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Parkland says strategic review called for by Simpson Oil is unnecessary

A boat travels past the Parkland Burnaby Refinery on Burrard Inlet at sunset in Burnaby, B.C., on Saturday, April 17, 2021. THE CANADIAN PRESS/Darryl Dyck A boat travels past the Parkland Burnaby Refinery on Burrard Inlet at sunset in Burnaby, B.C., on Saturday, April 17, 2021. THE CANADIAN PRESS/Darryl Dyck
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CALGARY -

Fuel retailer Parkland Corp. says a strategic review of its business called for by its largest shareholder is unnecessary.

The Calgary-based company says such a review does not consider the best interests of the majority of its shareholders.

The comments came after Simpson Oil Ltd. sent a letter to the Parkland board of directors last week that called for a review of strategic alternatives including a potential sale of the company.

Simpson holds a 19.7 per cent stake in Parkland.

It said last month it would evaluate its options to protect its shareholder rights once restrictions under an agreement that limited its ability to nominate and vote for board members at Parkland expired on March 31.

The company's two nominees on the Parkland board of directors resigned at the end of last year and it also waived its right to nominate two members to Parkland's board.

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

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