Please enable JS and disable any ad blocker This subscription does not include access to ft.com or the FT App Essential digital access to quality FT journalism on any device Complete digital access to quality FT journalism with expert analysis from industry leaders Terms & Conditions apply Discover all the plans currently available in your country See why over a million readers pay to read the Financial Times Connecting decision makers to a dynamic network of information Bloomberg quickly and accurately delivers business and financial information offering a premium for a Canadian fuel distributor that’s in the midst of a leadership upheaval and a fight with its largest shareholder Sunoco, one of the biggest US gas station operators, will pay C$44 per Parkland share through a mix of cash and stock in a newly created public company called SUNCorp LLC, according to a statementBloomberg Terminal Monday CALGARY, AB, May 5, 2025 /PRNewswire/ - Sunoco LP (NYSE: SUN) ("Sunoco" or the "Partnership") and Parkland Corporation (TSX: PKI) ("Parkland") announced today that they have entered into a definitive agreement whereby Sunoco will acquire all outstanding shares of Parkland in a cash and equity transaction valued at approximately U.S.$9.1 billion including assumed debt (the "Transaction") "This strategic combination is a compelling outcome for Parkland shareholders," said Michael Jennings "The Board unanimously recommends the proposed transaction recognizing Sunoco's commitment to safeguarding Canadian jobs This partnership creates significant financial benefits for shareholders and would position the combined company as the largest independent fuel distributor in the Americas." "Today marks a significant milestone," said Bob Espey "This transaction delivers immediate value for shareholders making our combined business stronger and better positioned for sustained success." Continued Commitment to Canada and Responsible Stewardship Parkland shareholders will receive 0.295 SUNCorp units and C$19.80 for each Parkland share implying a 25 per cent premium based on the 7-day VWAP's of both Parkland and Sunoco as of May 2 to receive C$44.00 per Parkland share in cash or 0.536 SUNCorp units for each Parkland share subject to proration to ensure that the aggregate consideration payable in connection with the transaction does not exceed C$19.80 in cash per Parkland share outstanding as of immediately before closing and 0.295 SUNCorp units per Parkland share outstanding as of immediately before close For a period of two years following closing of the transaction Sunoco will ensure that SUNCorp unitholders will receive the same dividend equivalent as the distribution to Sunoco unitholders The proposed Transaction will be effected pursuant to a plan of arrangement under the Business Corporations Act (Alberta) which is required to be approved by an Alberta court The Transaction will require approval by 66 2/3 per cent of the votes cast by the shareholders of Parkland The agreement also contains an option whereby Sunoco at its election any time before the Meeting (defined below) may elect to effect and complete the Transaction on the same terms by way of a take-over bid which would require support from Parkland shareholders owning at least 50 per cent of Parkland's outstanding shares The directors and senior officers of Parkland collectively holding 0.7 per cent of the Parkland shares have entered into customary voting support agreements pursuant to which they have committed to vote their common shares held in favour of the Transaction In addition to shareholder and court approvals the Transaction is subject to applicable regulatory approvals including approvals under the Investment Canada Act approval of the listing of the SUNCorp shares to be issued under the Transaction on the NYSE and the satisfaction of certain other closing conditions customary for a transaction of this nature Subject to the satisfaction of such conditions the Transaction is expected to close in the second half of 2025 The agreement includes customary deal protections and the right to match any superior proposals subject to Parkland paying a break fee in the amount of $275 million in certain circumstances Full details of the Transaction will be included in the Parkland management information circular Parkland announced that its Board of Directors had initiated a review of strategic alternatives aimed at identifying opportunities to maximize value for all shareholders A special committee of independent directors (the "Special Committee") was appointed to oversee and lead this comprehensive review discussions with Sunoco intensified significantly Based on the unanimous recommendation of Parkland's Special Committee and following thorough consultation with its financial and legal advisors Parkland's Board of Directors has unanimously approved the Transaction The Board strongly recommends that shareholders vote in favour of the Transaction and BofA Securities have each provided opinions to the Parkland Board of Directors and BMO Capital Markets has provided an opinion to the Parkland Special Committee and based upon and subject to the assumptions limitations and qualifications stated in each such opinion at the option of each Parkland shareholder either (i) an amount in cash equal to the quotient obtained by dividing C$19.80 by 45% (ii) the number of common units representing limited liability company interests in SUNCorp equal to the quotient obtained by dividing 0.295 by 55% or (iii) a combination of C$19.80 in cash and 0.295 common units representing limited liability company interests in SUNCorp is fair to the shareholders of Parkland (other than Sunoco and its affiliates) The full text of each such fairness opinion matters considered and limitations on the review undertaken in connection with each such opinion will be included in the Parkland management information circular or BMO Capital Markets express an opinion or recommendation as to how any Parkland shareholder should vote or act in connection with the Transaction or any other matter Parkland intends to hold a special meeting of Parkland shareholders on June 24 The annual general meeting of Parkland shareholders has been cancelled and will instead be held on June 24 2025 concurrent with the special meeting (the annual and special meeting of Parkland Shareholders is referred to as the "Meeting") allowing Parkland's shareholders adequate time to fully evaluate the Transaction and its benefits Shareholders as of the record date of May 23 2025 will be eligible to vote at the Meeting In addition to the business of the Meeting already described in Parkland's management information circular dated April 7 Parkland will file a new 2025 management information circular which will also contain information about the Transaction The current directors have agreed to stand for election at the upcoming Meeting in order to consummate the Transaction These directors have agreed to stand down in favour of any alternative slate if the Transaction is not supported and BofA Securities served as financial advisors to Parkland BMO Capital Markets acted as financial advisor to Parkland's Special Committee Norton Rose Fulbright Canada LLP acted as Parkland's legal advisor Torys LLP acted as legal advisor to Parkland's Special Committee Barclays and RBC Capital Markets served as the exclusive financial advisors to Sunoco Barclays and RBC Capital Markets provided committed financing and Vinson & Elkins LLP acted as Sunoco's legal advisors. Parkland is a leading international fuel distributor and convenience retailer with safe and reliable operations in twenty-six countries across the Americas and convenience needs of everyday consumers Our commercial operations provide businesses with fuel to operate complete projects and better serve their customers In addition to meeting our customers' needs for essential fuels Parkland provides a range of choices to help them lower their environmental impact including manufacturing and blending renewable fuels a variety of solutions for carbon credits and renewables With approximately 4,000 retail and commercial locations across Canada and trading capabilities to accelerate growth and business performance Our strategy is focused on two interconnected pillars: our Customer Advantage and our Supply Advantage we aim to be the first choice of our customers through our proprietary brands Our Supply Advantage is based on achieving the lowest cost to serve among independent fuel marketers and distributors in the hard-to-serve markets in which we operate and deep supply and logistics capabilities Our business is underpinned by our people and our values of safety which are embedded across our organization Certain statements contained herein constitute forward-looking information and statements (collectively "would" and similar expressions are intended to identify forward-looking statements this news release contains forward-looking statements with respect to among other things: expected benefits from the Transaction including but not limited to financial benefits for shareholders and increased cash flow generation for reinvestment and distribution growth; Sunoco acquiring all outstanding shares of Parkland in the Transaction and the United States in support of both existing and new opportunities; the anticipated timing for closing of the Transaction; the anticipated timing for holding of the special meeting of Parkland shareholders; the filing of Parkland's new 2025 management information circular including information about the Transaction; the effect and completion of the plan of arrangement; the expectation that the current directors of Parkland will stand down in favour of any alternative slate at the upcoming AGM if the Transaction is not supported; and the timing of the joint conference call of Sunoco LP and Parkland The forward-looking statements contained herein are expressly qualified by this cautionary statement Parkland Corporation ("Parkland" o "la Empresa") (TSX: PKI) comentó hoy el informe1 emitido por Institutional Shareholder Services Inc ISS has determined that Simpson does not meet the control threshold ISS questions Simpson's proposed strategy and CEO candidate Parkland's Executive.. 