Third Point Management Activist Presentation Deck
April 2014, 30 slides
  1. Third Point Management
  2. Sotheby's
  3. Related Decks
  4. Activist Presentation Decks
investor presentation third point | Third Point Management
disclaimer | Third Point Management
table of contents | Third Point Management
third point overview third point is an investment adviser based in new york | Third Point Management
situation overview | Third Point Management
benefits of shareholder involvement benefits of greater shareholder involvement are already clear but without continued collaboration progress will stall | Third Point Management
current board misdirection campaign in a recent presentation the current board actively misled investors about credentials and third point track record of creating value for shareholders | Third Point Management
third point business case our business case is a simple one we strongly believe the shareholder slate can reinvigorate the board and help achieve its substantial potential | Third Point Management
overview is one of the world two leading auction houses | Third Point Management
shareholder return current board claims bid shares have outperformed the market however a quick look at historical performance suggests failure to create enduring value for shareholders as | Third Point Management
structural global population of ultra high net worth individuals ultra and their combined aggregate wealth have increased to record levels even before factoring in gains from | Third Point Management
luxury and art markets as one might expect luxury consumption across a variety of categories is on the rise yet the art market appears to be flat | Third Point Management
auction and private sales has generated a similar level of auction and private sales though a closer look suggests they might be losing share in art given growth in other categories like jewelry | Third Point Management
revenue and expenses more importantly relative to prior peak revenue is down and expenses are up | Third Point Management
as a result earnings per share has declined relative to peak down | Third Point Management
overview of shortcomings we believe weak performance can be tied back to poor corporate governance irresponsible cost expenditures and missed opportunities for growth | Third Point Management
corporate governance current board has little economic interest in the performance of the company whereas the shareholder slate has skin in the game | Third Point Management
corporate governance current board lacks fresh perspective necessary to overhaul the company challenged operational structure and cure its cultural malaise | Third Point Management
corporate governance current board seems more interested in ensuring its members are protected as evidenced by its rapid adoption of a discriminatory poison pill in response to a letter from third point | Third Point Management
expense discipline auction commission margins seem low relative to attractive fee structure in part due to the unchecked use of fractional commissions | Third Point Management
expense discipline while compensation seems high and perquisites are legendary shareholders should be more troubled by the lack of transparency and lack of pay for performance | Third Point Management
expense discipline announced cost savings program barely scratches the surface and suggests the company failed to make any serious efforts to tackle harder issues millions of | Third Point Management
growth opportunities has clear opportunities to grow and become over the long term | Third Point Management
growth opportunities has clear opportunities to grow and become over the long term | Third Point Management
potential operating failures in cost shareholders significant value conservative improvements in revenue growth and expense discipline could have more than doubled pro earnings power | Third Point Management
conclusion key the shareholder slate can be counted on to create future value for all shareholders | Third Point Management
conclusion the shareholder slate a better bid | Third Point Management
appendix the shareholder slate | Third Point Management
appendix the shareholder slate | Third Point Management
appendix the shareholder slate harry | Third Point Management
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