Hardware & Lumber (HL) – More on Buy-out

The Board of Directors of the company held a special meeting on July 30, 1997 to discuss the offer by Pan-Jamaican Investment Trust Ltd. to acquire all of the outstanding shares of the company not held by Pan-Jamaican.

It was resolved that a committee of the Board consisting of Vayden McMorris and Donald Phillipps and assisted by Andrew Brown, a member of the company’s management team, be appointed with full authority to do all such things necessary in connection with the Offer, provided that the Directors Circular be brought back to the Board for approval.