{ "docId": "019dd923-622c-750b-8b9d-4b83e0a1a1a8", "docSlug": "6beff9a97d80", "documentTitle": "Wirecard AG (WDI)", "authorId": "20_TCI_Fund", "authorName": "Sir Chris Hohn", "documentKindSlug": "shareholder-letter", "documentKindLabel": "Shareholder letter", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2020-04-28 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 3, "pageCount": 3, "prevPage": 2, "nextPage": null, "slideType": "closing_ask", "function": "state_demand", "density": "dense", "nDataPoints": 1, "notes": "Contains signatures of Sir Chris Hohn and Max Schroeder.", "elementsJson": [ "logo_grid", "paragraph" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9d-4b83e0a1a1a8/3", "deckHref": "/decks/019dd923-622c-750b-8b9d-4b83e0a1a1a8", "deckJsonHref": "/decks/019dd923-622c-750b-8b9d-4b83e0a1a1a8.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9d-4b83e0a1a1a8#slide-3", "components": [ { "bbox": null, "kind": "callout", "text": "Otherwise, in our opinion, the supervisory board commits a breach of duty of care for which its members are liable to the company pursuant to Sections 116 and 93 of the German Stock Corporation Act.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-0936-7173-ab16-c5ddaabfa786", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.42 }, "kind": "image", "text": "Signatures", "attrs": null, "subkind": "illustration", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "43f2d63b-3fb6-4461-a731-c68897b2d40d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.3, "x": 0.1, "y": 0.05 }, "kind": "image", "text": "TCI Fund Management Limited", "attrs": null, "subkind": "logo", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "30450051-0dfc-40d6-98d6-50bb188b0829", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.1, "y": 0.27 }, "kind": "paragraph", "text": "For full disclosure, funds managed by TCI Fund Management Limited submitted in compliance with their disclosure duties to the German Supervisory Authority (BaFin) and published in the Federal Gazette on 28 April 2020 a short position in Wirecard’s stock, equivalent to 1.04% of shares outstanding.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "065174e5-dcee-4c87-bf4e-9ad6e6fa3d3a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.1, "y": 0.53 }, "kind": "paragraph", "text": "Sir Chris Hohn", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "19752a60-2855-4ef0-8ced-f621cd378bd1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.16 }, "kind": "paragraph", "text": "audit until all of the allegations have been fully resolved. In our view, this is the only way to get to the bottom of the allegations that continue to be unresolved. Otherwise, in our opinion, the supervisory board commits a breach of duty of care for which its members are liable to the company pursuant to Sections 116 and 93 of the German Stock Corporation Act. Such a breach of duty of care can also amount to a failure to take necessary measures to prevent or limit damage.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "24e08b2e-057e-4b78-93f3-4c0df2e42843", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.1, "y": 0.38 }, "kind": "paragraph", "text": "Yours sincerely,", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "929d3d01-82d9-43df-a37e-806e00021fe5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.5, "y": 0.53 }, "kind": "paragraph", "text": "Max Schroeder", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e026d347-5556-449d-9cee-bb4559381e1a", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "Storytelling: the closing ask", "slug": "closing-ask", "agent": "storyteller", "layer": "slide", "matchId": "7c3ed07f-bc74-4892-a62e-2aab7900ced6", "evidence": "The slide contains a clear call to action and a signature, indicating a closing ask.", "confidence": 0.9 } ], "frameworks": [], "arcBeats": [ { "to": 3, "from": 3, "beatId": "382bc885-836e-42fe-bec2-cdb86576a0d3", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Impact & Next Steps", "beatSlug": "consultants-gambit-impact-next-steps", "evidence": "The closing ask presents the impact and next steps", "position": 2, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "loops": [ { "to": 3, "from": 2, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "8a5baf47-77b1-4390-8b41-cdff5c913864", "evidence": "The document implies that there are consequences for not taking action", "position": 0, "objective": "What are the consequences of not addressing the concerns about Wirecard's accounting practices?", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.6, "description": "Quantify what happens if the audience does nothing" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }