GRAND CAYMAN, Cayman Islands, April 12, 2024 /CNW/ - Simpson Oil has today sent a letter to the Board of Directors ("the Board") of Parkland Corporation ("Parkland" or "the Company") calling on the Board immediately to commence a review of strategic alternatives, including a potential transition of the Company to new ownership. This is essential to optimize Parkland's operational and financial performance. Simpson Oil believes that significant value creation opportunities are available to an operator with the appropriate focus on prudent capital allocation, cost discipline, alignment of management compensation, and strong corporate governance.
As a supportive partner, we have consistently encouraged the Company to maximise value and returns to shareholders. The results have fallen short of our expectations. In the approximately five years since our January ...