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  "documentTitle": "Saputo Inc. (TSX:SAP)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-11-29 00:00:00",
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  "pageNumber": 38,
  "pageCount": 147,
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  "nextPage": 39,
  "slideType": "expose_contradiction",
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  "nDataPoints": 3,
  "notes": "The slide uses a red flag icon and red-bordered boxes to emphasize negative financial signals.",
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      "kind": "callout",
      "text": "Implication: For shareholders electing this option, it reduces Saputo's cash burden",
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      "kind": "callout",
      "text": "Implication: Allows Saputo to accelerate cash collections",
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      "kind": "callout",
      "text": "Implication: Suspension of repurchases well-timed and coincide with near peak in share price and subsequent financial pressure.",
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      "kind": "callout",
      "text": "Spruce Point observes that Saputo has implemented a few financial strategies which we believe are designed to conserve cash.",
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      "kind": "list",
      "text": "Suspension of Share Repurchases, Dividend Reinvestment, Accounts Receivable Factoring",
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      "text": "Spruce Point observes that Saputo has implemented a few financial strategies which we believe are designed to conserve cash.",
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      "kind": "quote",
      "text": "In November 2018, the Company renewed its normal course issuer bid (New Bid) to purchase up to 8,000,000 common shares... No shares were purchased under the New Bid. — FY 19 Annual Report",
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      "kind": "source-note",
      "text": "Source: FY 19 Annual Report, Saputo Press Release, May 2020, FY 22 Annual Report",
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      "kind": "title",
      "text": "Other Signs of Financial Stress",
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      "name": "Cost Of Inaction",
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      "objective": "To highlight the risks of not taking action to address Saputo's challenges, including declining performance and financial stress.",
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