CALGARY,
AB, Nov. 27, 2024 /PRNewswire/ - Parkland
Corporation ("Parkland", "we", "our", or the "Company") (TSX: PKI)
announced today that the Toronto Stock Exchange ("TSX") has
accepted the Company's notice of intention to implement a normal
course issuer bid (the "NCIB").
Under the NCIB, the Company may purchase for cancellation a
maximum of 13,814,717 common shares of the Company (the "Shares"),
representing 10% of the public float (as defined by the TSX) as of
November 18, 2024. On November 18, 2024, Parkland had 173,781,684
Shares issued and outstanding. The NCIB will commence on
December 1, 2024 and will terminate
upon the earliest of (i) November 30,
2025, (ii) the Company purchasing the maximum of 13,814,717
Shares, and (iii) the Company terminating the NCIB.
The NCIB is intended to augment Parkland's ongoing return of
capital to shareholders through dividends. Parkland believes that
the market price of the Shares may not, from time to time,
accurately reflect their underlying value. Accordingly, purchasing
the Shares for cancellation under the NCIB may represent an
attractive investment opportunity to enhance shareholder value, in
line with Parkland's capital allocation framework.
Purchases under the NCIB will be made through the facilities of
the TSX or alternative trading systems in Canada at the prevailing market price at the
time of purchase. In accordance with the rules of the TSX, any
daily repurchases (other than pursuant to a block purchase
exception as defined by the TSX) under the NCIB will be limited to
a maximum of 136,675 Shares, which represents 25% of the average
daily trading volume on the TSX of 546,700 for the six months ended
October 31, 2024.
In connection with the NCIB, the Company has entered into an
automatic share purchase plan (the "ASPP") with its designated
broker to allow for the purchase of Shares during certain
pre-determined blackout periods and other periods during which the
Company would ordinarily not be permitted to purchase Shares.
Purchases under the ASPP will be determined by the designated
broker in its sole discretion based on purchasing parameters set by
Parkland in accordance with the rules of the TSX, applicable
securities laws and the terms of the ASPP. Outside of blackout
periods, Shares may be purchased under the NCIB based on
management's discretion, in compliance with the rules of the TSX
and applicable securities laws. All purchases made under the ASPP
will be included in computing the number of Shares purchased under
the NCIB. The ASPP has been pre-cleared by the TSX and will become
effective December 1, 2024,
concurrently with the commencement of the NCIB.
The NCIB continues the Company's existing NCIB (the "Existing
NCIB"). Pursuant to the Existing NCIB, the Company has approval
from the TSX to repurchase up to 14,056,984 Shares from
December 1, 2023 to November 30, 2024. Under the Existing NCIB, the
Company has purchased 3,107,038 Shares on the open market at a
weighted average purchase price of $42.6734 per Share.
There can be no assurance as to the precise number of Shares
that will be purchased under the NCIB, if any. Parkland may
discontinue purchases under the NCIB at any time, subject to
compliance with applicable regulatory requirements.
Forward-Looking Statements
Certain statements contained in this news release constitute
forward-looking information and statements (collectively,
"forward-looking statements"). When used in this news release the
words "expect", "will", "could", "would", "believe", "continue",
"pursue" and similar expressions are intended to identify
forward-looking statements. In particular, this news release
contains forward-looking statements with respect to, among other
things, the NCIB and the ASPP, potential purchases of Shares under
the NCIB and the ASPP, the anticipated benefits of the NCIB,
including enhancing shareholder value and returning additional
capital to shareholders, and Parkland's business strategies and
objectives.
These statements involve known and unknown risks, uncertainties
and other factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
statements. No assurance can be given that these expectations will
prove to be correct and such forward-looking statements included in
this news release should not be unduly relied upon. These
forward-looking statements speak only as of the date of this news
release. Parkland does not undertake any obligations to publicly
update or revise any forward-looking statements except as required
by securities law. Actual results could differ materially from
those anticipated in these forward-looking statements as a result
of numerous risks, assumptions and uncertainties including, but not
limited to: the failure to obtain final approval of the NCIB and
the ASPP from the TSX; failure to realize the anticipated benefits
of the NCIB; failure to execute purchases under the NCIB, including
under the ASPP; general economic, market and business conditions;
Parkland's ability to execute its business strategies, objectives,
and initiatives, including, without limitation, the completion,
financing and timing thereof, realizing the benefits therefrom, and
meeting our targets and commitments relating thereto; competitive
action by other companies; refining and marketing margins; the
ability of suppliers to meet commitments; actions by governmental
authorities and other regulators, including but not limited to,
increases in taxes or restricted access to markets; changes and
developments in environmental and other regulations; and other
factors, many of which are beyond the control of Parkland. See also
the risks and uncertainties described in "Cautionary Statement
Regarding Forward-Looking Information" and "Risk Factors" included
in Parkland's Annual Information Form dated February 27, 2024, and "Forward-Looking
Information" and "Risk Factors" included in the Q3 2024 MD&A
dated October 30, 2024 and the Q4
2023 MD&A dated February 27,
2024, each filed on SEDAR+ and available on the Parkland
website at www.parkland.ca. The forward-looking statements
contained in this news release are expressly qualified by this
cautionary statement.
About Parkland Corporation
Parkland is an international fuel distributor, marketer, and
convenience retailer with operations in 26 countries across the
Americas. We serve over one million customers each day. Our retail
network meets the fuel and convenience needs of everyday consumers.
Our commercial operations provide businesses with industrial fuels
so that they can better serve their customers. In addition to
meeting our customers' needs for essential fuels, we provide a
range of choices to help them lower their environmental impact.
These include renewable fuels sourcing, manufacturing and blending,
carbon and renewables trading, solar power, and ultra-fast EV
charging. With approximately 4,000 retail and commercial locations
across Canada, the United States and the Caribbean region, we have developed supply,
distribution and trading capabilities to accelerate growth and
business performance.
Our strategy is focused on two pillars: our Customer Advantage
and our Supply Advantage. Through our Customer Advantage, we aim to
be the first choice of our customers, cultivating their loyalty
through proprietary brands, differentiated offers, our extensive
network, competitive pricing, reliable service, and our compelling
loyalty program. Our Supply Advantage is based on achieving the
lowest cost to serve among independent fuel marketers and
distributors in the hard-to-serve markets in which we operate,
through our well-positioned assets, significant scale, and deep
supply and logistics capabilities. Our business is underpinned by
our people and our values of safety, integrity, community and
respect, which are deeply embedded across our organization.
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SOURCE Parkland Corporation
