Month: April 2025

ISS has determined that Simpson does not meet the control threshold
ISS questions Simpson’s proposed strategy and CEO candidate
Parkland’s Executive Chairman, Michael Jennings, releases message to all shareholders

CALGARY, AB, April 29, 2025 /PRNewswire/ – Parkland Corporation (“Parkland” or “the Company”) (TSX: PKI) today commented on the report¹ issued by Institutional Shareholder Services Inc. (“ISS”), a leading independent proxy advisory firm, regarding the election of directors at Parkland’s Annual General Meeting scheduled for May 6, 2025. In addition, Parkland’s Executive Chairman, Michael Jennings released a short video to all shareholders. It can be viewed here. 

ISS affirmed that Simpson Oil Limited (“Simpson”) has failed to meet the high bar required to justify a control slate, stating explicitly:

“… the bar for a control slate is high, and the dissident has not cleared it outright.”

ISS also highlighted significant deficiencies in Simpson’s proposed business strategy, noting:

“The dissident’s plan is light on details regarding capital allocation and which businesses would be potential divestitures, where specific cost savings would be identified and what a potential timeline for realization would be.”

“…the lack of detail provided makes it difficult for shareholders to objectively assess the dissident’s execution of its plan, if it is successful in this campaign, and as such does not warrant full control of the board.”

Further, ISS has recommended withholding support from Simpson’s nominee Mark Davis, who is also their proposed interim CEO, illustrating concerns over Simpson’s lack of depth and clarity in leadership transition planning.

In contrast, ISS endorsed Parkland’s recent strategic initiatives, including the ongoing strategic review and the comprehensive CEO search, emphasizing that Parkland’s Board is appropriately structured to oversee these processes and deliver value to all shareholders.

The choice for shareholders is clear: a vote for Parkland’s nominees is a vote for an experienced, diverse, and independent Board stewarding a credible and thorough strategic review and acting in the best interest of all shareholders.

Reminder: Continue Voting ONLY the BLUE Proxy ‘FOR’ the Parkland Nominees

Regardless of the recommendations issued by the proxy advisors, Parkland urges all shareholders to continue ONLY voting ‘FOR’ Parkland’s nominees on the BLUE Proxy ensuring the Company continues to be led by directors committed to rigorous governance and maximizing value for all shareholders. The deadline for voting is May 2, 2025, at 9:00 a.m. (Mountain Time).

Shareholders needing voting assistance may contact Kingsdale Advisors at 1-888-518-6832 (toll-free in North America), 1-647-251-9740 (text and call enabled outside North America), or email contactus@kingsdaleadvisors.com. Please visit www.ourparkland.ca for additional information about the Parkland Nominees and reasons to only vote the BLUE Proxy.

About Parkland Corporation

Parkland is a leading international fuel distributor, marketer, and convenience retailer with safe and reliable operations in twenty-six countries across the Americas. Our retail network meets the fuel, and convenience needs of everyday consumers. Our commercial operations provide businesses with fuel to operate, complete projects and better serve their customers. In addition to meeting our customers’ needs for essential fuels, Parkland provides a range of choices to help them lower their environmental impact, including manufacturing and blending renewable fuels, ultra-fast EV charging, a variety of solutions for carbon credits and renewables, and solar power. 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 interconnected pillars: our Customer Advantage and our Supply Advantage. Through our Customer Advantage, we aim to be the first choice of our customers through our proprietary brands, differentiated offers, extensive network, competitive pricing, reliable service, and 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 embedded across our organization.

Forward-Looking Statements

Certain statements contained herein constitute forward-looking information and statements (collectively, “forward looking statements”). When used in this news release, the words “aim”, “continue”, “expect”, “will”, “would” 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: Parkland’s Annual General Meeting of Shareholders and the expected timing thereof.

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 should not be unduly relied upon. These forward-looking statements speak only as of the date hereof. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities laws. 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: general economic, market and business conditions; Parkland’s Annual General Meeting of Shareholders and the results thereof, Parkland’s ability to execute its business strategy; action by other persons or companies; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described under the headings “Cautionary Statement Regarding Forward-Looking Information” and “Risk Factors” in Parkland’s current Annual Information Form, and under the headings “Forward-Looking Information” and “Risk Factors” in Parkland’s Management’s Discussion and Analysis for the most recently completed financial period, each as filed on SEDAR+ and available on Parkland’s website at www.parkland.ca. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

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SOURCE Parkland Corporation

Sanitation Workers Vote for Voice on the Job, Strong Union Representation

LAS VEGAS, April 29, 2025 /PRNewswire/ — A group of 44 sanitation workers at the Republic Services Polymer Center in Las Vegas has voted to join Teamsters Local 631.

These new Teamsters process plastic materials like water bottles, jugs, and containers and convert them into recyclable materials.

“Republic workers nationwide are seeing that the only way to guarantee better treatment on the job is to join the Teamsters Union and secure a strong contract,” said Victor Mineros, Director of the Teamsters Solid Waste and Recycling Division and Teamsters Western Region International Vice President. “Every day, more Republic Teamsters are demanding and securing industry-leading wages and benefits. Now that these workers are part of our union, we look forward to helping them do the same.”

The group of mechanics, technicians, forklift operators, clerks, and equipment operators are seeking better pay and benefits and to secure a real say over their work conditions.

