CA - Parkland reaches deal with largest shareholder on board nominees

2023-03-22 18:36:36 ET

Parkland ( OTCPK:PKIUF ) said Wednesday it has 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.

The company said David Spencer and John Bechtold will not stand for re-election to the board, a decision it said has been planned for some time.

Parkland ( OTCPK:PKIUF ) also acknowledged receipt of a letter from activist investor Engine Capital, and said it is focused on integrating its recent acquisitions while also examining opportunities for dispositions where it creates strong returns.

Parkland ( OTCPK:PKIUF ) shares gained nearly 10% on the Toronto Stock Exchange Wednesday after Engine Capital said the company should explore strategic options including a potential sale or tax-free spinoff .

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