{
  "docId": "019f6b8f-4754-74a5-8284-96ac60575004",
  "docSlug": "jarvis-oasis-stratus-presentation-march-2021",
  "documentTitle": "Oasis Stratus Presentation March 2021",
  "authorId": "oasis-stratus-presentation-march-2021",
  "authorName": null,
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2021-03-01 00:00:00",
  "orientation": null,
  "aspectRatio": null,
  "pageNumber": 35,
  "pageCount": 76,
  "prevPage": 34,
  "nextPage": 36,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "overcrowded",
  "nDataPoints": 1,
  "notes": "Includes a footnote regarding a conflict of interest recusal.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019f6b8f-4754-74a5-8284-96ac60575004/35",
  "deckHref": "/decks/019f6b8f-4754-74a5-8284-96ac60575004",
  "deckJsonHref": "/decks/019f6b8f-4754-74a5-8284-96ac60575004.json",
  "deckAnchorHref": "/decks/019f6b8f-4754-74a5-8284-96ac60575004#slide-35",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.18
      },
      "kind": "callout",
      "text": "Stratus' claim that Oasis is opposed to the REIT conversion because we want to suppress Stratus' stock price to reduce the cost of a potential future buyout demonstrates, in our belief, the Company's ineptitude. Here are the facts:",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "11ad722f-cc5a-4f18-b97d-c81eb3f992d1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.85,
        "x": 0.1,
        "y": 0.4
      },
      "kind": "list",
      "text": "Stratus was slow to respond to the offer, sitting on it for several weeks before even acknowledging its receipt. Then, the Company insisted that the group must sign an egregious confidentiality agreement to proceed any further. The group did not request any information from the Company and thought it was premature to sign a confidentiality agreement before a theoretical price could be even discussed.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2f3ef1cf-6d1e-4c09-a2de-d19e9b852fbe",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.9,
        "x": 0.05,
        "y": 0.28
      },
      "kind": "list",
      "text": "A group led by sophisticated real estate investors (and including a minority interest by an Oasis employee) approached Stratus in August 2019 with an offer to buy out the Company. While the initial offer represented a premium to Stratus' stock price at the time, it was an opening offer that was subject to negotiation, as in customary in capital markets.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "322538af-4ef6-4724-9f63-b17eb12b9139",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.85,
        "x": 0.1,
        "y": 0.55
      },
      "kind": "list",
      "text": "Stratus did not counter. After a month of idling, Mr. Madden responded to the group that Stratus was not interested in pursuing a deal.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "49625a07-265d-45d2-9183-10d049c797ce",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.85,
        "x": 0.1,
        "y": 0.6
      },
      "kind": "list",
      "text": "This process is illustrative of how Stratus and its Board conducts business and is not the only instance when Stratus has failed to properly engage with bids for the Company.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7a839992-d073-415c-81dd-2fa06a0dc069",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.75
      },
      "kind": "list",
      "text": "Oasis owns 1,123,065 mm shares of Stratus. When the stock price goes up, our investors make money, and we make money. It's that simple. We have no ulterior motives. Our only motive is to increase Stratus' stock price so that we and all shareholders can finally unlock the true value of our shares.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9c5b876b-2ffa-4f38-a1b3-f75e40f4c873",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.66
      },
      "kind": "list",
      "text": "If we really wanted to suppress Stratus' stock price we would not be engaging in this proxy contest centered around unlocking shareholder value. Instead, we would sit idly by and let Stratus' Management and Legacy Board destroy shareholder value on their own as they have done for over a decade.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ba01c4a4-22fe-4c2a-878f-01d891d6c79f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.25,
        "y": 0.95
      },
      "kind": "other",
      "text": "Note: Even though Stratus' own lawyers did not believe there was a conflict of interest because the group was separate from Oasis, Ms. Benson recused herself from all Board discussions on this matter to avoid any appearance of a conflict of interest",
      "attrs": null,
      "subkind": "source-note",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "22e0443d-4f06-4acb-866c-8bb62ccb463e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "Stratus' Claim That We Are Opposed to a REIT Because We Want to Suppress Stratus' Value is Wrong",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8c24edaa-809d-4fcb-a0e2-9bea86b321d1",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "preempt_rebuttal",
      "slug": null,
      "matchId": "4a1f1b93-c34a-4633-890f-74a3206f0731",
      "evidence": "The slide explicitly addresses and refutes a specific claim made by the opponent (Stratus) regarding Oasis' motives.",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 59,
      "from": 22,
      "beatId": "688f4b05-e7e7-48c6-b731-34703835a390",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Propose Solution",
      "beatSlug": null,
      "evidence": "The deck presents Oasis' plan to improve Stratus' performance and governance",
      "position": 2,
      "confidence": 0.9,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}