The Meet Group has made an agreement with shareholder Harvest Capital Strategies LLC to appoint two new directors to its board.
Harvest Capital Strategies LLC and its affiliates own approximately 6.3% of The Meet Group’s outstanding shares.
And now, under a new cooperation agreement announced yesterday, The Meet Group has agreed to appoint two new independent board directors.
The first is Jim Parmelee, the president of strategic and financial advisory firm JPP Advisors, which he set up in December 2015.
He is currently an advisor to private equity firm Hamilton Robinson Capital Partners, and was previously a Managing Director at Peak Ten Management LLC.
Before this, Parmelee was a partner at Union Square Advisors, and a research analyst at Credit Suisse First Boston.
Parmelee will join the board effective immediately.
The second director set to be added to the board has not yet been identified, but will be appointed within the next ninety days.
Spencer G. Rhodes, The Meet Group’s Chairman of the Board, said: “We are pleased to have reached this cooperation agreement with Harvest Capital, as we believe this outcome serves the best interests of The Meet Group and its stockholders. We are also pleased to welcome Jim Parmelee to our Board and look forward to the insights and experience he will bring.”
With the cooperation agreement, Harvest Capital has agreed that it will abide by certain customary standstill provisions until the certification of the shareholder vote at The Meet Group’s 2018 Annual Meeting of Stockholders.
Jeffrey B. Osher, the Managing Director of Harvest Capital, said: “We have spent considerable time with The Meet Group’s senior management team and strongly support their strategy of creating a compelling portfolio of mobile meeting apps. Under Geoff Cook’s leadership, The Meet Group has methodically grown its global platform while delivering consistent profitability and cash flow.”
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