Canada’s Thunderbird Entertainment Group has entered into a “cooperation agreement” with its largest shareholder, Voss Capital, as a result of the duo’s souring relationship.
Last year, the US investment outfit raised concerns over the firm’s “strategic direction” and pushed for Thunderbird to nominate a new board of directors.
At the time it said it was “disappointed by the current board’s strategic direction, as well as its apparent lack of urgency to create value and unresponsiveness to shareholder concerns.”
In November, Thunderbird hit out at what it said were “false and misleading claims” that Voss had the support of fellow investor Frank Giustra.
However, Thunderbird has now agreed to appoint two new independent directors put forward by Voss, Asha Daniere and Mark Trachuk, effective immediately, and agreed to their nomination of a third independent director.
The two new appointees replace Marni Wieshofer (interim chair of the board and chair of the audit committee) who has agreed to step down from the board and the aforementioned Giustra, who has resigned from the board.
Voss, together with its affiliates, owns approximately 13.3% of the outstanding common shares of Thunderbird, which houses Heavy Rescue: 401 prodco Great Pacific Media and kids arm Atomic Cartoons, among others.
Jennifer Twiner McCarron, Thunderbird CEO, said that the company is “committed to a collaborative relationship with our shareholders and to considering all investor perspectives on the company’s existing strategy, as well as longer-term opportunities to create shareholder value as we continue progressing towards our goal of becoming the next major global studio.”
Travis Cocke, Voss Capital’s chief investment officer, added: “We are confident that with the addition of new, highly-qualified independent directors, Thunderbird is well positioned to continue doing what they do best—create high quality content.”