Parkland Corporation

Parkland's board is running a sham strategic review to entrench itself; Engine demands a shareholder-driven board reconstitution before the 2025 Annual Meeting to unlock real value.

Parkland's conglomerate mix of retail, refinery and distribution trades at a 3-turn discount to Couche-Tard; spin the non-core assets and refresh the stale board to unlock ~$45/share, roughly 55% upside.

Parkland's board re-nominated its 24-year chairman and set sub-cost-of-capital ROIC targets; Engine urges shareholders to WITHHOLD on all incumbents to force governance, pay, and portfolio reform.

Parkland's entrenched board has driven a decade of peer underperformance and a sector-low 6.9x multiple; a shareholder-led board refreshment is needed to close the valuation gap.

Parkland has failed on operations, capital allocation and governance; a strategic sale at 8-9x EBITDA would deliver ~$64/share, a 56% premium superior to the risky standalone plan.

Parkland's independent directors refuse to buy meaningful amounts of their own stock despite insisting the strategy will deliver value — that credibility gap demands each personally purchase at least 5,000 shares.

Parkland's Board is entrenched and credibility-damaged; Engine (2.6% owner) demands an immediate strategic review with an investment bank to surface private-market value above the depressed public stock price.