Parkland Provides Update on Governance Agreement Court Decision
Parkland Provides Update on Governance Agreement Court Decision |
| [10-February-2025] |
CALGARY, AB, Feb. 10, 2025 /PRNewswire/ - Parkland Corporation ("Parkland" "we" the "Company" or "our") acknowledges the Ontario Superior Court of Justice's decision which found that Simpson Oil Limited ("Simpson Oil") is no longer bound by the voting and standstill restrictions in the Governance Agreement.
Both Simpson Oil and Parkland freely entered into the Governance Agreement in 2019 which was designed to protect the interests of Parkland's other shareholders. Simpson Oil commenced this court proceeding for a declaration that it was no longer bound by its terms. Parkland has always been open to representation from Simpson Oil on its Board. This decision does not change that. Parkland remains focused on acting in the best interests of all shareholders to maximize value and executing its long-term strategy. The Company will continue to engage with shareholders and focus on the strong operational foundation that supports Parkland's success. About Parkland Corporation Parkland is an international fuel distributor, marketer, and convenience retailer with operations in twenty-six countries across the Americas. We serve over one million customers each day. Our retail network meets the fuel, and convenience needs of everyday consumers. Our commercial operations provide businesses with industrial fuels so that they can better serve their customers. In addition to meeting our customers' needs for essential fuels, we provide a range of choices to help them lower their environmental impact. These include renewable fuels sourcing, manufacturing, and blending, carbon and renewables trading, solar power, and ultra-fast EV charging. With approximately 4,000 retail and commercial locations across Canada, the United States, and the Caribbean region, we have developed supply, distribution, and trading capabilities to accelerate growth and business performance. Our strategy is focused on two pillars: our Customer Advantage and our Supply Advantage. Through our Customer Advantage, we aim to be the first choice of our customers, cultivating their loyalty through proprietary brands, differentiated offers, our extensive network, competitive pricing, reliable service, and our compelling loyalty program. Our Supply Advantage is based on achieving the lowest cost to serve among independent fuel marketers and distributors in the hard-to-serve markets in which we operate, through our well-positioned assets, significant scale, and deep supply and logistics capabilities. Our business is underpinned by our people and our values of safety, integrity, community, and respect, which are deeply embedded across our organization.
SOURCE Parkland Corporation | ||
Company Codes: Toronto:PKI |
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