TM Entertainment and Media to add shareholder designee to board, postpones annual meeting

By Lisa Kerner

Charlotte, N.C., March 31 - TM Entertainment and Media, Inc. and Opportunity Partners LP, a fund in the Bulldog Investors group of private investment funds, reached an agreement in connection with Bulldog's ongoing consent solicitation and proposed proxy solicitation, TM Entertainment said on Tuesday.

The company agreed to name one person to be designated by Bulldog to TM Entertainment's board of directors.

TM Entertainment said the person will be independent of both Bulldog and TM Entertainment, qualify as an audit committee "financial expert" and be acceptable to the current members of the board.

Bulldog agreed to cease its efforts to cause an early windup of the company and will not oppose the board at the next meeting of stockholders or seek to control management, according to a TM Entertainment news release.

In addition, the shareholder agreed to withdraw its demand to force the company to hold an annual meeting.

TM Entertainment postponed its annual meeting set for May 13.

New York-based TM Entertainment does not have significant operations.

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