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  "documentTitle": "Saputo Inc. (TSX:SAP)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-11-29 00:00:00",
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  "notes": "Uses a red arrow to highlight the discrepancy between the public filing and the actual holding entity.",
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      "text": "Notice carefully, that in describing Saputo's corporate structure, it lists its 100% ownership of Saputo Dairy Australia Pty Ltd (Australia). By inspecting public records in Australia for this entity, investors are unable to see the financial statements of the Australian business. That's because Saputo has an undisclosed numbered entity that actually holds 100% of the shares of Saputo Dairy Australia Pty Ltd. The numbered entity A.C.N. 166 119 133 Pty Ltd. Later in our report we will detail just how poor Saputo's financial results are in Australia and how foreign disclosures are also become less transparent.",
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      "text": "What Saputo Shows Investors In Canadian Securities Filings",
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      "text": "What Saputo Obscures From Investors",
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      "text": "Source: A.C.N 166 119 133 Pty Ltd Filings ASIC Connect",
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      "text": "Source: Saputo AIF",
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      "text": "Saputo Obfuscates Its Australian Ownership And Thus Access To Its Financial Reporting",
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