CALGARY — Parkland Corp. says its largest shareholder is not certain by the voting and standstill restrictions that have been a part of a governance settlement between the 2.
The Calgary-based firm says an Ontario Superior Court docket resolution lifted the restrictions 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 centered on performing in the most effective pursuits of all shareholders to maximise worth and executing its long-term technique.
The Ontario courtroom resolution is the most recent in a long-running dispute between Parkland and Simpson, which has additionally known as on Parkland to conduct a strategic evaluation that would come with the consideration of a attainable sale of the corporate.
Shares in Parkland have been up $3.17 at $36.67 in afternoon buying and selling on the Toronto Inventory Alternate.
This report by The Canadian Press was first revealed Feb. 11, 2025.
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The Canadian Press
