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Cost-U-Less and Shareholders Reach Agreement
Chain Store Age
Tuesday, March 6, 2007
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Cost-U-Less announced Tuesday that it has reached agreement with two shareholder groups to nominate and support John Delafield to the company's board of directors. Cost-U-Less entered into separate letter agreements with Delafield Hambrecht, Inc., and its affiliates, and with Chadwick Capital Management and its affiliates, in which the company will support Delafield in his board bid at the 2007 annual meeting of shareholders and will submit a proposal to shareholders at the 2007 annual meeting to amend the Cost-U-Less articles of incorporation to remove the requirement that a business combination be approved by holders of at least 2/3 of the outstanding common stock under certain circumstances.
In return, the two shareholder groups agreed that through the end of 2007 they would support the slate of directors nominated by the Cost-U-Less board of directors, wouldn't nominate any candidates or propose any other business at an annual meeting, nor present any proposals for inclusion in the Cost-U-Less proxy statement or conduct any proxy solicitations.
Companies referred to in story:
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