{
  "docId": "019dd923-622c-750b-8b99-53ebe45211d2",
  "docSlug": "78ffe7ab28d4",
  "documentTitle": "Saputo Inc. (TSX:SAP)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-11-29 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 106,
  "pageCount": 147,
  "prevPage": 105,
  "nextPage": 107,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 2,
  "notes": "Uses a before-and-after visual comparison of website screenshots and social media activity to demonstrate brand neglect.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "screenshot",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-53ebe45211d2/106",
  "deckHref": "/decks/019dd923-622c-750b-8b99-53ebe45211d2",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-53ebe45211d2.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-53ebe45211d2#slide-106",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.17,
        "x": 0.53,
        "y": 0.85
      },
      "kind": "callout",
      "text": "2018 Last communication to 55 Followers",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0e6a456f-ec56-4379-bbbb-2a705c76f3e5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "In 2017, Saputo acquired control of Warrnambool Cheese and Butter Factory Company.(1) Its Sungold milk brand appears to have shrunk. Its website shows only three products, and no longer provides news updates, information on farms & processes, or nutrition and health. Sungold milk's Twitter feed hasn't provided an update since 2018 and has just 55 followers.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0f1f-75c8-856e-4f29357ec730",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.45,
        "x": 0.042,
        "y": 0.305
      },
      "kind": "image",
      "text": "Today: Three Milks (Jersey, Fresh and Low Fat)",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2168b251-ba95-4432-8f5b-83ba78eeb69b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.45,
        "x": 0.51,
        "y": 0.305
      },
      "kind": "image",
      "text": "2019: Six Product Categories",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3e2f5930-ffa6-49ca-94f7-6a6d50eb6b4e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.33,
        "w": 0.25,
        "x": 0.217,
        "y": 0.56
      },
      "kind": "image",
      "text": "Twitter feed",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9f1d1bd5-3b03-4228-a42a-679457a43ff9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.085,
        "w": 0.92,
        "x": 0.04,
        "y": 0.165
      },
      "kind": "paragraph",
      "text": "In 2017, Saputo acquired control of Warrnambool Cheese and Butter Factory Company.(1) Its Sungold milk brand appears to have shrunk. Its website shows only three products, and no longer provides news updates, information on farms & processes, or nutrition and health. Sungold milk's Twitter feed hasn't provided an update since 2018 and has just 55 followers.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "191e2949-1c16-4170-b72b-2379824fa994",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.95,
        "x": 0.04,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: SungoldMilk website; SungoldMilk WaybackMachine (Jan 2019); Twitter; \"Canada's Saputo secures last slice of Australia's Warrnambool Cheese and Butter\", Reuters, Sept 22, 2017",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1b22ee5c-725b-4b28-a3c5-8027ff422162",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.035,
        "w": 0.384,
        "x": 0.308,
        "y": 0.045
      },
      "kind": "title",
      "text": "Example of Product Shrinkage: Sungold Milk",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "32f53956-8edd-415a-81c3-58a9cb224f97",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "b30977f1-40f1-4450-be3e-22ad57f9fd9e",
      "evidence": "Comparison of 2019 product range vs today's product range",
      "confidence": 1
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}