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Visit image gallery to purchase the image The mural was painted about 25 years ago on an Orion-owned substation in Parklands as a project to represent Canterbury Chris Musson told the New Zealand Herald the mural has been a treasured trademark since his dad painted it “Grizz Wyllie would be turning in his grave It’s just ridiculous," Musson told the Herald He said an Orion representative told them it would be painting over the wall because it “doesn’t meet their criteria any more” we’re protecting that asset’,” Musson said which features Canterbury’s colours and the words “our colours” and “our place” has been cherished by the Parklands community for decades “It was painted years ago as part of a Canterbury Draught [beer] competition which dad actually won," Musson told the Herald “Every tradie that has ever come up to do work on mum and dad’s house have come back brought their kids and got a photo with it we’ve never ever had any negative stuff about it at all “It’s only us and one of our neighbours of 30 years that can see it it’s been painted really well,” Musson said An Orion spokesperson told the Herald: “We have a low tolerance for unapproved graffiti or art on our assets and have an ongoing maintenance programme for over 150,000 above-ground assets on our network.” Orion said the mural was flagged by a contractor during "maintenance inspections" “We are currently in discussions with the owner of the adjacent property.” But Musson told the Herald painting over the wall would cost thousands of dollars anyway “It just feels like a big guy versus the little guy type situation.” “It’s not going to get painted; I’ll be putting the hose on it straight away.” Please see below Stewards Reports from recent Ladbrokes Q1 Parklands at The Q 26th April 2025 25th April 2025 24th April 2025 22nd April 2025 21st April 2025 20th April 2025 For free and confidential support call 1800 858 858 or visit gamblinghelponline.org.au Join the conversation You can save this article by registering for free here. Or sign-in if you have an account in its last-minute decision to delay its shareholder meeting by more than a month so investors can vote on a US$9.1-billion takeover by Sunoco LP at the same time they elect a board of directors Subscribe now to read the latest news in your city and across Canada Create an account or sign in to continue with your reading experience Article contentA showdown had been set to take place in Calgary on Tuesday with shareholders voting on competing nominee slates put forward by Parkland’s management and by Simpson Oil which owns just under 20 per cent of the Canadian fuel retailer and refiner’s shares But Parkland postponed the meeting to June 24 when shareholders are to also vote on the cash-and-stock deal with Dallas-based Sunoco that would create the largest independent fuel distributor in the Americas Your weekday lunchtime roundup of curated links By signing up you consent to receive the above newsletter from Postmedia Network Inc The next issue of Noon News Roundup will soon be in your inbox Interested in more newsletters? Simpson applied to the Alberta Court of King’s Bench for an order to have the Tuesday meeting go ahead, calling the Parkland move “deplorable” and an attempt to “cling to power.” Mah says Simpson will have ample opportunity express its views and that shareholders should have full information about the Sunoco deal before they vote on it Cayman Islands-based Simpson lambasted Parkland for the vote delay and called on 11 incumbent Parkland directors to resign “Delaying the meeting and pushing forward with any transaction ahead of board transition represents a clear breach of fiduciary duty — an obvious attempt to cling to power and sidestep shareholder will,” Simpson said in a statement Monday The takeover requires shareholder and regulatory approval and also has to be cleared under the Investment Canada Act company has committed to maintain a Canadian headquarters in Calgary significant employment in Canada and investment in Parkland’s refinery in Burnaby Chevron and Pioneer gas station chains as well as several other brands in 26 countries Sunoco outlets that had long operated in Canada were rebranded in 2009 under the Petro-Canada banner On a conference call, an analyst asked Sunoco CEO Joe Kim about potential issues with large Parkland shareholders, but did not name Simpson specifically. “For the Parkland shareholders, you get a very, very healthy premium, material cash and a stronger company underlying the equity going forward,” Kim replied. “So we think this is an offer that’s going to be hard for people to pass up.” “If this deal is rejected, we may be looking at the company being sold in parts as its unclear who else would be interested in (Parkland’s) full mix of assets,” analysts with TD Cowen said in a report. ATB Financial said in a report: “Given the appropriate return compensation, $275-million break fee and strategic combination to create a leader in global fuel distribution, we expect shareholders will support the transaction.” Parkland and Simpson have been at odds over the fuel refiner and retailer’s performance and governance for at least a year. Under shareholder pressure, Parkland said in March it would review options to boost its share price, including a sale of the entire company, after rebuffing such a move. Simpson has criticized Parkland for rejecting a potential acquisition at a “material premium” in 2023. The Globe and Mail has reported it was from Sunoco and worth $45 a share. Sunoco intends to form a new publicly traded company named SUNCorp LLC that will hold limited partnership units of Sunoco that are economically equivalent to Sunoco’s publicly traded common units. Parkland shareholders will receive 0.295 SUNCorp units and C$19.80 for each Parkland share. Parkland shareholders can also receive C$44 per Parkland share in cash or 0.536 SUNCorp units for each Parkland share. The deal would also see Sunoco assume Parkland’s debt. Parkland shares rose more than 5.5 per cent to C$38.28 on Monday. In early 2019, Parkland closed a deal to buy a 75 per cent stake in Simpson subsidiary Sol, the largest independent fuel marketer in the Caribbean, for $1.6 billion. Sol got a 10 per cent stake in Parkland. Parkland gained full ownership of Sol in 2022 and Simpson doubled its stake. At the time, the founder of Simpson, Kyffin Simpson, had glowing words for Parkland and Espey. “We have tremendous confidence in the company, its management team and its bright future,” he said in August 2022. Three years later, Simpson says on its Refuel Parkland website that the elements that first attracted it to the partnership have been “mismanaged out of existence.” transmission or republication strictly prohibited This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy You can manage saved articles in your account An Ultramar gas station and On the Run store in Mississauga Sunoco has made a $7.7-billion bid for Parkland which owns more than 4,000 gas stations under the Esso Pioneer and Ultramar brands.Fred Lum/the Globe and Mail Dallas-based Sunoco LP SUN-N has made a friendly takeover bid for Parkland Corp. PKI-T worth $7.7-billion potentially ending the Calgary-based fuel distributor’s boardroom battle with its largest shareholder Sunoco offered $44 per Parkland share in a combination of its own shares and cash in an early Monday bid to create one of North America’s largest gas station and convenience store operators Analysts said the takeover is likely to succeed resolving a two-year dispute between Parkland and Simpson Oil Ltd. Cayman Islands-based Simpson Oil is attempting to improve Parkland’s financial performance by replacing the majority of its directors and its chief executive officer Simpson Oil said it had won shareholder support for its plan to name nine of 13 directors to Parkland‘s board at an annual meeting scheduled for Tuesday Parkland moved its meeting to June 24 and included a vote on the Sunoco offer the Court of King’s Bench of Alberta denied Simpson Oil’s request to hold the meeting on Tuesday Simpson Oil declined comment on the Sunoco offer Parkland owns more than 4,000 gas stations under the Esso and the On the Run convenience store chain The company also runs a refinery in Burnaby that supplies fuel to the province’s lower mainland Sunoco owns 7,400 gas stations and a 22,500 kilometre pipeline network “This strategic combination is a compelling outcome for Parkland shareholders,” Michael Jennings “The board unanimously recommends the proposed transaction recognizing Sunoco’s commitment to safeguarding Canadian jobs Activist Simpson Oil poised to win Parkland boardroom battle Parkland turned down a takeover bid from Sunoco that valued the company at $45 per share according to analysts and reports in The Globe and Mail Sunoco said buying Parkland will boost its distributable cash flow per unit by 10 per cent and the company expects US$250-million cost savings from combining its businesses within three years of closing the transaction bringing the total value of the transaction to US$9.1-billion “Our initial thought is that competing bids will be few and far between,” analyst Ben Isaacson at Bank of