“This was a true Teamsters victory, and each one of these workers should be proud of their bold decision to join our union,” said Tommy Blitsch, Secretary-Treasurer of Local 631. “They sent a clear message that they will not rest until they have a strong contract that guarantees they are treated with respect.”

Teamsters Local 631 represents workers in gaming, construction, logistics, transit, and other industries throughout Southern Nevada. For more information, go to teamsterslocal631.org.

Contact:
Daniel Moskowitz, (770) 262-4971
dmoskowitz@teamster.org

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SOURCE Teamsters Local 631

MEXICO CITY, April 29, 2025 /PRNewswire/ — FIBRA Prologis (BMV:FIBRAPL 14), a leading owner and operator of Class-A industrial real estate in Mexico, today reported results for the first quarter 2025.

HIGHLIGHTS FROM THE QUARTER:

• Record net effective rents on rollover were 65.2 percent.
• Period-end and average occupancy were 98.8 and 98.1 percent, respectively.
• Customer retention was 93.6 percent.
• Same store cash NOI was 2.0 percent.
• Appointed an independent chairman to the Technical Committee.

Net earnings per CBFI was Ps. 2.0195 (US$0.0985) for the quarter compared with Ps. 6.1383 (US$0.3505) for the same period in 2024.

Funds from operations (FFO), as modified by FIBRA Prologis per CBFI, was Ps. 1.2384 (US$0.0609) for the quarter compared with Ps. 0.8416 (US$0.0492) for the same period in 2024.

SOLID OPERATING RESULTS 

“In a time of global trade uncertainty, FIBRA Prologis continues to demonstrate impressive resilience—underpinned by operational discipline, a fortress balance sheet, and our strategic positioning in the best logistics real estate markets in Mexico. Our results reflect a consistent focus on execution and long-term value creation for our shareholders,” said Héctor Ibarzábal, CEO of FIBRA Prologis.

As a reminder, FIBRA Terrafina was managed by a third party through November 30, 2024. As such, some metrics only include FIBRA Terrafina activity after December 1, 2024.

FINANCIAL POSITION

As of March 31, 2025, FIBRA Prologis’ leverage was 22.9 percent and liquidity was approximately Ps. 11.2 billion (US$546 million), which included Ps. 9.5 billion (US$465 million) of available capacity on its unsecured credit facility and Ps. 1.7 billion (US$81 million) of unrestricted cash.

WEBCAST & CONFERENCE CALL INFORMATION

FIBRA Prologis will host a live webcast/conference call to discuss quarterly results, current market conditions and future outlook. Here are the event details:

• Wednesday, April 30, 2025, at 9 a.m. Mexico Time.
• Access the live webcast at www.fibraprologis.com, in the Investor Relations section, by clicking Events.
• Dial in: +1 888 596 4144 or +1 646 968 2525 and enter Passcode 4603995.

A telephonic replay will be available April 30 – May 7 at +1 800 770 2030 from the U. S. and Canada or at +1 647 362 9199 from all other countries using conference code 4603995. The replay will be posted in the Investor Relations section of the FIBRA Prologis website.

ABOUT FIBRA PROLOGIS

FIBRA Prologis is a leading owner and operator of Class-A industrial real estate in Mexico. As of March 31, 2025, the company’s portfolio comprised 507 Investment Properties, totaling 87.0 million square feet (8.1 million square meters). This includes 345 logistics and manufacturing facilities across 6 industrial core markets in Mexico, comprising 65.5 million square feet (6.1 million square meters) of Gross Leasing Area (GLA) and 162 buildings with 21.5 million square feet (1.9 million square meters) of non-strategic assets in other markets.

FORWARD-LOOKING STATEMENTS

The statements in this release that are not historical facts are forward-looking statements. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which FIBRA Prologis operates, management’s beliefs and assumptions made by management. Such statements involve uncertainties that could significantly impact FIBRA Prologis financial results. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future — including statements relating to rent and occupancy growth, acquisition activity, development activity, disposition activity, general conditions in the geographic areas where we operate, expected distributions, and our debt and financial position, are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) national, international, regional and local economic climates, (ii) changes in financial markets, trade relations, interest rates and foreign currency exchange rates, (iii) increased or unanticipated competition for our properties, (iv) risks associated with acquisitions, dispositions and development of properties, (v) maintenance of real estate investment trust (“FIBRA”) status and tax structuring, (vi) availability of financing and capital, the levels of debt that we maintain and our credit ratings, (vii) risks related to our investments (viii) environmental uncertainties, including risks of natural disasters, (ix) risks related to global pandemics, and (x) those additional factors discussed in reports filed with the “Comisión Nacional Bancaria y de Valores” and the Mexican Stock Exchange by FIBRA Prologis under the heading “Risk Factors.” FIBRA Prologis undertakes no duty to update any forward-looking statements appearing in this release.

Non-Solicitation – Any securities discussed herein or in the accompanying presentations, if any, have not been registered under the Securities Act of 1933 or the securities laws of any state and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Securities Act and any applicable state securities laws. Any such announcement does not constitute an offer to sell or the solicitation of an offer to buy the securities discussed herein or in the presentations, if and as applicable.

 

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SOURCE FIBRA Prologis