Thunderbird Entertainment, the producer behind multiple projects filming Vancouver for US studios and streamers, has dismissed a proxy battle with activist investor Voss Capital.
Led by CEO Jennifer Twyner McCarron, Thunderbird said in a statement Thursday after postponing its annual shareholder meeting from December 6 to early 2023: Texas-based Voss Capital, which owns his 13.3% stake in Thunderbird, added that it was “wrong” to claim that putting the company up for sale could unlock shareholder value.
In a Nov. 18 letter to Thunderbird investors, Voss noted that Toronto-based film and television producer Entertainment One was put up for sale by parent company Hasbro a day earlier, citing the current He pointed to Thunderbird’s board as evidence that shareholder value is not being maximized. “this [Hasbro] Today’s announcement is just the latest example of dozens of Thunderbird peers who are properly aware of and capitalizing on the current industry environment,” Voss asserted.
A US hedge fund has named six directors to Thunderbird’s board, including Heather Conway, the recent executive director of the Hot Dogs Canadian International Documentary Festival, to replace current directors.
Thunderbird’s Board of Directors includes CEO McCarron, Lionsgate founder Frank Giustra and Interim Chairman Marni Wieshofer. Marni Wieshofer is former vice president of corporate development at Lionsgate, and media investor Jerome Levy, former vice chairman of Archie Comic Publications, joined the board earlier this year.
Thunderbird’s Atomic Cartoons division produces animated content for thousands of Hollywood studios and streamers. the last children on earth For Netflix, scripted series Kim’s circumstances CBC and Netflix Vampire Reginald For Syfy and Amazon Prime in Canada.The company’s unscripted pipeline includes series like dead man’s curse history channel and after the storm for discovery.
At the end of the first quarter on September 30, 2022, Thunderbird had 28 TV series in various stages of production. On that slate, 10 shows were his Thunderbird holding IP rights to him, and 18 were projects produced by Canadian companies for service fees. Like other Canadian indie producers with ties to the US market, Thunderbird has worked to increase the amount of IP-holding projects to non-proprietary production service jobs.
Thunderbird’s call for a management change has the support of Dallas-based Railroad Ranch Capital Management. Railroad Ranch Capital Management said in its Nov. 15 statement that this private equity player has “demonstrated a lack of urgency to address our concerns” by the Canadian firm. increase. , and therefore I am pleased that Voss Capital has nominated a competing director nominee. We believe an improved Board will help close the valuation gap and deliver value to Thunderbird shareholders. ”
Thunderbird shares fell 1 cent to $3.34 in intraday trading on Friday, down 22% from a 52-week high of $5.09 on Dec. 3, 2021.
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