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  "docId": "019dd923-622c-750b-8b95-62b961c62837",
  "docSlug": "e0672912c695",
  "documentTitle": "Parkland Corporation (PKI)",
  "authorId": "27_Engine_Capital",
  "authorName": "Arnaud Ajdler",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-05-07 00:00:00",
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  "slideType": "expose_contradiction",
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  "nDataPoints": 27,
  "notes": "The slide uses a table to quantify insider buying and then uses that data to challenge the Board's stated confidence in the company's future.",
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      "kind": "callout",
      "text": "The disparity between rhetoric and action raises questions.",
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      "text": "insider share purchases: 10,554",
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      "kind": "paragraph",
      "text": "Engine Capital LP (together with its affiliates, “Engine” or “we”) is a significant and long-term shareholder of Parkland Corporation (TSX: PKI) (“Parkland” or the “Company”), holding approximately 2.6% of the Company’s outstanding shares.",
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      "kind": "paragraph",
      "text": "Since the initiation of our investment in Parkland more than 18 months ago, we have been puzzled by the insignificant amount of insider buying activity from independent directors. The table below highlights the insider buying from the current independent directors over the last 5 years.",
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      "kind": "paragraph",
      "text": "While we acknowledge that this data is somewhat misleading since the Board has been refreshed, we believe our point still stands. Steven Richardson, the current chairman, has been on the Board throughout the past five years, yet has bought only 3,559 shares.",
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      "kind": "paragraph",
      "text": "If these are such exciting times at Parkland and the Board is confident in its ability to deliver value, why are we seeing such a low level of insider buying? Parkland is trading close to an all-time low EBITDA multiple...",
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      "kind": "quote",
      "text": "These are exciting times for Parkland and as a board and company we are focused on moving ahead, executing on the strategy and delivering value which I trust are common objectives we share.",
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      "text": "These are exciting times for Parkland and as a board and company we are focused on moving ahead, executing on the strategy and delivering value which I trust are common objectives we share. — Steven Richardson",
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