CALGARY – A shareholder in Parkland Corp. is demanding a board shakeup at the Calgary-based fuel refiner and retailer.
Engine Capital LP, which owns 2.5 per cent of Parkland’s shares, says the current board cannot be trusted to represent investors’ best interests.
Engine, along with major shareholder Simpson Oil, had been calling on Parkland to make major changes and weigh strategic alternatives, including selling the entire company.
Parkland rebuffed that demand until earlier this month, when it said its intrinsic value was not reflected in its stock price and it would formally review options that also include a merger and asset sales or purchases.
New York-based Engine says it doubts the Parkland board’s “true intentions, judgment and competence” in running the strategic review given its “track record of indefensible behaviour.”
Parkland Corp. did not immediately respond to a request for comment about Engine’s latest remarks.
The activist hedge fund is calling for an overhaul of the Parkland board, including the appointment of shareholder representatives and qualified independent directors.
This report by The Canadian Press was first published March 17, 2025.
Companies in this story: (TSX: PKI)