Nova Scotia said in a report on Monday we haven’t seen any other interested parties in Parkland’s unique portfolio of energy infrastructure assets (either separately or combined).” He added: “We think investors will jump at the 25 per cent premium on a stock that has been stuck in the mud on investor fatigue for quite some time.” Parkland and Sunoco structured the takeover with a wrinkle meant to allow the deal to close even if Simpson Oil votes against the transaction The acquisition is structured as a plan of arrangement requiring approval from 66.6 per cent of votes cast by Parkland shareholders Sunoco negotiated the right to switch the offer into a takeover bid which only needs support from 50 per cent of all outstanding Parkland shares The Parkland acquisition will also require approval from the federal government at a time when relations between the U.S and Canada are in a deep freeze owing to President Donald Trump’s imposition of tariffs Ottawa pledged to heighten reviews of deals deemed predatory owing to any decline in value of the Canadian target that derives from U.S The entrepreneur is former vice-chair for the Trump Victory Committee He also previously served as finance chair of the Republican National Committee Sunoco is offering Parkland shareholders US$3-billion of units in a newly created New York Stock Exchange-listed company called SUNCorp and US$2.6-billion of cash Parkland agreed to pay a $275-million break fee to Sunoco if the deal fails to close “Given the appropriate return compensation $275mm break fee and strategic combination to create a leader in global fuel distribution we expect shareholders will support the transaction,” analyst Nate Heywood at ATB Capital Markets said in a report Parkland’s share price rose 5.5 per cent to close at $38.28 on the Toronto Stock Exchange Sunoco’s share price fell 5.8 per cent on the NYSE Investment banks Barclays and RBC Capital Markets advised Sunoco and provided the debt financing and Vinson & Elkins LLP acted as Sunoco’s legal advisers Parkland’s board formed a special committee to deal with the takeover Law firm Norton Rose Fulbright Canada LLP acted as Parkland’s legal adviser Torys LLP acted as legal adviser to Parkland’s special committee 2025) The photo caption was updated to provide more detailed information about Parkland Report an editorial error Report a technical issue Editorial code of conduct Study and track financial data on any traded entity: click to open the full quote page Authors and topics you follow will be added to your personal news feed in Following Andrew Willis is a business columnist for the Report on Business Working in business communications and journalism for three decades from 2010 to 2016 he was senior vice-president of communications for Brookfield Asset Management a leading global alternative asset management company Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter Welcome to The Globe and Mail’s comment community This is a space where subscribers can engage with each other and Globe staff We aim to create a safe and valuable space for discussion and debate If you do not see your comment posted immediately it is being reviewed by the moderation team and may appear shortly We aim to have all comments reviewed in a timely manner Comments that violate our community guidelines will not be posted UPDATED: Read our community guidelines here We have closed comments on this story for legal reasons or for abuse. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions Racing Queensland advises that the scheduled picnic meeting at Q2 Parklands on Thursday will now be conducted as an evening metropolitan race meeting. the Q1 Lakeside meeting scheduled for the same evening will return to its standard daytime timeslot This decision follows the suitable testing of key racing infrastructure and an increase in the number of greyhounds being cleared to race at Q2 Parklands. Nominations for the meeting will open 9am on Friday RQ acknowledges that participants had been preparing to trial greyhounds at the scheduled picnic meeting for May 8. After consultation with the Queensland Greyhound Racing Club and the Queensland Racing Integrity Commission trials will also be conducted following the Q2 Parklands race meeting on May 8 Participants are encouraged to visit the QGRC for full details regarding trial bookings and scheduling Excitement continues to build for the 2025 Queensland Winter Greyhound Racing Carnival, which is scheduled to take place at The Q, showcasing the best of greyhound racing on Queensland’s newest premier track. Click here for more information Albion Park will remain operational throughout May as the Q Straight track commissioning works continue. Canterbury police made a public appeal on Saturday morning for sightings of Arana who was last seen on November 11 "He has been reported missing from the Parklands area and police and his loved ones have serious concerns for his welfare," a police spokesperson said "He was last seen on 11 November in Parklands." If you have seen Arana or have information that might help with the police investigation call 105 and quote file number 241111/6907 But Parkland postponed the meeting to June 24, when shareholders are to also vote on the cash-and-stock deal with Dallas-based Sunoco that would create the largest independent fuel distributor in the Americas. Justice Douglas Mah says in a decision late Monday that any order to reinstate the meeting would be “impractical and confusing” to shareholders and the market. Mah says Simpson will have ample opportunity express its views and that shareholders should have full information about the Sunoco deal before they vote on it. In a news release earlier Monday, Cayman Islands-based Simpson lambasted Parkland for the vote delay and called on 11 incumbent Parkland directors to resign, including executive chair Mike Jennings. “Delaying the meeting and pushing forward with any transaction ahead of board transition represents a clear breach of fiduciary duty — an obvious attempt to cling to power and sidestep shareholder will,” Simpson said in a statement Monday. The takeover requires shareholder and regulatory approval and also has to be cleared under the Investment Canada Act. The U.S. company has committed to maintain a Canadian headquarters in Calgary, significant employment in Canada and investment in Parkland’s refinery in Burnaby, B.C. Parkland owns the Ultramar, Chevron and Pioneer gas station chains as well as several other brands in 26 countries. Sunoco outlets that had long operated in Canada were rebranded in 2009 under the Petro-Canada banner. “This combination with Sunoco provides Parkland’s shareholders with the highest value and the greatest proceeds, while also affirming Sunoco’s and Parkland commitment to Canada, a country that has played a vital role in our combined history,” said Parkland chief executive Bob Espey, who announced last month that he would step down before year-end. This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy Racing Queensland has advised that the Q2 picnic meeting scheduled for Thursday May 8 will now be conducted as a metropolitan race meeting This has meant the Q1 Lakeside meeting scheduled for that evening will return to its daytime timeslot Racing Queensland had stood steadfast on the Q2 track being trialled to test its racing infrastructure with an increased number of greyhounds being cleared to race at Q2 Nominations will close for the May 8 race meeting on Tuesday after consultation between the Qld Club and QRIC trials will now also be conducted following the May Q2 race meeting The QGRC website has full details of the trial session regarding bookings and scheduling Albion Park will continue to operate throughout May as the Q Straight works continue The OpenSunoco plans to acquire Parkland for US$9.1BRebecca Teltscher, portfolio manager at Newhaven Asset Management, shares her analysis of the news of Sunoco acquiring Parkland in US$9.1B deal. Sunoco LP announced Monday that it plans to buy Parkland Corp two months after Parkland announced a strategic review of its business The transaction has been unanimously approved by Parkland’s board of directors though it awaits shareholder and court green lights The deal is expected to close during the second half of the year Dallas-based Sunoco sold 204 c-stores to 7-Eleven Inc. in January 2024 including Stripes convenience stores and Laredo Taco Company restaurants That left Sunoco with 75 company-owned retail stores including 54 Aloha Island Mart c-stores in Hawaii Parkland shareholders are scheduled to vote on the transaction during their annual general meeting on June 24 a meeting that had originally been scheduled for Tuesday the combined company said it intends to reinvest in the U.S. “This strategic combination is a compelling outcome for Parkland shareholders,” Parkland Executive Chairman Michael Jennings said in a statement “The Board unanimously recommends the proposed transaction retaining the Calgary head office and further investing in Canada This partnership creates significant financial benefits for shareholders and would position the combined company as the largest independent fuel distributor in the Americas.” Parkland has faced pressure from Simpson Oil Ltd. Espy announced last month that he would leave the company after 14 years at its helm but said he would stay on until a new CEO is named Simpson Oil holds 19.8% of Parkland’s shares and has said the company is in desperate need of a refresh Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here Get today’s need-to-know convenience industry intelligence Sign up to receive texts from CSP on news and insights that matter to your brand Features include helping maximize and