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Parkland Corporation Announces Agreement with Largest Shareholder Simpson Oil; Builds on Longstanding Relationship

Ensures Simpson’s representation and continued support for Parkland to maximize shareholder value

Addresses letter received today from activist Engine Capital

Parkland Corporation (“Parkland”, “we”, the “Company”, or “our”) (TSX: PKI), today announced 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 longstanding and successful relationship between Parkland and Simpson Oil. The Agreement provides Simpson Oil, holder of over 19% of the issued and outstanding Parkland shares, the right to designate up to two nominees for election to the Board of Directors of Parkland and includes customary voting support obligations in favour of the Board.

“We appreciate the confidence that Simpson Oil has shown in the Parkland Team and the Company’s strategic direction,” said Jim Pantelidis, Chairman of the Board of Directors of Parkland. “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 secured our largest shareholders’ ongoing support for our Board of Directors and Management. We look forward to our continued relationship with Simpson Oil, and our mutual confidence and commitment in the long-term strategy and future of our business.”

Under the terms of the Agreement, two nominees of Simpson Oil will be nominated for election at the Company’s upcoming annual and special meeting of shareholders. “The Board will be recommending shareholders vote in favour of the nominees’ election at the upcoming shareholder meeting and we look forward to welcoming them to the Board should they be elected,” said Pantelidis. Additional details on the Agreement will be included in the Management Information Circular for the meeting that will be published in the coming days.

As part of the Board’s ongoing refreshment process, David Spencer and John Bechtold will not be standing for re-election at the meeting, a decision which has been planned 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, expertise, and guidance have helped us navigate complex challenges and achieve remarkable success,” said Pantelidis. 

The full Agreement is available at

Addresses Letter Received from Engine Capital

Separately, the Company wishes to acknowledge receipt of a letter this morning from activist Engine Capital LP (“Engine Capital”).  The company will not speculate on the coincidental timing of activist Engine Capital’s letter in conjunction with today’s announced agreement with Simpson Oil.

As  previously announced, having purposefully accelerated acquisitions over the past two years, Parkland is focused on delivering value from the unique and integrated business it has built. The Company is focused on integrating its recent acquisitions, capturing synergies, lowering leverage, and enhancing shareholder returns. The company is also examining opportunities for dispositions where it creates strong returns for the Company’s shareholders. 

Parkland actively communicates with all of its shareholders on an ongoing basis and will continue to do so.

About Parkland

Parkland is an international fuel distributor and retailer with operations in 25 countries. Our purpose is to Power Journeys and Energize Communities, and every day, we provide over one million customers with the essential fuels, convenience items and quality foods on which they depend.

With approximately 4,000 retail and commercial locations across Canadathe United States, and the Caribbean region, we have developed supply, distribution, and trading capabilities to accelerate growth and business performance. 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 carbon and renewables trading, solar power, renewables manufacturing and ultra-fast electric vehicle charging.

Our proven business model is centered around organic growth and our supply advantage, and is driven by scale, our integrated refinery and supply infrastructure, and focus on acquiring prudently, and integrating successfully. Our strategy is focused on developing the existing business in resilient markets, growing our food, convenience, and renewable energy businesses, and helping customers to decarbonize. 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

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