Thunderbird Entertainment Board In Fight For Control As Investors Call For Change

Thunderbird’s management is under attack by a key shareholder, Texas-based hedge fundKim’s Convenience A second shareholder, Railroad Ranch Capital, has also called for a “rigorous strategic review process” after claiming Thunderbird’s public valuation does not accurately reflect its success.

It claims Voss has initiated “an ambush proxy fight” by nominating an alternative board on the final day it’s permitted to do. Calling this a “calculated tactic,” the board said it had been forced to postpone its annual general meeting until Q1 2023. This was so it could assess the experience and track record of Voss’ nominations and give shareholders “all of the information necessary” to decide who would control the company going forward.

Voss had claimed to have major shareholder Giustra’s backing but he has since strongly denied that is the case. He became a stakeholder ten years ago. Vancouver-based Thunderbird countered that claim, saying its shares had “outperformed the market, the industry and its peers.” It pointed to statistics showing the company’s share price has grown 39% since it began trading in November 2018 up to the day before Voss released its statement. In the same period, it claimed Canadian rivals WildBrain, Boat Rocker Media and VerticalScope Holdings had all seen significant share price drops.

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