forecast sales operational strain and program cannibalization are all concerns says Richard Poye of Food Trends Think Tank Modern oral nicotine pouches continue to stand out as a key driver for 'other tobacco product' segment CSP’s Top 202 details the largest chains in the convenience-store industry and the biggest M&A stories of the past year Welcome to a deep dive into the c-store landscape The industry’s largest distributors by sales volume The latest information on products and trends in the convenience-store and foodservice industries Peek inside new convenience stores to uncover the best in retail store design across North America Corporate retail news affecting the convenience-store industry Do not sell my personal info Privacy Policy Code of Conduct Contact Us RSS You can now click/tap WATCH to start the live stream You can now click/tap LISTEN to start the live stream You can now click/tap LATEST NEWS to start the live stream Listener Brendan has reported that Linear Park in Mascot is now fenced off with asbestos warning signs sparking fears of another contamination episode similar to Rozelle Listen to more highlights from Sydney Now below: DALLAS, May 5, 2025 /CNW/ -- Sunoco LP (NYSE: SUN) ("Sunoco" or the "Partnership") and Parkland Corporation (TSX: PKI) ("Parkland") announced today that the parties have entered into a definitive agreement whereby Sunoco will acquire all outstanding shares of Parkland in a cash and equity transaction valued at approximately $9.1 billion Sunoco intends to form a new publicly-traded Delaware limited liability company named SUNCorp SUNCorp will hold limited partnership units of Sunoco that are economically equivalent to Sunoco's publicly-traded common units on the basis of one Sunoco common unit for each outstanding SUNCorp unit. This new publicly-traded entity will be treated as a corporation for tax purposes Parkland shareholders will receive 0.295 SUNCorp units and C$19.80 for each Parkland share implying a 25% premium based on the 7-day VWAP's of both Parkland and Sunoco as of May 2 to receive C$44.00 per Parkland share in cash or 0.536 SUNCorp units for each Parkland share subject to proration to ensure that the aggregate consideration payable in connection with the transaction does not exceed C$19.80 in cash per Parkland share outstanding as of immediately before close and 0.295 SUNCorp units per Parkland share outstanding as of immediately before close Sunoco has secured a $2.65 billion 364-day bridge term loan for the proposed cash consideration The transaction has been unanimously approved by the board of directors of both companies and is expected to close in the second half of 2025 upon the satisfaction of closing conditions including approval by Parkland's shareholders and customary regulatory and stock exchange listing approvals Benefits to Canada and Responsible Stewardship and Vinson & Elkins LLP acted as Sunoco's legal advisors Torys LLP acted as legal advisor to Parkland's Special Committee. Sunoco LP (NYSE: SUN) is a leading energy infrastructure and fuel distribution master limited partnership operating in over 40 U.S The Partnership's midstream operations include an extensive network of approximately 14,000 miles of pipeline and over 100 terminals This critical infrastructure complements the Partnership's fuel distribution operations which serve approximately 7,400 Sunoco and partner branded locations and additional independent dealers and commercial customers SUN's general partner is owned by Energy Transfer LP (NYSE: ET) This communication contains "forward-looking statements" within the meaning of the federal securities laws including Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 forward-looking statements often address future business and financial events words such as "believe," "expect," "may," "will," "should," "could," "would," "anticipate," "estimate," "intend," "plan," "seek," "see," "target" or similar expressions but not all forward-looking statements include such words Forward-looking statements by their nature address matters that are such as statements about the consummation of the proposed transaction and the anticipated benefits thereof All such forward-looking statements are based upon current plans expectations and ambitions that are subject to risks many of which are beyond the control of Sunoco LP ("Sunoco" or "SUN") and Parkland Corporation ("Parkland") that could cause actual results to differ materially from those expressed in such forward-looking statements Important risk factors that may cause such a difference include but are not limited to: the completion of the proposed transaction on anticipated terms and timing the creation of SUNCorp and approval of the listing of the SUNCorp units on the New York Stock Exchange and receipt of Parkland shareholder approval; and the anticipated tax treatment business and management strategies for the management expansion and growth of the combined company's operations including the possibility that any of the anticipated benefits of the proposed transaction will not be realized or will not be realized within the expected time period; the ability of Sunoco and Parkland to integrate the business successfully and to achieve anticipated synergies and value creation; potential litigation relating to the proposed transaction that could be instituted against Sunoco Parkland or their directors; the risk that disruptions from the proposed transaction will harm Sunoco's or Parkland's business including current plans and operations and that management's time and attention will be diverted on transaction-related issues; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed transaction; rating agency actions and Sunoco and Parkland's ability to access short-and long-term debt markets on a timely and affordable basis; potential business uncertainty costs and expenses and the possibility that the transaction may be more expensive to complete than anticipated; those risks described in Item 1A of Sunoco's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on February 14 Those disclosures are incorporated by reference in this communication While the list of factors presented here is considered representative no such list should be considered to be a complete statement of all potential risks and uncertainties Unlisted factors may present significant additional obstacles to the realization of forward-looking statements Readers are cautioned not to place undue reliance on this forward-looking information which is as of the date of this communication Sunoco and Parkland do not intend to update these statements unless required by the securities laws to do so and Sunoco and Parkland undertake no obligation to publicly release the result of any revisions to any such forward-looking statements that may be made to reflect events or circumstances after the date of this communication Additional Information and Where to Find It Additional information about Parkland can be found under its corporate profile on SEDAR at www.sedar.com, on its website at www.parkland.ca This communication is for informational purposes only and is not intended to constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval solicitation or sale of securities in any jurisdiction in which such offer solicitation or sale would be in contravention of applicable law No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933 or prior to registration or qualification under applicable securities laws. The information contained in this communication is available on our website at www.sunocolp.com [email protected] [email protected] [email protected] [email protected] and convenience retailer with safe and reliable operations in 26 countries across the Americas Our retail network meets the fuel and convenience needs of everyday consumers The deal is a “compelling outcome” for Parkland’s shareholders who are set to vote on the company’s future next month after years of demands for change which the boards of directors from both companies unanimously approved comes just a day before Parkland’s annual shareholder meeting during which Parkland was expected to battle for its future Simpson, Parkland’s largest shareholder, launched a takeover bid of the company’s board in early April after accusing the retailer of long-term underperformance since early 2023 Its proposed changes included adding nine new faces to Parkland’s board and replacing President and CEO Bob Espey As of Friday, Simpson claimed that over 60% of Parkland’s shares supported its goal Canadian retail analyst Bruce Winder said in an interview with C-Store Dive that if Simpson won the shareholder vote a sale of Parklands assets was the most likely outcome As part of the deal — expected to close in the second half of 2025 — Sunoco will form a new publicly traded company named SUNCorp and will retain headquarters in Parkland’s home base of Calgary Espey, who recently announced his resignation called the deal a “significant milestone.” making our combined business stronger and better positioned for sustained success,” Espey said Sunoco said on Monday that it was drawn to Parkland’s complementary fuel supply assets Sunoco said it will continue to support Parkland’s plan to expand its Canadian transportation energy infrastructure “This partnership creates significant financial benefits for shareholders and would position the combined company as the largest independent fuel distributor in the Americas,” Jennings said Get the free daily newsletter read by industry experts The retail giants have identified thousands of overlapping locations they’d need to divest in order to merge Here’s who could realistically acquire them — and how they could do it which coincided with nixing the Iowa