Thorsteinson Appointed to Miranda’s Board of Directors in Otherwise Uneventful AGM

Posted by Joe Zaller
Apr 25 2012

Miranda said that broadcast industry veteran Tim Thorsteinson was elected to its Board of Directors at the company’s Annual General Meeting (AGM). 

Thorsteinson, who was nominated for the position by Miranda’s management, ran unopposed for the board position vacated by Thomas Cantwell who announced his retirement earlier this year.

Miranda said that all other items put forth at the AGM were approved, including the re-appointment of its auditors and the adoption of an amended and restated shareholder rights plan

The low-key nature of Miranda’s AGM is in contrast to several months of activist shareholder drama at the company which began in December 2011 when two investment firms – JEC Capital Partners and JMB Capital Partners – who respectively own approximately 7.1% and 3.1% of Miranda’s outstanding shares — requisitioned a meeting of the shareholders of Miranda to replace four of the seven existing directors of Miranda with four new independent directors.

Last month Miranda effectively put itself up for sale when the company announced that it will “hold discussions with potential strategic partners as part of the company’s review of ways in which to continue to enhance value and to build on the positive momentum that it has generated over the past two years.”

Miranda’s announcement about a potential sale and the timing of its AGM, which was at the same time as last week’s the NAB show and caused several key Miranda executives to miss part of the show, created intense speculation about the company’s future ownership during NAB. 

Perhaps in recognition of this, Miranda president & CEO Strath Goodship said in a statement “We would like to thank our shareholders for their continued support. The Company remains committed to driving sustainable and profitable growth through the development of innovative solutions and go to market strategies.”

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Related Content:

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JEC Press Release: JEC Capital Names Proposed Directors of Miranda Technologies Inc.

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JEC Press Release: Miranda Technologies Calls Early Shareholders Meeting After Pressure From JEC and Other Concerned Shareholders

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