Activist investor puts more pressure on Parkland Fuel; will oppose incumbent board
CALGARY — A U.S. activist investor says it will withhold support from all of Parkland Fuel Corp.’s incumbent directors at the company’s upcoming annual meeting.
New York-based Engine Capital LP, which owns about a two per cent stake in Parkland, says the Calgary-based fuel supplier and marketer has been “unresponsive” to its calls for change at the company.
Engine sent a letter in March to the Parkland board criticizing the company for “underperformance” and urging the fuel retailer to consider selling or spinning off its Burnaby, B.C., refinery.
In its follow-up letter on Thursday, Engine said it has met with Parkland’s CFO, but has not been offered a meeting with the company’s board as requested.
Engine said it is also frustrated that Parkland has once again nominated 24-year tenured chair Jim Pantelidis to the board, despite adopting a 10-year term limit for directors.
Parkland’s annual general meeting is set to take place May 4.
This report by The Canadian Press was first published April 20, 2023.
Companies in this story: (TSX:PKI)
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