{
  "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",
  "aspectRatio": 1.3333334,
  "pageNumber": 27,
  "pageCount": 40,
  "prevPage": 26,
  "nextPage": 28,
  "slideType": "appendix_disclosure",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 26,
  "notes": "Highlights the concentration of voting power in a single individual despite multiple founders.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-5f0124239c3a/27",
  "deckHref": "/decks/019dd923-622c-750b-8b98-5f0124239c3a",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-5f0124239c3a.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-5f0124239c3a#slide-27",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.9,
        "x": 0.05,
        "y": 0.83
      },
      "kind": "callout",
      "text": "Marcelo Cabrera Errandonea is the sole director, holding both dispositive and voting for all eight of the trusts that were set up by the four founders. The footnote disclosure in the prospectuses filed for Globant's two secondary offerings (March 2015 and July 2015) disclose that Mr. Errandonea controlled the vote for 13% and 12.3% of Globant's shares as of January 31, 2015 and May 31, 2015, respectively. Outside of the prospectus disclosure where these trusts were selling shareholders, Globant does not disclose the voting power held by Mr. Errandonea. We believe a person or party having this much voting control as well as changes in the voting control should be disclosed to investors.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3f53c101-73a8-4924-9c70-46ee8548ce7d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "We believe a person or party having this much voting control as well as changes in the voting control should be disclosed to investors.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-14d8-75c0-8c85-f515451e158c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "voting power: 12.3%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-14d8-75c0-8c85-f9a9741bb53b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.05,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "The four founders all set up both revocable and irrevocable trusts. For all eight trusts that were set up, Marcelo Cabrera Errandonea is the sole director and holds dispositive and voting power (+12% of all Globant's shares outstanding) for all shares held by all eight trusts",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b6a4aa64-0849-4aed-b252-29febbd42fe7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.5,
        "x": 0.05,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Company Filings (March 2015 Secondary Prospectus, July 2015 Prospectus, FY16 20F)",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9a79199b-eae5-4634-b305-b4073a4f96bd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.9,
        "x": 0.05,
        "y": 0.27
      },
      "kind": "table",
      "text": "Shares Controlled By Trusts For the Founders table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2547e8af-ffc9-4cf9-b0c9-140e4878ae4e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.32,
        "x": 0.34,
        "y": 0.05
      },
      "kind": "title",
      "text": "Disclosure Of Trusts",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "98cc3c98-b09f-41e1-9974-bad3064bf423",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "3c89f84e-d24d-413c-9f35-a4758ae8077d",
      "evidence": "Highlights non-disclosure of significant voting control concentration",
      "confidence": 0.85
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}