Simpson Oil to evaluate options to protect shareholder rights at Parkland

Simpson Oil Ltd. says it will evaluate its options to protect its shareholder rights once restrictions under an agreement that limits its ability to nominate and vote for board members at Parkland Corp. expire on March 31. 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

CALGARY -

Simpson Oil Ltd. says it will evaluate its options to protect its shareholder rights once restrictions under an agreement that limits its ability to nominate and vote for board members at Parkland Corp. expires 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.

Parkland is set to hold its annual meeting on March 28.

Simpson Oil says, due to the date, the annual meeting will be held before the expiration of the voting restrictions under its nomination agreement with Parkland.

It says the meeting is set for more than a month earlier than the company has held its annual shareholder gathering than any time in the last 10 years.

Simpson Oil is the largest shareholder of Parkland with a nearly 20 per cent stake in the company.

This report by The Canadian Press was first published March 4, 2024.