CALGARY — Simpson Oil Ltd. says it will evaluate its options to protect its shareholder rights once restrictions under an agreement that limits its ability to nominate and vote for board members at Parkland Corp. expire on March 31.
The company’s two nominees on the Parkland board of directors resigned at the end of last year and it also waived its right to nominate two members to Parkland’s board.
Parkland is set to hold its annual meeting on March 28.
Simpson Oil, the largest shareholder of Parkland with a nearly 20 per cent stake in the company, says, due to the date, the annual meeting will be held before the expiration of the voting restrictions under its nomination agreement with Parkland.
It says the meeting is set for more than a month earlier than the company has held its annual shareholder gathering than any time in the last 10 years.
Parkland spokesman Simon Scott says the timing of the company’s annual meeting in March does not impact its shareholders’ rights and is within the normal period under its bylaws.
This report by The Canadian Press was first published March 4, 2024.
Companies in this story: (TSX:PKI)
The Canadian Press
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