retailer's mobile ordering platform underscores the culturally dissonant integration between the companies Want to share a company announcement with your peers The free newsletter covering the top industry headlines RQ advises that the Q2 Parklands picnic meeting on Monday April 28 has been cancelled due to insufficient nominations Greyhounds that were nominated for the picnic meeting will be given first preference to trial at a Q2 Parklands trial session next week A picnic meeting needs to be conducted on Q2 Parklands prior to an official race meeting As a result, Q2 Parklands race meetings scheduled for May 5 and 8 have been cancelled and will instead be conducted as picnic meetings The Q1 Lakeside meeting for Thursday, May 8 will be conducted as a night meeting There will be no 520m/600m/710m racing at Albion Park after the race meeting on Thursday Participants are encouraged to clear their greyhounds to race on Q2 Parklands as soon as possible The condition of nomination at the Q2 applies requiring a greyhound nominated for an event at The Q to have successfully trialled out of the starting boxes to the satisfaction of QRIC stewards and/or QGRC officials at the specific track it is to be nominated for (Q1 The first race meeting for Q2 Parklands is now scheduled on Monday The following trial opportunities are provided for greyhounds to be cleared to race on Q2 Parklands: Click here to view updated programs for May RodneyBy negotiation424200m²414m²Sensation Home – Stylish & Park ViewsThis amazing crafted single-level home set on a generous 414 sqm section with a floor area of approximately 200 sqm Located in the sought-after Stage 6A of Milldale • Stunning park views and elevated north-facing site including a master suite with an ensuite and walk-in wardrobe Three additional bedrooms share a large family bathroom sun-filled space with large windows creating a bright and inviting space • Open-Plan Living: Seamlessly connected kitchen flowing out to outdoor space ideal for entertaining and year-round enjoyment and with a future local shopping center at your doorstep this location also offers easy access to the beaches of Hibiscus Coast and convenient motorway access via the Pine Valley exit Contact our agent today to book a viewing and see the exceptional living this home offers Warm notice: Keep going straight on Waiwai Drive turn left at the roundabout onto Milldale Drive See this listing on Barfoot & Thompson based on a borrower’s individual credit assessment.Canstar's Most Awarded Personal LoanGet a renovation loan up to $70K and bring your vision to life we can approve your home improvement loan quickly and get your renovation started A boat travels past the Parkland Burnaby Refinery on Burrard Inlet at sunset in Burnaby the self-made billionaire from Barbados is poised to win a four-month boardroom battle at Parkland Corp. the Calgary-based owner of 4,000 gas stations and On the Run convenience stores Simpson are elected at Tuesday’s annual meeting a move endorsed by influential shareholder advisory firms The restructured board is expected to appoint a new chief executive officer to replace long-serving CEO Bob Espey and address what Mr Simpson describes as years of underperformance The odds of one of the country’s largest retail chains – the owner of Esso Ultramar and Pioneer gas stations – being sold will rise dramatically president and chief executive office of Parkland is photographed at the M&M Food Market head office in Mississauga Simpson’s family-owned company Simpson Oil Ltd said more than 60 per cent of Parkland shareholders support its slate of directors “Based on the proxies deposited with the company today Simpson Oil expects that its nominees will hold a majority of seats on the company’s board,” the company said in a release a vote for his board nominees will mark the success of a remarkable corporate coup one of the wealthiest entrepreneurs in the Caribbean had no say at Parkland despite owning a 19.8-per-cent stake in the company The lack of clout stemmed from a standstill agreement signed by Simpson Oil when it sold a chain of Caribbean gas stations in two transactions – in 2018 and 2022 – for a combined $2.35-billion in cash and Parkland shares Simpson Oil agreed to take a passive role at Parkland Simpson announced the sale to Parkland in 2018 he said: “I have long admired Parkland as a company with their futuristic vision and energy and I have been tremendously impressed with Bob Espey’s strong leadership.” Simpson Oil put forward a slate of nine directors for the Parkland board The dissident shareholder said the board and Mr who has announced plans to retire at the end of the year and pursued a deeply flawed M&A strategy that has stunted profitability.” Parkland and largest shareholder propose duelling slates of directors ahead of May 6 AGM veteran oil industry executive Michael Jennings Jennings said the company has been unable to reach an agreement on governance with Simpson Oil “The message back has always been one of control,” Mr We have put a lot of different proposals in front of them we will let the shareholders decide in the election.’” Parkland launched a strategic review run by investment banks Goldman Sachs Canada Inc and BofA Securities that could result in the sale of the company If Simpson Oil’s slate of directors join the board analysts predict they will be more receptive to a takeover than the current board In the summer of 2023, Parkland turned down an $8-billion takeover offer from Dallas-based Sunoco LP Parkland disclosed that it received an offer that undervalued the company but provided no details on the bid’s size or source Simpson Oil was in favour of selling Parkland to Suncor according to sources familiar with the transaction The Globe agreed not to name these sources because they are not permitted to speak for the company From 2024: Parkland shares jump as investor signals it’s open to a sale Selling his fuel distribution business to Parkland marked part of Mr Simpson’s legacy-defining move to cash in on an empire built over five decades he also sold a network of 50 car dealerships to a British auto retailer Simpson quit his job as a store manager in Barbados and bought a single Texaco station He went on to build a network of privately owned auto dealerships and fuel distributors stretched across the Caribbean boat or airplane filled its tank in the islands One fund manager who owns Parkland shares and has met Simpson family members – the founder and his late wife Roberta Lady Simpson have five children – said the entrepreneur paid attention to advice consultants give business owners considering succession: Your kids don’t want your company Simpson is an evangelical Christian and one of his sons is the CEO and a host at a religious broadcaster called GOD TV In a 2018 interview with his son on the network Simpson said he planned to keep working as long as he could as his businesses gave him a sense of purpose with a smile: “There is nothing in the scriptures about retirement.” The Simpson clan qualify as Caribbean royalty Simpson wrote a children’s book called Nana’s Bible Stories The digital version is narrated by actor Jane Seymour who starred in the 1973 James Bond film Live and Let Die Simpson and Simpson Oil declined interview requests a spokesperson for the company said: “Simpson Oil is aligned with all shareholders in its interest to maximize value." Simpson Oil scored major victories in its fight for an increased role at Parkland winning partial support from proxy advisory firms Glass Lewis and Institutional Shareholder Services ISS is backing six of the nine candidates Simpson Oil nominated while Glass Lewis endorsed seven of the dissident directors Two of the nine nominees are Simpson Oil executives; the remainder are independent Glass Lewis said in its report that Parkland‘s stock underperformed peers and “the board has consistently taken a defensive posture in response to shareholder pressure rather than proactively addressing longstanding performance and governance challenges.” “We believe that meaningful change at the board level is warranted at this time,” said Glass Lewis ISS reached the same conclusion in its report In response to Simpson Oil’s campaign to put directors on the board ISS said Parkland “engaged in a pattern of problematic tactics that have stifled the dissident’s ability to seek board change or otherwise improve the company’s prospects.” Parkland said in a press release the proxy firm endorsed its board’s recent strategic initiatives including its decision to launch a strategic review and find a new CEO The company said ISS recognized “that Parkland’s board is appropriately structured to oversee these processes and deliver value to all shareholders.” Jameson Berkow is the capital markets reporter for The Globe and Mail to cover the economic implications of cannabis legalization He left in early 2020 to start an entrepreneurship magazine and rejoined The Globe in early 2022 to cover financial regulation and governance for Globe Advisor With more than a decade of experience in financial journalism Jameson was most recently the senior reporter for BNN Bloomberg (formerly the Business News Network) where he led live daily coverage of major business news from the television station’s Toronto headquarters He previously worked as the station’s Western Canada bureau chief based in Calgary where his reporting on pipeline politics and the 2014 oil price crash was nominated for numerous awards.