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Simpson Oil Sends Letter to Parkland Shareholders and Nominates Nine Highly Experienced Directors to Refuel Parkland and Restore Value

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Simpson Oil, holding 19.8% of Parkland 's shares, has announced its intention to nominate nine new directors to Parkland's Board at the 2025 Annual General Meeting on May 6. This move comes after highlighting Parkland's significant underperformance, with total shareholder return reportedly underperforming peers by 95.7% since 2019.

The nominees include notable executives such as Monty Baker (former PwC Partner), Mark Davis (former Chemtrade Logistics CEO), and Karen Stuckey (former Walmart SVP and current Gildan Activewear director). Simpson Oil claims their previous attempts at constructive engagement, including securing two board seats in 2023, were met with exclusion from key discussions.

The company has launched www.RefuelParkland.com to detail their case for change and plans for value creation. Simpson Oil criticizes the current board for poor management oversight, succession planning, and what they describe as an undisciplined M&A strategy with poor integrations.

Simpson Oil, che detiene il 19,8% delle azioni di Parkland, ha annunciato la sua intenzione di nominare nove nuovi direttori per il Consiglio di Amministrazione di Parkland durante l'Assemblea Generale Annuale del 2025, prevista per il 6 maggio. Questa mossa arriva dopo aver evidenziato il significativo sotto rendimento di Parkland, con un ritorno totale per gli azionisti che risulta inferiore ai concorrenti del 95,7% dal 2019.

I candidati includono dirigenti di spicco come Monty Baker (ex Partner di PwC), Mark Davis (ex CEO di Chemtrade Logistics) e Karen Stuckey (ex SVP di Walmart e attuale direttore di Gildan Activewear). Simpson Oil sostiene che i loro precedenti tentativi di coinvolgimento costruttivo, inclusa la conquista di due seggi nel consiglio nel 2023, sono stati accolti con esclusione da discussioni chiave.

L'azienda ha lanciato www.RefuelParkland.com per dettagliere il proprio caso per il cambiamento e i piani per la creazione di valore. Simpson Oil critica l'attuale consiglio per la scarsa supervisione nella gestione, la pianificazione della successione e quella che descrivono come una strategia di M&A poco disciplinata con integrazioni carenti.

Simpson Oil, que posee el 19.8% de las acciones de Parkland, ha anunciado su intención de nominar a nueve nuevos directores para la Junta Directiva de Parkland en la Junta General Anual de 2025, programada para el 6 de mayo. Este movimiento se produce tras señalar el significativo bajo rendimiento de Parkland, con un retorno total para los accionistas que supuestamente ha estado por debajo de sus pares en un 95.7% desde 2019.

Los nominados incluyen a ejecutivos destacados como Monty Baker (ex socio de PwC), Mark Davis (ex CEO de Chemtrade Logistics) y Karen Stuckey (ex SVP de Walmart y actual directora de Gildan Activewear). Simpson Oil afirma que sus intentos previos de compromiso constructivo, incluyendo la obtención de dos asientos en la junta en 2023, fueron recibidos con exclusión de discusiones clave.

La empresa ha lanzado www.RefuelParkland.com para detallar su caso por el cambio y los planes para la creación de valor. Simpson Oil critica a la junta actual por la mala supervisión de la gestión, la planificación de la sucesión y lo que describen como una estrategia de M&A indisciplinada con malas integraciones.

심슨 오일은 파클랜드의 19.8%의 주식을 보유하고 있으며, 2025년 5월 6일에 열리는 연례 총회에서 파클랜드 이사회에 새 이사 9명을 추천할 것이라고 발표했습니다. 이 조치는 2019년 이후 주주 총 수익이 동종 업계의 95.7%에 비해 저조하다는 점을 강조한 후 이루어졌습니다.

후보자에는 몬티 베이커 (전 PwC 파트너), 마크 데이비스 (전 Chemtrade Logistics CEO), 카렌 스턱키 (전 월마트 SVP 및 현재 길단 액티브웨어 이사)와 같은 저명한 경영진이 포함됩니다. 심슨 오일은 2023년에 두 개의 이사회 자리를 확보하는 등 이전의 건설적 참여 시도가 핵심 논의에서 배제되었다고 주장합니다.

회사는 변화의 필요성과 가치 창출 계획을 상세히 설명하기 위해 www.RefuelParkland.com을 개설했습니다. 심슨 오일은 현재 이사회가 관리 감독 부족, 후계 계획 및 비효율적인 M&A 전략으로 인한 통합 문제를 비판합니다.

