A letter sent to the Parkland's board on Wednesday, criticizing it for being 'unable' to produce 'adequate returns for shareholders' and should become a pure play fuel and convenience retailer.
New York-based Engine Capital LP., which owns about a two per cent stake in Parkland, sent a letter to the company’s board on Wednesday. In the letter, Engine criticized Parkland for being “unable to translate its advantaged strategic position and quality assets into adequate returns for shareholders,” and said the company could achieve better performance by becoming a pure play fuel and convenience retailer and getting rid of non-core assets.
Parkland purchased the Burnaby refinery — which refines 55,000 barrels per day of crude and synthetic oil into gasoline, diesel, jet fuels and more — from Chevron Canada for $1.5 billion in 2017.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Activist investor wants Parkland to sell or spin off Burnaby refineryNew York\u002Dbased Engine Capital LP., which owns about a two per cent stake in Parkland, sent a letter to the company’s board on Wednesday.
Read more »
Activist hedge fund pushes for convenience and fuel giant Parkland Corp. to be broken upIn a letter to directors, Engine Capital called on Parkland to unload its refinery and fuel supply operations to focus on gas stations and convenience stores
Read more »
Parkland targeted for shakeup by U.S. activist hedge fund over 'staggering' underperformanceU.S. hedge fund Engine Capital called for Parkland Corp. to divest assets including its refinery business to focus on fuel retail. Read on.
Read more »
Parkland targeted for shakeup by U.S. activist hedge fund over 'staggering' underperformanceU.S. hedge fund Engine Capital called for Parkland Corp. to divest assets including its refinery business to focus on fuel retail. Read on.
Read more »
Laugh Out Loud: Jokers Canada returns to BurnabyLive comedy is back at Rec Room at the Amazing Brentwood March 26.
Read more »