\nHis series of reports from Fort McMurray Alberta in 2015 was a finalist for the RTDNA Dave Rogers Award Jameson was the technology reporter for the Financial Post in Toronto where he created and hosted the FP Tech Desk podcast and authored the weekly Startup Spotlight profile series Jameson got his start in journalism in 2007 as a fact-checker for Toronto Life magazine where his first byline was for a story about two dogs getting married Parkland EstateSave listingVideo tour+50+50Pictures50MapVideo & 3D tour131/275 Pukehangi Road RotoruaExpressions of Interest445894m²5,033m²A Masterpiece Without PrecedentWhere sophistication meets boldness this residence is a statement of intent - an architectural feat that refuses to settle for the ordinary this 894 sq m triumph of design stands as a singular icon in Rotorua’s luxury landscape sweeping panoramas stretch from the city to Lake Rotorua the skyline transforms into a spectacle of twinkling lights and infinite stars A collaboration of engineering precision and artistic mastery and reclaimed American oak—each material selected to embody both strength and style From the moment you pass through the over-height woven steel entry door A dramatic circular glass insert offering a glimpse into the garage below Floor-to-ceiling windows dissolving the boundary between architecture and nature this home is built for those who entertain A full bar sits alongside a showstopping kitchen- leathered granite spilling over surfaces and a hidden scullery functioning as a commercial-grade workspace Mornings begin in the dedicated coffee station before flowing into the inviting breakfast nook - an intimate corner designed to frame the view and embrace the day’s first light wrapped in steel balustrades and crowned with a statement chandelier The master wing is a sanctuary of indulgence a freestanding bath takes centre stage in the bedroom itself while a dressing room worthy of its own stage completes this private haven The pursuit of perfection doesn’t stop here and a gym with a sauna cater to every indulgence the basement level is a world of its own - housing a remarkable garage complete with a turntable to showcase your collection and a wine cellar designed not only for tasting and storytelling but also for dining in an atmosphere as refined as the vintages it holds the infinity pool is a seamless extension of the horizon a place where the world feels both vast and entirely your own the property is a private sanctuary where architecture and nature exist in perfect harmony With multiple spaces to entertain or unwind against a breathtaking backdrop carefully curated landscaping grounds the design in strength and beauty and finished with passion - this is more than a home Get a renovation loan up to $70K and bring your vision to life Uganda — In northern Uganda’s Pader district farmers are working to preserve agricultural landscapes that have fed their communities for generations where carefully maintained trees grow among food crops represent centuries of agricultural knowledge at risk of being lost Unlike natural forests, these parklands are agricultural landscapes shaped by generations of farmers. According to research submitted to the Global Shea Alliance communities historically created landscapes that balanced crop production with ecological diversity by selecting which trees to preserve during field clearing and encouraging their natural regeneration on fallow land The shea tree (Vitellaria paradoxa) is central to this system “The shea nut tree and its products have been very significant in our traditional culture from time immemorial,” says Gillian Josephine P’Ochen in Lapaya village we have more than 50 other tree species that are also very significant in the ecosystem I prefer to call this a paradise in the woods and a pharmaceutical arena Because when you look at all the tree species they are medicinal in one way or the other.” She points to a mature African cherry (Prunus africana) growing alongside shea trees “This tree’s bark has been used to treat fevers for generations,” she says “Its thick leaves fall and decompose slowly This is how our ancestors designed these parklands — every species has multiple purposes.” Passion fruit and jackfruit trees add to the landscape’s diversity The integration of trees and crops requires careful attention to spacing and species selection demonstrates the integration of trees and crops soya beans and other crops beneath the shea trees,” he says “The soil here remains fertile because of the trees You cannot compare this area with places where trees have been destroyed.” The research highlights how traditional spacing patterns optimize light penetration and soil moisture retention While shea trees take eight to 25 years to begin fruiting they can produce for up to 250 years when properly maintained in parkland systems and changing land-use patterns threatens both the trees and the traditional knowledge systems that have sustained them According to foundational research by Jean-Marc Boffa for the Center for International Forestry Research (CIFOR) in 2022, the primary threats come from the prolonging of cultivation periods and ever-shorter fallow periods crucial for natural regeneration Boffa’s research identified widening use of mechanized agriculture on large-scale farms and uncontrolled tree cutting for firewood and charcoal as major pressures on these systems The IUCN Red List now categorizes the shea tree as vulnerable to extinction with more than half of its population lost over recent generations director of research at the state-funded Ngetta Zonal Agricultural Research and Development Institute (NgettaZARDI) says his organization is working to restore these traditional agricultural landscapes they’ve provided more than 20,000 seedlings to locals while promoting traditional management practices NgettaZARDI is working to improve traditional cultivation techniques Through careful grafting of mature shea branches onto younger trees they’ve reduced the time to first fruit to 10 years though long-term studies of these modified trees are ongoing This innovation builds on traditional knowledge while addressing modern pressures for faster production The importance of shea trees extends beyond their economic value. A 2022 study in Scientific African highlighted how bats birds and insects rely on shea for food while playing crucial roles in pollination and seed dispersal “The rodents’ roads also carry them,” notes P’Ochen describing the complex seed dispersal network “The rodents mostly prefer the nuts inside The different seedlings we find germinating here and there have been dispersed by the rodents These ecological relationships contribute to soil health and biodiversity The success of farmers like Okello has encouraged others to maintain young shea trees on their fields P’Ochen notes how this aligns with historical practices: “Our indigenous tree species’ leaves fall and rejuvenate the soil The new fast-growing exotic species people plant instead just destroy our soils.” The parkland system provides natural climate resilience According to the Global Shea Alliance report these traditional agroforestry systems cope better with extreme weather events than treeless areas The careful spacing of trees creates microclimates that protect crops and soil while maintaining productivity during periods of stress the traditional system faces ongoing challenges The Global Shea Alliance report identifies several critical obstacles including cultural shifts and complex land tenure issues that have disrupted parkland maintenance across Pader district and beyond As Uganda seeks sustainable solutions to environmental challenges these traditional parkland systems offer valuable lessons in balancing human needs with ecosystem health The revival of shea parklands demonstrates what Boffa’s research for CIFOR emphasized: improvement strategies should “build on and improve existing management practices rather than attempt to reinvent a brand new domesticated production system.” a member of the Kanya Akanya shea growers’ group in Pader district Shea trees are falling fast across Africa, victims of new pressures (commentary) Jepsen, T., Stopponi, G., & Jørgensen, N. O. (2024). Shea tree (Vitellaria paradoxa C.F. Gaertn.) agroforestry systems in northern Ghana: Population structure, management of trees and impact of below canopy microclimate. Agroforestry Systems, 98(6), 1493-1506. doi:10.1007/s10457-024-01019-1 Nasare, L. I., Stout, J., Lovett, P., & Kwapong, P. K. (2022). Determinants of Shea (Vitellaria paradoxa C.F. Gaertn.) fruit yield: A review of research approaches and current knowledge. Scientific African, 17, e01371. doi:10.1016/j.sciaf.2022.e01371 Feedback: Use this form to send a message to the author of this post. If you want to post a public comment, you can do that at the bottom of the page. The “fortress conservation” model is under pressure in East Africa, as protected areas become battlegrounds over history, human rights, and global efforts to halt biodiversity loss. Mongabay’s Special Issue goes beyond the region’s world-renowned safaris to examine how rural communities and governments are reckoning with conservation’s colonial origins, and trying to forge a path forward […] BURSASGXHome M&ABy (May 5): Sunoco LP agreed to acquire Parkland Corp. one of the largest owners of gas stations in Canada for about US$9.1 billion (RM38.2 billion) including debt Sunoco will form a new publicly traded company named SUNCorp LLC Sunoco is offering C$44 a share for the Calgary-based company through a combination of cash and SUNCorp stock Parkland’s future as an independent company has been in question for months after the company hired Goldman Sachs Group Inc and Bank of America Corp as financial advisers for a strategic review It has been under pressure from its largest shareholder and last month chief executive officer Bob Espey announced he would step aside as the company fought a proxy battle against Simpson that