CALGARY, AB, Nov. 29, 2021 /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") during the 12-month period
commencing December 1, 2021 and
ending November 30, 2022.
On November 25, 2021, Parkland had
152,457,236 common shares issued and outstanding. Under the NCIB, a
maximum of 15,091,885 common shares (representing 10% of the public
float of common shares as of November 25,
2021) may be repurchased by Parkland in open market
transactions on the TSX during the 12-month period commencing
December 1, 2021 and ending
November 30, 2022.
"In the right conditions, and in addition to our regular monthly
dividend, the NCIB will provide optionality to return additional
capital to shareholders," said Bob
Espey, President and Chief Executive Officer. "We will
continue to exercise strict capital discipline, and the decision to
repurchase Parkland shares will be evaluated against our other
investment opportunities and leverage guidelines. We are focused on
creating long-term shareholder value, and only our most accretive
opportunities will secure capital."
The NCIB is intended to augment Parkland's ongoing return of
capital to shareholders through dividends. Parkland believes that
the market price of its common shares may not, from time to time,
accurately reflect their underlying value. Accordingly, purchasing
its own common shares for cancellation under the NCIB may represent
an attractive investment opportunity to enhance shareholder
value.
The common shares will be purchased through the facilities of
the TSX and/or alternative trading systems in Canada at the prevailing market price at the
time of purchase. All common shares purchased under the NCIB will
be cancelled. In accordance with the rules of the TSX, any daily
repurchases (other than pursuant to a block purchase exception) on
the TSX under the NCIB are limited to a maximum of 94,920 common
shares, which represents 25% of the average daily trading volume on
the TSX of 379,683 for the six months ended October 31, 2021. The actual number of common
shares that may be purchased under the NCIB and the timing of any
such purchases will be determined by Parkland. There can be no
assurance as to the precise number of common 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, potential purchases of common shares under the
NCIB, returning additional capital to shareholders and future
accretive investment opportunities.
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 approval of the NCIB from the
TSX, failure to realize the anticipated benefits of the NCIB, a
failure to execute purchases under the NCIB, general
economic, market and business conditions, including the duration
and impact of the COVID-19 pandemic; Parkland's ability to execute
its business strategies, including without limitation, Parkland's
ability to consistently identify accretive acquisition targets and
successfully integrate them, successfully implement organic growth
initiatives and to finance such acquisitions and initiatives on
reasonable terms; Parkland's ability to grow its supply advantage
by leveraging its scale and infrastructure; industry capacity;
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
"Forward-Looking Information" and "Risk Factors" included in
Parkland's Annual Information Form dated March 5, 2021, and "Forward-Looking Information"
and "Risk Factors" included in the Q3 2021 MD&A dated
November 2, 2021 and the Q4 2020 MD&A dated March 4, 2021, 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
Parkland is a
leading independent convenience store operator and supplier,
marketer and retailer of fuel and petroleum products. Parkland
serves customers across Canada,
the United States, the
Caribbean region and the Americas
through three channels: Retail, Commercial and Wholesale. Parkland
optimizes its fuel supply across these three channels by operating
and leveraging a growing portfolio of supply relationships and
storage infrastructure. Parkland provides trusted and locally
relevant fuel brands and convenience store offerings in the
communities it serves. Parkland creates value for shareholders
by focusing on its proven strategy of growing organically,
realizing a supply advantage and acquiring prudently and
integrating successfully. At the core of our strategy are our
people, as well as our values of safety, integrity, community, and
respect, which are embraced across our
organization.
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SOURCE Parkland Corporation