The US group behind a push to overthrow the board of Perth-based streaming and DVD provider Quickflix has turned up the heat on the incumbents, yesterday announcing a national advertising blitz in a bid to influence retail shareholders.
US-based Tournament Field - a subsidiary of major shareholder Guaranty Finance Investors - which is leading the overthrow attempt - yesterday claimed to have more than 40 per cent of the company's current shareholder base backing its move.
It is understood Tournament Field, which promotes itself as a turnaround advisory company specialising in media and technology, is using the advertising campaign to target the retail base to get its board takeover across the line. It has also hired a PR firm to help it push its message.
Tournament Field wants to take over Quickflix and dump its DVD-rental arm, transforming it into a tech firm focused only on live-streaming TV.
In a battle which is becoming increasingly heated, Quickflix revealed last week Guaranty Finance Investors had reduced its stake in the company to only 3 per cent six months ago.
Quickflix also said it wanted it to finance the travel costs of bringing one of the Tournament Field representatives to Australia, which it deemed as "inappropriate".
In a letter to Quickflix shareholders last week, its company secretary Susan Hunter questioned the legality of a website called savequickflix.com.
The extraordinary general meeting to vote on replacing the board of directors is due on June 12.