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  "docSlug": "ecb6f6c63e11",
  "documentTitle": "Dollarama Inc. (DOL)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-10-31 00:00:00",
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  "pageNumber": 45,
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  "notes": "The chart shows a clear divergence between the declining share position and the rising stock price, used to imply a lack of alignment or confidence from the founder.",
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      "kind": "callout",
      "text": "If he plans to keep the c-suite under a Rossy dynasty, the family’s personal stake in the business should reflect that.",
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      "kind": "chart",
      "text": "Bloomberg chart showing position vs last price over time",
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      "kind": "paragraph",
      "text": "Notably, Founder and former CEO Larry Rossy has trimmed his position tremendously through the last several years. Though this is to be expected to some extent, as he recently ceded control of the business, we believe that his ownership stake should be held to a higher standard given his insistence on keeping the business in the family. If he plans to keep the c-suite under a Rossy dynasty, the family’s personal stake in the business should reflect that.",
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      "kind": "source-note",
      "text": "Source: Bloomberg",
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      "text": "Rossy Lawrence Est. Holding Period (yrs) 8.75 Current Mkt Val 691.08M First Holding Date 10/26/09 Cost Basis/Share (LIFO) 3.15 Cost Basis/Share (FIFO) 3.15 Cost Basis/Share (Average) 3.15",
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      "kind": "title",
      "text": "Rossy Family Selling Shares Despite Control Over C-Suite",
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      "evidence": "Contrasts the founder's stated desire for family control with his actual behavior of selling shares.",
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