Thunderbird reschedules postponed AGM amid proxy battle

The Vancouver-based company postponed its initial Dec. 6 meeting after U.S. hedge fund Voss Capital put forth six nominees for the board of directors.

Thunderbird Entertainment has set the date for its annual general meeting (AGM), following its postponement due to a public board of directors proxy battle with U.S. shareholder Voss Capital.

The meeting will take place on March 6, 2023, in Vancouver, with an information circular addressing “various assertions communicated by Voss” to be filed “in due course.” Afterward, the company will solicit proxies for nominees for election to its board.

A dispute between Thunderbird and Voss Capital broke into the public realm in November after the Houston-based hedge fund announced its intention to nominate six new members to the company’s board of directors. Thunderbird responded by postponing its AGM, which was initially scheduled for Dec. 6.

Voss has since published several statements criticizing the strategic direction of the board of directors, while praising the work done by Thunderbird management. Among its top criticisms is the board’s M&A strategy, claiming that it would be better suited for Thunderbird to be acquired by a larger company.

Thunderbird has refuted Voss’s claims, stating that the pool of Canadian buyers is small, and acquisitions from foreign-owned businesses face additional hurdles under Canadian law. The companies have continued to exchange rebuttals over their respective claims in the weeks since.

Vancouver-headquartered Thunderbird is the parentco of unscripted prodco Great Pacific Media (Heavy Rescue: 401) and animation studio Atomic Cartoons (The Last Kids on Earth; pictured).