Posted at 9:53 a.m., Tuesday, March 6, 2007
Cost-U-Less adds new director
Advertiser Staff
Cost-U-Less Inc., a discount warehouse store operator with two locations in Hawai'i, said its entered into agreements with shareholder groups to add a new director to its board and amend its articles of incorporation to make it easier to be taken over.The company said it agreed the letters with Delafield Hambrecht Inc. and Chadwick Capital Management LLC to nominate and support John Delafield to the board and to remove from its incorporation articles a requirement that a business combination be approved by holders of at least two-thirds of outstanding common stock.
Cost-U-Less, A Bellevue, Washington company with 11 stores, said it entered into the agreements to avoid a costly proxy battle with shareholders. Besides operating locations on Kaua'i and the Big Island, the company also has two locations on Guam.
