{
  "docId": "019dd923-622c-750b-8b95-665c632205f3",
  "docSlug": "9c80d20877f9",
  "documentTitle": "Parkland Corporation (PKI)",
  "authorId": "27_Engine_Capital",
  "authorName": "Arnaud Ajdler",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-01-22 00:00:00",
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  "notes": "The slide uses a table to contrast performance metrics to support a legal/governance argument regarding a 'Material Adverse Change' (MAC) clause.",
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      "kind": "callout",
      "text": "It seems clear to us based on the table below, which highlights the significant TSR relative difference between Parkland and its peers pre and post Mr. McMillan's departure, that his departure represented a material and adverse development to Parkland's senior management.",
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      "kind": "disclaimer",
      "text": "Footnotes 6, 7, 8, 9 detailing the Governance Agreement, MAC definition, and TSR calculation methodology.",
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      "kind": "metric",
      "text": "TSR: 9.1%",
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      },
      "kind": "paragraph",
      "text": "support (and silence) of its largest shareholder and shield itself from accountability at last year’s Annual Meeting has now triggered a dispute with Parkland’s largest shareholder, threatening the stability of the Company.",
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      "kind": "paragraph",
      "text": "Engine has asked two leading Canadian law firms to evaluate the disagreement... The sense from these experts is that Simpson has strong arguments to justify that the MAC has indeed been triggered... as based on the table below.",
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      "kind": "paragraph",
      "text": "After unsuccessfully trying to lock up the support of Simpson through the Nomination Agreement, we are concerned the Board will now embark on a strategy that wastes millions of dollars by litigating the governance agreement between Simpson and Parkland.",
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      "kind": "paragraph",
      "text": "The validity of the Governance Agreement is not just important for Simpson. Rather, it is paramount for all Parkland shareholders because if the Governance Agreement stands, it will make it harder for shareholders to hold the Board accountable.",
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      "kind": "table",
      "text": "Convenience Retailer Peer Group TSR comparison table",
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