Simpson Oil, qui détient 19,8% des actions de Parkland, a annoncé son intention de nommer neuf nouveaux directeurs au Conseil d'Administration de Parkland lors de l'Assemblée Générale Annuelle de 2025, prévue le 6 mai. Cette décision intervient après avoir souligné la performance insuffisante de Parkland, avec un retour total pour les actionnaires qui serait inférieur de 95,7% à celui de ses pairs depuis 2019.

Les candidats incluent des dirigeants notables tels que Monty Baker (ancien partenaire de PwC), Mark Davis (ancien PDG de Chemtrade Logistics) et Karen Stuckey (ancienne SVP de Walmart et actuelle directrice de Gildan Activewear). Simpson Oil affirme que ses précédents efforts de dialogue constructif, y compris l'obtention de deux sièges au conseil en 2023, ont été accueillis avec une exclusion des discussions clés.

L'entreprise a lancé www.RefuelParkland.com pour détailler son cas en faveur du changement et ses plans de création de valeur. Simpson Oil critique le conseil actuel pour une mauvaise supervision de la gestion, la planification de la succession et ce qu'ils décrivent comme une stratégie de fusions et acquisitions indisciplinée avec de mauvaises intégrations.

Simpson Oil, das 19,8% der Anteile von Parkland hält, hat seine Absicht angekündigt, neun neue Direktoren für den Vorstand von Parkland bei der Hauptversammlung 2025 am 6. Mai zu nominieren. Dieser Schritt erfolgt, nachdem auf die erhebliche Unterperformance von Parkland hingewiesen wurde, wobei die Gesamtrendite für Aktionäre seit 2019 angeblich um 95,7% hinter den Mitbewerbern zurückbleibt.

Zu den Nominierten gehören namhafte Führungskräfte wie Monty Baker (ehemaliger PwC-Partner), Mark Davis (ehemaliger CEO von Chemtrade Logistics) und Karen Stuckey (ehemalige SVP von Walmart und derzeitige Direktorin von Gildan Activewear). Simpson Oil behauptet, dass ihre früheren Versuche zu konstruktivem Engagement, einschließlich der Sicherung von zwei Sitzen im Vorstand im Jahr 2023, mit dem Ausschluss von wichtigen Diskussionen beantwortet wurden.

Das Unternehmen hat www.RefuelParkland.com ins Leben gerufen, um seinen Fall für Veränderungen und Pläne zur Wertschöpfung darzulegen. Simpson Oil kritisiert den aktuellen Vorstand für mangelhafte Aufsicht, Nachfolgeplanung und das, was sie als undisziplinierten M&A-Strategie mit schlechten Integrationen beschreiben.

Positive
  • Large shareholder (19.8%) taking active steps to improve corporate governance
  • Nominated experienced board candidates with relevant industry expertise
  • Comprehensive plan for strategic review and value creation
Negative
  • 95.7% underperformance in total shareholder return since 2019
  • Poor integration of M&A transactions
  • Alleged mismanagement and lack of oversight by current board
  • Previous attempts at board representation were reportedly ineffective

Outlines the Current Board’s Track Record of Entrenchment, Chronic Financial Underperformance, and Sustained Destruction of Shareholder Value

Believes the Time Has Come to Hold the Board Accountable for Failing Shareholders With Its Lack of Management Oversight, Succession Planning, and Misguided Decision Making

Launches www.RefuelParkland.com Detailing the Case for Change and Introducing the Director Nominees and the Plan to Build Shareholder Value at Parkland

GRAND CAYMAN, Cayman Islands--(BUSINESS WIRE)-- Simpson Oil Limited (“Simpson Oil”), the largest shareholder of Parkland Corporation (“Parkland” or the “Company”), holding 19.8% of the outstanding common shares, today released a letter to Parkland shareholders outlining why change is urgently needed at the Company’s 2025 Annual General Meeting (the “Meeting”), scheduled to be held on May 6. The full letter can be downloaded here.

In its letter, Simpson Oil details Parkland’s persistent track record of financial underperformance, strategic missteps, and sustained destruction of shareholder value overseen by the Company’s current Board of Directors (the “Board”). Notably, Simpson Oil highlights that Parkland’s total shareholder return (“TSR”) has collapsed since 2019, underperforming its peers by a staggering 95.7%.1

As shareholder frustrations have mounted, Simpson Oil has tried to work constructively with the Board to rebuild value at Parkland. However, after being granted two Board seats in 2023, Simpson Oil’s nominees were deliberately excluded from key discussions and denied any real influence. The Board chose entrenchment over accountability — leaving Simpson Oil no other choice but to take action in the best interests of all shareholders.