was not enough to mollify Parkland investors: Simpson said on Friday that more than 60% of shares had been voted in favor of its proposed slate of directors and that it expected to take control of the board of this week The companies expect the deal to close in the second half of 2025 if it’s approved by Parkland shareholders and regulators Parkland shares have gone up about 16% over the past five years dramatically underperforming rival Alimentation Couche-Tard Inc and the broader S&P/TSX Composite Index PARKLAND – A 31-year-old man was arrested last week after another customer discovered that he had hidden his cellphone in the bathroom of a local coffee shop in Parkland in order to film people who were using the restroom Leer en español According to an arrest report from the Broward Sheriff’s Office which redacted the name and address of the business Deputies said an anonymous customer left a note in the coffee shop that was folded in half and read “management” on the outside “There is a man here in a gray T-shirt and glasses,” the note read “On the back of the T-shirt the word ‘maintenance’ is written on it He puts his phone in the toiletries drawer and records anyone using the restroom please send staff to check the first bin throughout his visit.” an employee at the coffee shop identified the suspect Deputies said the employee checked the bathroom on April 22 after Turk returned to the business and he discovered Turk’s phone in the bottom cabinet The employee took a photo of Turk’s phone and sent it to his boss another employee then went into the unisex bathroom and stayed there until deputies arrived so Turk wouldn’t be able to recover his phone and leave The report states that Turk waived his Miranda rights and told a deputy at the business that he purposely left his phone inside the bathroom because he “could not help himself.” Turk confessed to placing his phone in a basket inside the restroom and watching the feed from his Apple watch He claimed that he’s done this three times at the business Turk admitted to storing the videos in a hidden file on his phone and admitted to being investigated for a similar incident that occurred in 2022 was arrested last Friday on a video voyeurism charge He appeared in bond court Saturday where his parents told a judge that he is autistic The judge ordered that Turk stay with his parents as he awaits trial and he must adhere to his medication schedule Copyright 2025 by WPLG Local10.com - All rights reserved Amanda Batchelor is the Digital Executive Producer for Local10.com TV Listings Email Newsletters RSS Feeds Closed Captioning / Audio Description Contact Us Careers at WPLG Terms of Use Privacy Policy Public File FCC Applications EEO Report Do Not Sell My Info 1.0 Host Exhibit Copyright © 2025 Local10.com is published by WPLG INC. Announces Decision to Step DownMichael Jennings Appointed as Executive ChairProvides Preliminary Q1 2025 Results Amidst Macroeconomic and Regulatory Volatility 2025 /PRNewswire/ - Parkland Corporation ("Parkland" or the "Company") today announced key management and business updates Bob Espey has informed the Board of Directors that he will step down as President and Chief Executive Officer of Parkland I would like to thank Bob for his vision and leadership over the last fifteen years as President & CEO," said Michael Jennings "Bob has led Parkland through a period of exponential growth transforming the Company from a small regional fuel retailer into one of Canada's leading fuel and convenience retailers with international operations in twenty-six countries We thank him for his unwavering commitment and dedication." "Serving as Parkland's CEO has been the opportunity of a lifetime I want to thank the entire Parkland team — past and present — for their incredible dedication and drive I am proud of what we have built together," said Mr it became clear that stepping down and announcing my departure may help bring resolution to the situation with Simpson Oil Limited and benefit all shareholders I remain deeply committed to Parkland and will support a smooth transition to new leadership I look forward to working closely with Michael in his new role as Executive Chair." The Board of Directors has formed a CEO search committee (the "Search Committee") comprised of independent directors to oversee an extensive executive search process to select a qualified candidate to replace Mr Espey's deep understanding of Parkland's operations will provide continuity during the search process He will stay on until the appointment of a new CEO Michael Jennings is appointed Executive Chair In addition to providing continued leadership to the Board Jennings will remain focused on the governance and delivery of a disciplined strategic review process which is being led by a Special Committee of experienced directors supported by Goldman Sachs Canada and BofA Securities The strategic review aims to identify opportunities to maximize shareholder value by evaluating the current business strategy and optimization opportunities while also considering alternatives including asset divestments transformative business combinations and a sale of the Company In line with best corporate governance practices James Neate is appointed Lead Independent Director of the Board Parkland has a diversified and resilient business Its base business is well positioned and retains significant operational flexibility to navigate macroeconomic uncertainty on the horizon which is impacting fuel demand and unit margins Recent regulatory developments in Canada and the United States have created volatility and intensified market disruptions These are curtailing the profitability and movement of refined products into the United States and creating structural shifts in climate and carbon compliance programs Parkland expects to deliver Adjusted EBITDA of approximately $375 million The 2025 Adjusted EBITDA guidance of $1.8 billion to $2.1 billion was purposefully broad to reflect the potential impact of ongoing macroeconomic volatility Parkland now expects results to be toward the lower end of that range Parkland will release its first quarter 2025 results after market close on May 5 The Annual General Meeting of Shareholders will be held at 9:00 a.m The financial information contained in this release is preliminary and subject to change based on completion of the Company's quarter-end financial close process and final accounting review 1 These positions are held within our integrated Canadian logistics business which is reported within the Canada segment "pursue" and similar expressions are intended to identify forward-looking statements among other things: the expected first quarter 2025 consolidated Adjusted EBITDA of Parkland and the expected first quarter 2025 Adjusted EBITDA of each operating segment (each calculated consistently as set out in section 16.A of the management's discussion and analysis for the quarter ended December 31 and note 26(a) to the consolidated financial statements for the year ended December 31 2025); Parkland's expectation of being within the lower end of the 2025 Adjusted EBITDA Guidance range of $1.8 to $2.1 billion; and Mr Espey remaining President and CEO until the earlier of an appointment of a new CEO The forward-looking statements contained in this news release are expressly qualified by this cautionary statement Parkland Corporation ("Parkland" today announced its full financial and operating results for the three.. 2025 /PRNewswire/ - Parkland Corporation ("Parkland" Utilities Hispanic Mostly cloudy with a few scattered showers lingering overnight, but trying to dry out late. Francis Anonia's attorney Richard Coble said the Lehigh County District Attorney's Office offered the plea deal, which Anonia rejected Tuesday. Parkland High School's former performing arts director, who is accused of videotaping a student in a changing room, has rejected a plea deal. The DA's office also confirmed the rejection of the deal. Coble tells 69 News the prosecution just released discovery evidence over the last week in Anonia's case. He says even though they turned down this initial offer, he and Anonia will reconvene, review the prosecution's case, and come up with a counter offer. If prosecutors reject that deal, Coble says they will be ready to go to trial in early September. Among the 20 charges against him, Anonia is charged with having inappropriate contact with an underaged male who performed in a high school musical he directed in 2022. He's also accused of possessing several video files on his phone. Those videos were allegedly recorded in a Parkland High School boy's changing room in 2021. He's the former chorus teacher and Director of Visual and Performing Arts at Parkland High School. Email notifications are only sent once a day, and only if there are new matching items. Your browser is out of date and potentially vulnerable to security risks.We recommend switching to one of the following browsers: Get up-to-the-minute news sent straight to your device. You could buy the Splendour In The Grass festival site "It's the largest land holding in Byron and enjoys a whole raft of planning approvals that would suit a variety of uses," Brandon told the ABC I think the loss to our festival industry is a loss for the shire – but ultimately the decision wasn't up to us." Both Splendour In The Grass and Falls Festival are owned by Live Nation who will be the ones to determine the future of the long-running festivals While the price of the North Byron Parklands is yet to be revealed it's expected that the festival site will be priced around the $35 million mark This news comes after the Splendour In The Grass team confirmed in January that the festival would not be returning in 2025 