CA - Parkland holder Engine Capital says it won't support incumbent directors
2023-04-20 14:29:28 ET
- Engine Capital said it won't support any incumbent board members running for reelection at Parkland Corp.'s ( OTCPK:PKIUF ) annual meeting.
- Engine Capital, which has a 2% stake in Parkland ( OTCPK:PKIUF ), sent a letter to the company's board on Thursday after the activist investor last month said the company should explore strategic alternatives including a sale or tax-free spinoff of non-core assets.
- Parkland's CFO met with Engine Capital last month following its approach and the investor expressed its desire to meet the board as soon as possible to start a dialogue about its concerns. Engine hasn't heard back from the company since its meeting on March 30.
- "Engine has engaged with more than 50 boards of directors over the last decade, and we have never encountered a situation where one has been so unresponsive," Engine Capita wrote in the letter.
- Parkland ( OTCPK:PKIUF ) didn't immediately return Seeking Alpha email request for comment.
- Engine Capital said it intends to vote for new board nominees appointed by Simpson Oil Limited. Last month Parkland said it entered an agreement granting Simpson Oil, its largest long-term shareholder, the right to designate as many as two nominees for election to the company's board at the upcoming annual meeting.
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Parkland holder Engine Capital says it won't support incumbent directors