Simpson Oil is now nominating nine highly qualified individuals to replace the incumbents and hold the Board accountable for consistently quashing dissent, ignoring shareholders, failing at management succession and planning, lacking transparency, blocking value creation opportunities, and enabling a CEO whose undisciplined M&A strategy, poor integrations, and runaway spending have driven operational and strategic failure.

To deliver the meaningful change shareholders deserve, Simpson Oil is nominating the following individuals for election to the Board:

Monty Baker, former Partner at PricewaterhouseCoopers and former director at Stelco Holdings Inc. (TSX: STLC) with significant experience in global strategy, operations, and human resources.

Michael Christiansen, Investment Manager at the Simpson Group and a representative of the nominating shareholder.

Mark Davis, the former President and CEO of Chemtrade Logistics Income Fund (TSX: CHE-UN) with decades of executive leadership, public board experience, and strategic oversight.

Jackie Doak, Director of Dart Enterprises Ltd. with extensive experience in the real estate, hospitality, and retail sectors in the Caribbean market.

Chris Folan, former Managing Director, Global Investment Banking of CIBC with expertise in the energy and fuel distribution sectors.

Brian Gibson retired senior investment executive and current Board Chair of the Investment Management Corporation of Ontario (IMCO), with extensive oil and gas experience and multiple prior public company directorships.

Marc Halley, Investment Manager at the Simpson Group and a representative of the nominating shareholder.

Darcy Morris, the Co-founder and CEO of Ewing Morris & Co. Investment Partners and an experienced public company director who has overseen multiple successful strategic reviews.

Karen Stuckey, the former Senior Vice President, Merchandising of Walmart Inc. and current director at Gildan Activewear Inc. (TSX and NYSE: GIL) with over three decades of leadership in retail and consumer goods.

These candidates have proven track records of value creation, along with the experience and skillsets required to rebuild value at Parkland and oversee a credible strategic review process for the benefit of all shareholders.

For more information about the Simpson Oil nominees and their plan to build value at Parkland, visit www.RefuelParkland.com.

Simpson Oil is soliciting your support and ultimately intends to solicit forms of proxy and VIF’s, in support of the election of each of the Simpson Oil nominees to the board of directors of Parkland Corporation at the Meeting. We urge you NOT to sign or return any proxy cards sent by the Company.

Advisors

Blake, Cassels & Graydon LLP is serving as legal counsel. Longacre Square Partners is serving as strategic advisor and Carson Proxy is serving as proxy solicitor.

Legal Disclaimers:

Information in Support of Public Broadcast Exemption under Canadian Law

The information contained in this press release does not and is not intended to constitute a solicitation of a proxy within the meaning of applicable corporate and securities laws. Shareholders of the Company are not being asked at this time to execute a proxy in favour of Simpson Oil’s director nominees or in respect of any other matter to be acted upon at the Meeting. In connection with the Meeting, Simpson Oil intends to file a dissident information circular in due course in compliance with applicable corporate and securities laws. Notwithstanding the foregoing, Simpson Oil has voluntarily provided in, or incorporated by reference into, this press release the disclosure required under section 9.2(4) of NI 51-102 – Continuous Disclosure Obligations (“NI 51-102”) and has filed a preliminary dissident proxy circular (the “Circular”), available under Parkland’s profile on SEDAR+ at www.sedarplus.com. The Circular contains disclosure prescribed by applicable corporate law and disclosure required under section 9.2(6) of NI 51-102 in respect of Simpson Oil’s director nominees, in accordance with corporate and securities laws applicable to public broadcast solicitations. The Circular is hereby incorporated by reference into this press release and is available under the Company’s profile on SEDAR+ at www.sedarplus.ca. The registered office of the Company is Suite 1800, 240 4th Avenue SW, Calgary, Alberta, Canada, T2P 4H4.

Simpson Oil is not requesting that Company shareholders submit a proxy at this time as the Company has yet to issue formal notice of the Meeting and its management information circular. Once formal solicitation of proxies in connection with the Meeting has commenced, proxies may be revoked in accordance with subsection 148(3) of the Business Corporations Act (Alberta) by a registered shareholder of Company shares: (a) by depositing an instrument in writing executed by the shareholder or by the shareholder’s attorney authorized in writing (i) at the registered office of the Company at any time up to and including the last business day preceding the day of the Meeting, or an adjournment of the Meeting, at which the proxy is to be used, or (ii) with the chair of the Meeting on the day of the Meeting or an adjournment of the Meeting, or (b) in any other manner permitted by law. In addition, proxies may be revoked by a non-registered holder of Company shares at any time by written notice to the intermediary in accordance with the instructions given to the non-registered holder by its intermediary.

