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Another shareholder in Vancouver-based Thunderbird Entertainment is also joining the ranks of change. Railroad Ranch Capital, which owns less than 7 percent of the media company, issued a press release yesterday criticizing its management and overall performance.
latest volley Ongoing Shareholder Disputes Railroad praised Thunderbird’s leadership team – particularly chief executive Jennifer Twiner-McCarron – but questioned whether the company’s share price reflected its true value and whether its board of directors best represented its interests.
Acknowledging Thunderbird’s success in building a portfolio that includes third-party productions and proprietary IP, Railroad outlined three factors it believes negatively impacted performance: Lack of transparency on future revenue trajectory (primarily due to TV and NDA business models ) need to protect intellectual property); deal liquidity has plummeted (shares sold every day); and, because of these two factors, public valuations do not accurately reflect the company’s success and its ability to acquire other companies.
Rail has called for a “rigorous strategic review process” to address shareholder concerns. Thunderbird, which owns Atomic Cartoons, the animation studio behind children’s series Hello Ninja, The Last Child on Earth and Denali’s Molly, has been embroiled in a shareholder dispute since early November.
Voss Capital, which owns about 13 percent of Thunderbird, announced on Nov. 4 its intention to nominate a new board for the company.It then doubled down on the bet last week, calling the company to freed Because of what it called a “disruptive strategic direction” and a “clear lack of urgency to create value and a slow response to shareholder concerns”.
Thunderbird has postponed its annual general meeting from December 6, 2022 to no later than March 6, 2023, as it prepares to respond to Voss’ call for change. The company asked Voss to retract its “false and misleading” claim that board member Frank Giustra was on Voss’ side.
Meanwhile, Thunderbird has confirmed kids screen Its day-to-day operations have not been disrupted by shareholder actions. “As we have disclosed, we are assessing the situation and will provide an update in due course. In the meantime, business as usual.”
Thunderbird’s 2022 fiscal year (which ends June 30) was announced on October 20, with full-year revenue up 34% to $149 million. The company will release its first-quarter 2023 earnings statement tomorrow.
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