Engine, which holds 2.5 per cent of Parkland's outstanding shares, said Parkland should instead collaborate with its largest shareholders to reconstitute the board with directors who will "prioritize the interests of all shareholders."
"We continue to believe that the value creation opportunity at Parkland is very significant, and we urge the company to immediately start working with its largest shareholders versus treating them as adversaries," the letter states.
Its latest criticism comes just weeks after the resignation of two members of Parkland's board, both of whom had been nominees of Simpson Oil, Parkland's largest shareholder.
Since 2022, when Parkland consolidated its ownership of Sol, a
The resignations mean
Engine said Parkland's failure to work constructively with
In a note to clients,
But he said Engine's most recent letter has once again highlighted that Parkland shares continue to trade at a discount to its peers, and the dispute with Simpson Oil adds a certain amount of uncertainty.
"Overall, we believe continued disagreement could present an overhang on the stock, though we do not have clarity on
This report by The Canadian Press was first published
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