An Ontario court ruling lifted voting and standstill restrictions on Simpson Oil Ltd., allowing Parkland Corp.'s largest shareholder to vote against board recommendations and potentially make a bid for the company.
Parkland Corp. announced that its largest shareholder, Simpson Oil Ltd. , is no longer subject to the voting and standstill restrictions outlined in a previous governance agreement. The Calgary-based energy company stated that an Ontario Superior Court ruling lifted these limitations on Simpson Oil, which holds approximately a 20% stake in Parkland.
Simpson Oil initiated legal action last year to challenge the restrictions that prevented it from voting against the Parkland board or any of its proposals, as long as its ownership exceeded five percent. The agreement also prohibited Simpson Oil from initiating or making its own bid for the company. Parkland emphasized that it remains committed to acting in the best interests of all shareholders, aiming to maximize value and pursue its long-term strategic objectives.The Ontario court's decision marks the latest development in an ongoing dispute between Parkland and Simpson Oil. Simpson has previously urged Parkland to undertake a strategic review that would encompass the potential sale of the company.
Parkland Corp. Simpson Oil Ltd. Shareholder Voting Standstill Agreement Strategic Review
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