{
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  "docSlug": "80f82c26a432",
  "documentTitle": "Globant SA (GLOB)",
  "authorId": "54_Spruce_Point_Capital",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-04-04 00:00:00",
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  "notes": "The slide uses a '???' callout to highlight a lack of transparency regarding trust sales.",
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      "kind": "callout",
      "text": "Each of the four separate trusts created by the founders were selling shareholders in the secondary in March and July 2015 -- that is how we are able to follow the partial trail of the shares transferred and sold by the trust.",
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      "kind": "callout",
      "text": "The four founders have sold (or transferred ownership to irrevocable trusts) over 75% of their holdings since the IPO",
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      "kind": "callout",
      "text": "Shares beneficially owned by the four founders have been reduced from 6.3M (21.5%) to 1.6M (4.5%).",
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      "kind": "callout",
      "text": "Approximately 3.0M shares were transferred by the four founders into four separate irrevocable trusts prior to January 31, 2015.",
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      "kind": "callout",
      "text": "We don't believe these trusts have to report sales and can sell in the open market without disclosing in the U.S. or Luxembourg.",
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    {
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      "kind": "metric",
      "text": "beneficial ownership: 4.5%",
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      "kind": "source-note",
      "text": "Source: Bloomberg, and Company Filings",
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      "text": "Table showing share ownership by founder and trust over time",
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      "kind": "title",
      "text": "Insider Selling (And Maneuvering)",
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