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  "documentTitle": "Macellum Kohls Presentation April 2022",
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  "presentationDate": "2022-04-01 00:00:00",
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  "pageNumber": 17,
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  "notes": "The timeline shows a 19-week process. The bottom callout highlights the board's refusal to delay the AGM.",
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      "kind": "callout",
      "text": "IN OUR VIEW, THE BOARD COULD HAVE DELAYED THE AGM UNTIL JULY TO PROVIDE FOR A FULL AND ROBUST PROCESS, BUT HAVE OPTED NOT TO",
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      "text": "Illustrative Strategic Alternatives Process timeline",
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      "kind": "paragraph",
      "text": "If this Board retains control, we doubt a fair and transparent sale process will continue",
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      "text": "It appears to us that the process has been designed to provide the illusion of a sale process only to give incumbent directors the aircover to say the process is on-going and should not be disrupted by the addition of new directors",
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      "text": "Example provided by top tier investment bank",
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      "kind": "title",
      "text": "INDICATIVE TIMETABLE OF A SALE PROCESS WOULD POINT TO SUFFICIENT TIME TO CONSUMATE A TRANSACTION",
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