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  "docSlug": "49a0a0f158f5",
  "documentTitle": "Premier, Inc. (PINC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-09-25 00:00:00",
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  "pageNumber": 21,
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  "notes": "The slide uses a 'before-after' framing logic to contrast the superficial appearance of gradual divestment with the reality of aggressive selling upon vesting.",
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      "text": "In fact, in 2015 and 2016, GNYHA had divested of ~99% of its vested Class B shares. This confirms to us that GNYHA is, in fact, an aggressive seller of Class B shares, and that it has little interest in holding its Class B simply for the associated distributions.",
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      "text": "% of Vested Class B Shares Divested: 82.2%",
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      "text": "To an untrained eye, a time series of GNYHA's Class B share count might seem to suggest that it is divesting of its Class B shares only gradually. However, taking its vesting schedule into account paints a different picture. Of its Class B shares which are eligible to be exchanged, GNYHA has never held more than ~25% at one time. Put differently: as soon as its Class B shares become eligible for exchange, GNYHA exchanges (and inevitably sells) the vast majority of them. This confirms to us that GNYHA is, in fact, an aggressive seller of Class B shares, and that it has little interest in holding its Class B simply for the associated distributions. It's unlikely that these distributions will influence GNYHA to remain a Premier GPO member for the sake of its Class B benefits.",
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      "text": "Source: Premier SEC Filings. 2019 share ownership derived from expected Class B retirements, as disclosed.",
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      "text": "PINC Class B Share Sales By GNYHA",
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      "kind": "title",
      "text": "Aggressive Class B Share Sales By GNYHA Reveal Limited Effectiveness Of Ownership Incentives",
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