The costs incurred in the preparation and mailing of any circular or proxy solicitation by Simpson Oil and any other participants named herein will be borne directly and indirectly by Simpson Oil. However, to the extent permitted under applicable law, Simpson Oil intends to seek reimbursement from the Company of all expenses incurred in connection with the solicitation of proxies for the election of the Nominees at the Meeting.

This press release and any solicitation made by Simpson Oil is, or will be, as applicable, made by such parties, and not by or on behalf of the management of the Company. Proxies may be solicited by proxy circular, mail, telephone, email or other electronic means, as well as by newspaper or other media advertising and in person by managers, directors, officers and employees of Simpson Oil who will not be specifically remunerated therefor. In addition, Simpson Oil may solicit proxies by way of public broadcast, including press release, speech or publication and any other manner permitted under applicable Canadian laws, and may engage the services of one or more agents and authorize other persons to assist it in soliciting proxies on their behalf. Simpson Oil has entered into an agreement with Carson Proxy for solicitation and advisory services in connection with the solicitation of proxies for the Meeting, for which Carson Proxy will receive a fee not to exceed $250,000, together with reimbursement for reasonable and out-of-pocket expenses.

No member of Simpson Oil nor any of their associates or affiliates has or has had any material interest, direct or indirect, in any transaction since the beginning of the Company’s last completed financial year or in any proposed transaction that has materially affected or will or would materially affect the Company or any of the Company’s affiliates. No member of Simpson Oil nor any of their associates or affiliates has any material interest, direct or indirect, by way of beneficial ownership of securities or otherwise, in any matter to be acted upon at the Meeting, other than the election of directors.

Early Warning Reporting

This press release is being issued by Simpson Oil pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issuers (“NI 62-103”).

Simpson Oil holds 34,444,050 common shares (“Parkland Common Shares”) in the capital of Parkland, representing approximately 19.8% of the issued and outstanding Parkland Common Shares.

Subject to compliance with applicable laws and any applicable contractual restrictions, Simpson Oil may from time to time dispose of or acquire additional securities of Parkland.

Parkland’s head office address is Suite 1800, 240 4th Avenue SW, Calgary, Alberta, Canada, T2P 4H4. Simpson Oil’s head office address is 94 Solaris Avenue - 2nd Floor, PO Box 30745, Camana Bay, Grand Cayman, KY1-1203, Cayman Islands.

This press release is being issued by Simpson Oil as a result of a change in a material fact set out in a previous report relating to (i) its plans or future intentions which relate to or would result in a change in the board of directors or management of the Company and (ii) joint actors, including that Ewing Morris & Co. Investment Partners Ltd., an alternative asset management firm for which Darcy Morris, one of Simpson Oil’s proposed director nominees serves as CEO, may be considered to be acting jointly or in concert with Simpson Oil.

In accordance with NI 62-103, an early warning report will be filed by Simpson Oil on Parkland’s SEDAR profile at www.sedar.com. A copy of such report may also be obtained by contacting Kym Zelinski at 1-416-863-2630.

1 FactSet

Media Enquiries

Longacre Square Partners

Amy Freedman / Andy Radia

SimpsonOil@longacresquare.com

Shareholder Enquiries

Carson Proxy

Christine Carson, 416-804-0825

christine@carsonproxy.com

Source: Simpson Oil Limited

FAQ

What percentage of Parkland does Simpson Oil own?

Simpson Oil owns 19.8% of Parkland 's outstanding common shares, making it the largest shareholder.

How many directors is Simpson Oil nominating to Parkland's board?

Simpson Oil is nominating nine directors to replace the incumbent board members.

When is Parkland's 2025 Annual General Meeting scheduled?

Parkland's 2025 Annual General Meeting is scheduled for May 6, 2025.

How has Parkland's total shareholder return performed since 2019?

Parkland's total shareholder return has reportedly underperformed its peers by 95.7% since 2019.

Who are some of the key nominees proposed by Simpson Oil?

Key nominees include Monty Baker (former PwC Partner), Mark Davis (former Chemtrade Logistics CEO), and Karen Stuckey (former Walmart SVP and current Gildan director).
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