Parkland says Simpson Oil's proposed strategic review is unnecessary

CALGARY – Fuel retailer Parkland Corp. says that there is no need to conduct a strategic review of the business called by its largest shareholder.

The Calgary-based company says such a review would not take into account the interests of the majority of its shareholders.

Comment Simpson Oil Ltd. comes after the company last week sent a letter to Parkland's board of directors calling for a review of strategic alternatives, including a possible sale of the company.

Simpson owns 19.7 percent of Parkland.

Last month, he said he would evaluate options to protect shareholders' rights after Parkland's March 31 cap on the ability to nominate and vote on board members expires.

Two of the company's Parkland board nominees resigned late last year, and it also relinquished the right to nominate two Parkland board members.

This Canadian Press report was first published on April 15, 2024.

Companies in this story: (TSX:PKI)

Canadian Press