CALGARY — Parkland Corp. says its largest shareholder is not certain by the voting and standstill restrictions that had been a part of a governance settlement between the 2.
CALGARY — Parkland Corp. says its largest shareholder is not certain by the voting and standstill restrictions that had been a part of a governance settlement between the 2.
The Calgary-based firm says an Ontario Superior Courtroom resolution lifted the constraints on Simpson Oil Ltd., which owns a roughly 20 per cent stake in Parkland.
Simpson sued final yr to overturn the restrictions which prevented it from voting in opposition to the Parkland board or any of its suggestions, offered its possession within the firm was above 5 per cent. It additionally prohibited Simpson Oil from soliciting or making its personal bid for the corporate.
Parkland says it stays targeted on appearing in one of the best pursuits of all shareholders to maximise worth and executing its long-term technique.
The Ontario court docket resolution is the newest in a long-running dispute between Parkland and Simpson, which has additionally referred to as on Parkland to conduct a strategic evaluate that would come with the consideration of a attainable sale of the corporate.
Shares in Parkland had been up $3.17 at $36.67 in afternoon buying and selling on the Toronto Inventory Change.
This report by The Canadian Press was first printed Feb. 11, 2025.
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