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- Consolidates Parkland’s ownership of Sol to 100 percent, simplifying corporate structure
- Increases the Simpson Group’s ownership of Parkland to 19.54 percent, demonstrating its long-term confidence in Parkland, its management team and growth strategy
- On a trailing 12-month basis, adds approximately $110 million of annual Adjusted EBITDA to Parkland’s International Segment
CALGARY, AB, Aug. 4, 2022 /PRNewswire/ – Parkland Corporation (“Parkland”, “we”, the “Company”, or “our”) (TSX:PKI) announced it has entered into a share exchange agreement with Simpson Oil Limited (“Simpson Oil”), to exchange Simpson Oil’s remaining 25 percent of Sol Investments SEZC (“Sol”) for 20 million common shares (“Parkland Shares”) in the capital of Parkland (the “Share Exchange”). Following the completion of the Share Exchange, Parkland will hold 100 percent of the securities of Sol, a proven international growth platform which spans 23 countries in the Caribbean region and South America.
“We are excited to have the Simpson family expand their ownership in Parkland,” said Bob EspeyPresident and Chief Executive Officer. “We value the Simpson’s confidence in our growth strategy and long-term vision and are grateful for their ongoing support for the Parkland team. We are consolidating our ownership of Sol in a way that is immediately accretive to shareholders.”
Simpson Oil has been a Parkland shareholder since 2017 and has grown its shareholding to beneficially own, directly or indirectly, or exercise control or direction over, approximately 14.4 million Parkland Shares, representing 9.24 percent of the issued and outstanding Parkland Shares on a non-diluted basis. Following completion of the Share Exchange, Simpson Oil and, if applicable, its affiliates (collectively, the “Simpson Group”) will own approximately 34.4 …
Full story available on Benzinga.com
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