{
  "docId": "019de06f-e6aa-7292-b2ff-5ed256dde284",
  "docSlug": "720045051a6adb83f61392726ac21f71",
  "documentTitle": "Trian Partners | Activist Presentation Deck | 23 slides",
  "authorId": "trian-partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-11-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 20,
  "pageCount": 23,
  "prevPage": 19,
  "nextPage": 21,
  "slideType": "propose_solution",
  "function": "present_solution",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "The slide uses a torn-paper visual effect to highlight the announcement details.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-e6aa-7292-b2ff-5ed256dde284/20",
  "deckHref": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284",
  "deckJsonHref": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284.json",
  "deckAnchorHref": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284#slide-20",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.92,
        "x": 0.04,
        "y": 0.75
      },
      "kind": "callout",
      "text": "We believe Ferguson can be one of the leading US RMI-oriented specialty distributors publicly traded in the United States",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "723b9638-d240-4742-9bfc-3fc4731bf096",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.88,
        "x": 0.06,
        "y": 0.0019
      },
      "kind": "list",
      "text": "1) Ferguson intends to demerge its UK operations(1)\n2) Kevin Murphy, Ferguson’s US CEO, will become Group CEO on November 19, 2019\n3) Board considering most appropriate listing structure for Ferguson going forward",
      "attrs": null,
      "subkind": "numbered",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d0745518-2802-4a47-a97c-0a5b08fe7f05",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.3,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Company press release. (1) Subject to shareholder approval.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "12c765ae-fc8c-4f10-b509-e31b2e7bcbe0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.0013
      },
      "kind": "subtitle",
      "text": "Ferguson’s September 3, 2019 Announcement",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "121d88a4-6f4b-48c8-be26-118cc0320179",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.8,
        "x": 0.05,
        "y": 0.03
      },
      "kind": "title",
      "text": "Ferguson’s Management and Board Have Begun to Address The Problem",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6b472ced-b1e4-45e5-9f49-ead1c707a4bd",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 20,
      "from": 14,
      "beatId": "0de9becd-2ef8-4aa5-bbdf-e9a852162c39",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "Slides 14-20 propose and support the solution of a US listing.",
      "position": 3,
      "confidence": 0.9,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}