The initial issues were late last year when the two board members represented by Simpson Oil resigned from the board. Then the activist reports that stated that Parklands board was being unprofessional and there needed to be material changes to the board to get operations back on track.
I viewed this as kind of a bit of a concern but was willing to hold on. However, just a few weeks ago more issues came into the fold.
Simpson Oil waived its rights to re-nominate two board members after the resignation. It was agreed upon that Simpson Oil would waive its rights for a period of three months, which is up until March 31st 2024. After that point in time, it would theoretically get its abilities back.
Parkland Fuels went ahead and pushed its annual general meeting, which is typically held in April, back a month into March. This is the first time they have ever had their AGM this early in over a decade. This looks like it was done in an effort to restrict Simpson from having particular rights at the board meeting.
Here is the complete article that Simpson released:
https://boereport.com/2024/03/03/simpson-oil-limited-issues-statement-regarding-parkland-corporations-annual-general-meeting/
Overall, this just seems like there is some internal issues going on with the company's largest shareholder, and I don't necessarily want to be involved with it. Simpson owns 20%~ of the company, and someone owning that large of a chunk and being by the looks of it unhappy and kind of toyed with is never a good sign.
This could turn out to be nothing, or it could turn out to be a large issue. For me, it was better to simply move on.