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  "documentTitle": "GFL Environmental Inc. (GFL)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2020-08-18 00:00:00",
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  "notes": "The slide uses Bloomberg terminal screenshots to highlight specific fund holdings in GFL.",
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      "text": "Spruce Point is baffled why a “monthly” income fund would own a stock that pays a quarterly dividend, and is hard pressed to see why a paltry 0.18% yield is attractive.",
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      "text": "Bloomberg terminal screenshot for EPMONHIF CN Equity",
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      "text": "annualized yield: 0.18%",
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      "text": "Spruce Point believes “creative” financial engineering by GFL around its subordinated common stock has broadened its shareholder base. Despite not making money, GFL pays a token US$ 0.01 cent quarterly dividend on its subordinate voting shares, giving the stock an annualized yield of just 0.18%. We find that two funds – one fund calling itself a “monthly high income fund” and another an “income fund” – own GFL. Spruce Point is baffled why a “monthly” income fund would own a stock that pays a quarterly dividend, and is hard pressed to see why a paltry 0.18% yield is attractive. When seeing GFL’s US$ 0.01 cent dividend, Spruce Point is reminded of Maxar Technologies, another short call of ours that had an irrational dividend policy and slashed its dividend to $0.01 per share upon revealing its distress.",
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      "kind": "title",
      "text": "GFL Subordinating Voting Shares Really \"Income\" Securities?",
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