CALGARY, Alberta, April 13, 2021 (GLOBE NEWSWIRE) -- Parkland Corporation (“Parkland”) (TSX:PKI) announces that through its wholly owned U.S. subsidiaries (collectively, "Parkland USA"), it has completed the previously announced acquisition of Conrad & Bischoff Inc. and its related companies (collectively, “C&B”).
C&B is a well-established retail, commercial, wholesale and lubricants business and establishes Parkland’s fourth U.S. Regional Operating Center (“ROC”) in Idaho Falls, ID. Family owned and operated since 1959, C&B’s operations are concentrated in the fast-growing markets of Idaho and western Wyoming with additional distribution capability into Utah, Nevada, Montana and other states. Please see Parkland’s press release dated February 26, 2021 for more information about this acquisition.
Parkland also announces that a dividend of $0.1029 per share will be paid on May 14, 2021 to shareholders of record on April 22, 2021. The dividend will be an 'eligible dividend' for Canadian income tax purposes. The ex-dividend date is April 21, 2021.
Enhanced Dividend Reinvestment Plan
Parkland's enhanced Dividend Reinvestment Plan ("Enhanced DRIP") allows shareholders to reinvest their cash dividends to purchase additional Parkland shares from treasury at a 5% per share discount to the average of the daily volume weighted average trading prices during the Pricing Period. For further details on the Enhanced DRIP and the Pricing Period, please visit www.parkland.ca/en/investors/dividends.
Shareholders who wish to enroll in the Enhanced DRIP must do so prior to the April 21, 2021 ex-dividend date to reinvest this month’s dividend in Parkland shares at a discount.
Use of Funds
The Enhanced DRIP allows Parkland to retain amounts that would otherwise be paid to shareholders as dividends in cash, thereby incrementally raising equity capital which may be used by Parkland to, among other things, fund its capital program, fund acquisitions, build new locations and upgrade existing locations: all of which help contribute to Parkland’s growth and ability to execute on its strategy.
Shareholders who own their shares through a brokerage and who wish to participate in the Enhanced DRIP should ensure they are enrolled by checking their online brokerage portal or by calling their investment advisor.
Shareholders who hold certificates in their own name (registered shareholders) who wish to enroll can find out more from Computershare by calling 1-800-564-6253.
Copies of the Plan and the enrollment form are also available on Parkland's website at http://www.parkland.ca/en/investors/dividend/.
For investors previously enrolled in the Premium Dividend™ component of Parkland's Dividend Reinvestment Plan, please note this program ended in April 2016 and without further action you are now likely receiving the regular dividend.
Brokerage entitlement and corporate actions departments are encouraged to ensure that they have properly elected with Clearing and Depository Services Inc. (“CDS”) those shares that should participate in the enhanced Dividend Reinvestment Plan.
Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward looking statements”). When used in this news release, the words “expect’’, ‘‘will’’, ‘‘could’’, ‘‘would’’, “well positioned,” ‘‘pursue’’ 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, the uses by Parkland of the amount of cash dividends that are reinvested by shareholders in the Enhanced DRIP.
These forward-looking 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 included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. 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 and uncertainties including, but not limited to: failure to achieve the anticipated benefits of acquisitions, general economic, market and business conditions, industry capacity, competitive action by other companies, refining and marketing margins, the ability of suppliers to meet commitments, actions by governmental authorities and other regulators including increases in taxes, changes and developments in environmental and other regulations, 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.
About Parkland Corporation
Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.
Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.
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