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  "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",
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  "pageNumber": 95,
  "pageCount": 147,
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  "slideType": "expose_contradiction",
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  "notes": "Uses a red arrow to highlight the discrepancy between the public org chart and the actual holding entity.",
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      "kind": "callout",
      "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 is A.C.N. 166 119 133 Pty Ltd.",
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      "kind": "image",
      "text": "Corporate structure chart from Saputo filings",
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      "text": "Principal activity: A.C.N. 166 119 133 Pty Ltd was incorporated on 3 October 2013. The principal activity of A.C.N. 166 119 133 Pty Ltd is to hold 100% of the shares in Saputo Dairy Australia Pty Ltd.",
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      "kind": "source-note",
      "text": "Source: A.C.N 166 119 133 Pty Ltd Filings ASIC Connect",
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      "kind": "title",
      "text": "Saputo Obfuscates Its Australian Ownership",
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