{
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  "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",
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  "pageNumber": 7,
  "pageCount": 39,
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  "nextPage": 8,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 1,
  "notes": "Uses a callout box to highlight shareholder support and another to summarize the proposed solution for unification.",
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  "slideHref": "/slides/019dd923-622c-750b-8b9c-5d124925607e/7",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-5d124925607e",
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  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-5d124925607e#slide-7",
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      "kind": "callout",
      "text": "Meanwhile, our interactions with a significant quorum of shareholders holding BHP shares worth tens of billions of US$ have revealed extremely broad and deep-rooted support for: Pro-active steps to be taken by management to achieve an optimal value outcome for BHP's petroleum business; and An in-depth, open and truly independent review of that business, to be overseen by a committee which includes management, shareholder representatives and outside experts, with full disclosure of all results on a timely basis",
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      "kind": "callout",
      "text": "Unification can be achieved with a unified BHP incorporated in Australia – as well as remaining, per our original proposals, Australian headquartered and Australian tax resident, and retaining full primary ASX and premium LSE share listings – addressing the regulatory concerns which have been raised and in keeping with market precedents",
      "attrs": null,
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    {
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      "kind": "callout",
      "text": "Current management's response to our Value Unlock Plan has been inflexible and defensive, showing instead that they prefer to do nothing new to improve performance and to optimize shareholder value from BHP's first-class portfolio of assets",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
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      "kind": "list",
      "text": "Current management's response to the Value Unlock Plan is unconvincing and misses the point. Shareholders deserve better than a negative campaign by management seemingly designed to avoid taking positive or proactive steps. To make matters worse, management have based their position on a series of unsupportable claims, including: c.US$1.1 billion of phantom dual-listed company (DLC) unification costs; That our conservative and illustrative post-unification BHP share price level would be a loss of value for Limited's shareholders – ignoring market precedent and the significant value unlock potential of our proposals; and That unification would somehow lead to franking credits being less efficiently monetized",
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      "kind": "paragraph",
      "text": "Current management's response to our Value Unlock Plan has been inflexible and defensive, showing instead that they prefer to do nothing new to improve performance and to optimize shareholder value from BHP's first-class portfolio of assets",
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      "kind": "title",
      "text": "Rather Than Take Positive and Proactive Steps to Improve Performance, Management Prefers the Status Quo",
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      "evidence": "Frames management as the 'villain' preferring status quo over shareholder value.",
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      "evidence": "Management's value-destructive moves are presented as the monster.",
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