
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  "slideType": "preempt_rebuttal",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 80,
  "notes": "The slide uses a 'Founders Timeline' to suggest insider selling behavior that contradicts typical long-term alignment narratives.",
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  "slideHref": "/slides/019dd923-622c-750b-8b98-5f0124239c3a/25",
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  "components": [
    {
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      "kind": "callout",
      "text": "We estimate GLOB founders sold (or transferred) over $80m of stock in the IPO, each of the subsequent secondary offerings, and multiple open market sales. Additionally, we believe that the irrevocable trusts may not have to file its sales in the open market, making it difficult to track their current ownership",
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    },
    {
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      "kind": "metric",
      "text": "Total value of shares sold/transferred: $81.9M",
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      "subkind": "primary",
      "toolName": "Quantification",
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      "kind": "paragraph",
      "text": "We estimate GLOB founders sold (or transferred) over $80m of stock in the IPO, each of the subsequent secondary offerings, and multiple open market sales. Additionally, we believe that the irrevocable trusts may not have to file its sales in the open market, making it difficult to track their current ownership",
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        "x": 0.02,
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      "kind": "source-note",
      "text": "Source: Bloomberg, and Company Filings (IPO Propsectus, March 2015 Secondary Prospectus, July 2015 Prospectus, FY14 20F, FY15 20F, FY16 20F, Luxembourg Prospectus, Globant Minutes of AGMs)",
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      "kind": "table",
      "text": "Founders Timeline of Selling and Transferring stock",
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      "kind": "title",
      "text": "We Estimate GLOB's Founders Have Sold (Or Transferred Ownership) of >$80M In Shares Since IPO",
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  "frameworks": [
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      "evidence": "The slide explicitly links insider selling to a lack of transparency regarding ownership via trusts.",
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  "loops": [
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      "name": "Cost Of Inaction",
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      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "f830472e-95ec-44dd-b8cc-0a97582f5195",
      "evidence": "The document provides evidence of insider selling and transfers to trusts",
      "position": 2,
      "objective": "To highlight the insider selling and transfers to trusts",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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