Parkland Corporation announced that it has entered into an agreement dated March 21, 2023 (the “Agreement”) with its largest long-term shareholder, Simpson Oil Limited (“Simpson Oil”). The Agreement furthers the long and successful relationship between Parkland and Simpson Oil. The Agreement grants Simpson Oil, holder of more than 19% of Parkland’s issued and outstanding shares, the right to nominate up to two candidates for election to Parkland’s board of directors, including customary voting support obligations in favor of the board
“We appreciate the confidence that Simpson Oil has shown in the Parkland team and in the company’s strategic direction,” said Jim Pantelidis , Parkland Chairman of the Board. “Since Simpson Oil became our largest shareholder, we have continued to advance our strategy and strengthen our growth platform through prudent acquisitions, while increasing our dividend each year. Through this agreement, we have gained the continued support of our most important shareholders to our board of directors and management. We look forward to developing a continuing relationship with Simpson Oil, as well as our mutual trust and commitment to the long-term strategy and future of our company.”
Pursuant to the terms of the Agreement, two Simpson Oil candidates will be nominated for election at the company’s next annual special meeting of shareholders. “The board will recommend that shareholders vote in favor of the choice of nominees at the next shareholder meeting and we look forward to welcoming them to the board if elected,” Pantelidis said. Additional details on the agreement will be included in the management information circular for the meeting, which will be published in the coming days.
As part of the board’s ongoing update process, David Spencer and John Bechtold will not be up for re-election at the meeting, a decision that has been in the works for some time. “I want to thank David and John for their service to the board and their tireless work on behalf of shareholders. Their vision, experience and guidance have helped us overcome complex challenges and achieve remarkable success,” said Pantelidis.
