{
  "docId": "019dd923-622c-750b-8b9c-5d124925607e",
  "docSlug": "a910dc7cf6e8",
  "documentTitle": "BHP Billiton (BHP)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-05-16 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.4444444,
  "pageNumber": 36,
  "pageCount": 39,
  "prevPage": 35,
  "nextPage": 37,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 14,
  "notes": "Uses a comparison table and a stacked bar chart to refute management's position on share capital and franking credits.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "bar_chart_stacked",
    "comparison_table",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-5d124925607e/36",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-5d124925607e",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-5d124925607e.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-5d124925607e#slide-36",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Post-unification discounted off-market share buybacks are the clear gateway to greater franking credit usage and the increased shareholder value which can be delivered in that way for the benefit of all of BHP’s shareholders.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b2-736e-8e63-28e56969ae5a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.45,
        "x": 0.05,
        "y": 0.3
      },
      "kind": "chart",
      "text": "Maintains Franked Dividend Component...",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fd3004bc-a307-4381-84cf-634b53e96e2a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.7
      },
      "kind": "list",
      "text": "Management's \"preliminary internal\" analysis of the anticipated share capital of unified BHP was strikingly unhelpful and represents a seemingly deliberate attempt to bolster their unsupportable current position – seeking to resist unification at any cost and at shareholders' expense",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1b6058d5-e0a2-4f42-91e4-eeca53c5d26f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.78
      },
      "kind": "list",
      "text": "Our tax and accounting advice from a Big 4 accounting firm shows that after unification BHP can, in fact, maintain its existing share capital size – and therefore the current franked dividend component of share buybacks should remain materially unaltered after unification(1)",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6d1a3aba-10fd-4236-a8a8-f31e9074d75e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.86
      },
      "kind": "list",
      "text": "Post-unification discounted off-market share buybacks are the clear gateway to greater franking credit usage and the increased shareholder value which can be delivered in that way for the benefit of all of BHP's shareholders. Our proposal would enhance the level of franking credits distributed via share buybacks by approximately 65%(2)",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "970d86d6-124b-415e-a3ee-9a175173cd0e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Franking credits released: 65%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b2-736e-8e63-2ecfab65d605",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "Post-unification buybacks are the clear gateway to optimally enhanced franking credit usage. Applying realistic and achievable accounting assumptions, our proposals would not result in management's claimed \"materially greater share capital\" and would ensure the frankable component of any future off-market buybacks remains materially unaltered",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ea425b51-b5db-4195-8336-44dd6b9cb2db",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "(1) Based on detailed advice and analysis and applying realistic and achievable assumptions, the unified BHP capital per share can be the current BHP share capital base allocated across all issued shares of unified BHP\n(2) Assumes the status quo, BHP would have to conduct buybacks based on the existing share split between Plc and Ltd. Since the DLC inception, buybacks have been conducted at an average value split of 45%/55% between on-market Plc and off-market Ltd",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bfddc78a-ab24-4222-a14d-b4f393458137",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.43,
        "x": 0.52,
        "y": 0.3
      },
      "kind": "table",
      "text": "With 65% More Franking Credits Released...",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "77555501-b10e-41f8-84c8-6f3240914fc1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "Unification Is the Gateway to Optimal Franking Credit Utilization...",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "90f60f4b-0c2c-4aa0-85b7-af5f973a3e99",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall chart",
      "slug": "waterfall-chart",
      "agent": null,
      "layer": "slide",
      "matchId": "aa9f2b1f-7cae-4bbc-af6f-40daada330c9",
      "evidence": "chart/bar-stacked: Maintains Franked Dividend Component...",
      "confidence": 0.9
    }
  ],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}