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  "docSlug": "a13d7a7a16ca",
  "documentTitle": "Parkland Corporation (PKI)",
  "authorId": "27_Engine_Capital",
  "authorName": "Arnaud Ajdler",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2023-03-22 00:00:00",
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  "notes": "This is a text-heavy shareholder letter page outlining governance and strategic demands.",
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      "kind": "callout",
      "text": "If the Board is unwilling to optimize the business in the public market, we believe the Board should consider a sale of the entire Company to either private equity or strategic buyers.",
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      "text": "We do not believe executives should earn any TSR-related performance share units (“PSUs”) unless Parkland’s relative TSR is at or above the 50th percentile.",
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      "kind": "list",
      "text": "A. Financial “per share” metrics should be used... B. We do not believe executives should earn any TSR-related performance share units... C. The peer group selected by the Board is comprised of companies significantly larger than Parkland...",
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      "kind": "paragraph",
      "text": "We believe Parkland's executive compensation framework could be significantly improved by making the following changes:",
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      "kind": "paragraph",
      "text": "In conclusion, we believe that the value creation opportunity at Parkland is significant... we believe the stock would be worth around $45 per share, a premium of around 55% to Parkland’s recent price.",
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