but promised to "come back even bigger and better when the time is right" North Byron Parklands has been the home of the festival since 2013 after moving from Belongil Fields in Byron Bay and setting up camp at the Woodford Folk Festival site in Queensland for two years The festival's parent company Live Nation also put the original Victorian site of sister event Falls Festival up for sale in 2023 before relisting the Lorne location with a slashed price of $2.5million in February triple j has reached out to the Splendour In The Grass team for more Fourth quarter Adjusted EBITDA1 of $428 million and full year Adjusted EBITDA of $1,690 million Fourth quarter and full year net earnings per share of $0.73 and $2.68 Annualized dividend increasing by $0.04 per share (3 percent) to $1.44 per share 2025 /PRNewswire/ - Parkland Corporation ("Parkland" today announced its financial and operating results for the three months and year ended December 31 2024. The Company further announced that its Board of Directors (the "Board") has initiated a review of strategic alternatives (the "Strategic Review") to identify opportunities to maximize value for all shareholders The Strategic Review will be led by a Special Committee of the Board which is comprised solely of independent directors (the "Special Committee") the Company will analyze and evaluate its business strategy and optimization opportunities while also considering value maximization alternatives which are in the best interests of all shareholders Parkland has engaged Goldman Sachs Canada Inc and BofA Securities as its financial advisors for the Strategic Review "Parkland's Board remains committed to acting in the best interests of all shareholders," said Michael Jennings "While we are confident in the tremendous value creating potential of our business the current share price does not fully reflect the intrinsic value of the Company our Board believes the Strategic Review is a necessary step to explore opportunities to maximize value creation for all shareholders We are openly inviting Simpson Oil to rejoin the Company's Board and participate on the Special Committee." Parkland cautions that there are no guarantees that the strategic review process will result in a transaction or if a transaction is undertaken The Company will continue to actively engage with its shareholders throughout the process and provide periodic updates on its progress "As the Company initiates a Strategic Review I want to thank the Parkland team for their dedication in 2024 and their continued focus on serving our customers The team made great progress executing our priorities and building a platform for growth during the year," said Bob Espey our combined retail and commercial businesses demonstrated resilience in a challenging environment While the Refinery and USA segments fell short of our expectations partly due to unfavourable external market factors our continued focus on operational excellence and serving our customers combined with higher expected composite utilization of the Burnaby Refinery gives me confidence in our 2025 Guidance." See "Measures of Segment Profit (Loss) and Total of Segments Measures" section of this news release Non-GAAP financial measure or non-GAAP financial ratio See "Non-GAAP Financial Measures and Ratios" section of this news release See "Non-Financial Measures" section of this news release See "Supplementary Financial Measures" section of this news release See "Capital Management Measures" section of this news release Parkland maintains a disciplined approach to capital allocation designed to deliver sustainable dividend growth and capital appreciation for long-term shareholders. The Company's framework balances the need to maintain financial strength and flexibility fund Parkland's organic growth capital program and return capital to shareholders Parkland's quarterly dividend will increase approximately 3 percent effective with the quarterly dividend payable on April 15 to shareholders of record at the close of business on March 21 Parkland purchased and cancelled approximately 2.9 million common shares for $125 million under its normal course issuer bid program Net earnings (loss) per share – basic ($ per share) Net earnings (loss) per share – diluted ($ per share) Cash generated from (used in) operating activities Trailing-twelve-month ("TTM") Cash generated from (used in) operating activities per share(3) Q4 2024 Conference Call and Webcast Details Parkland will host a webcast and conference call on Thursday, March 6, 2025, at 6:30 am MT (8:30 am ET) to discuss the results. To listen to the live webcast and watch the presentation, please use the following link: https://app.webinar.net/o5PNjYomM2w Analysts and investors interested in participating in the question and answer session of the conference call may do so by calling 1-888-510-2154 (toll-free) (Conference ID: 19397) International participants may call 1-437-900-0527 1-800-389-0704 (toll-free) (Conference ID: 19397) Please connect and log in approximately 10 minutes before the beginning of the call. The webcast will be available for replay two hours after the conference call ends at the link above. It will remain available for one year and will also be posted at www.parkland.ca MD&A and Annual Consolidated Financial Statements the United States and the Caribbean region distribution and trading capabilities to accelerate growth and business performance including with respect to Parkland considering value maximization alternatives and evaluating its existing business strategies and optimization opportunities and the expectation resulting therefrom to maximize value for all shareholders; the Board's commitment to Parkland shareholders and the Board's beliefs with respect to Parkland's business management and current share price as well as the Strategic Review and expectations relating thereto; business strategies objectives and initiatives; continued focus on operational excellence and serving Parkland's customers; expectations for composition utilization at the Burnaby Refinery; confidence in Parkland's 2025 Guidance; Parkland's enterprise-wide systems the implementation thereof and expected benefits therefrom; Parkland's disciplined capital allocation framework and the impact thereof on shareholder returns maintaining financial strength and flexibility and funding Parkland's organic growth capital program; and Parkland's expectations regarding future dividend amounts and the timing and frequency of payments The forward-looking statements contained in this news release as expressly qualified by these cautionary statements This news release contains total of segments measures non-GAAP financial measures and non-GAAP financial ratios supplementary financial measures and capital management measures (collectively Parkland's management uses certain specified financial measures to analyze the operating and financial performance These specified financial measures do not have any standardized meaning under International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards") and are therefore unlikely to be comparable to similar measures presented by other companies The specified financial measures should not be considered in isolation or used in substitute for measures of performance prepared in accordance with the IFRS Accounting Standards which is incorporated by reference into this news release for further details regarding specified financial measures used by Parkland Adjusted earnings (loss) is a non-GAAP financial measure and Adjusted earnings (loss) per share is a non-GAAP financial ratio each representing the underlying core operating performance of business activities of Parkland at a consolidated level The most directly comparable financial measure to Adjusted earnings (loss) and Adjusted earnings (loss) per share is Net earnings (loss) Adjusted earnings (loss) and Adjusted earnings (loss) per share represent how well Parkland's operational business is performing while considering depreciation and amortization The Company uses these measures because it believes that Adjusted earnings (loss) and Adjusted earnings (loss) per share are useful for management and investors in assessing the Company's overall performance as they exclude certain items that are not reflective of the Company's underlying business operations for the detailed definition and composition of Adjusted earnings (loss) and Adjusted earnings (loss) per share Please see below for the reconciliation of Adjusted earnings (loss) to net earnings (loss) and the calculation of Adjusted earnings (loss) per share (Gain) loss on foreign exchange – unrealized (Gain) loss on risk management and other – unrealized Weighted average number of common shares (million shares)(3) Weighted average number of common shares adjusted for the effects of dilution (million shares)(3) Adjusted earnings (loss) per share ($ per share) Other adjusting items for the three months ended December 31 2024 include: (i) the share of depreciation as these gains do not relate to commodity sale and purchase transactions Other adjusting items for the year ended December 31 of $3 million (2023 - nil); and (vii) the effect of market-based performance conditions for equity-settled share-based award settlements of nil (2023 - $13 million) The tax normalization adjustment was applied to net earnings (loss) adjusting items that were considered temporary differences unrealized foreign exchange gains and losses unrealized gains and losses on risk management and other changes in fair value of redemption options changes in estimates of environmental provisions loss on inventory write-downs for which there are offsetting associated risk management derivatives with unrealized gains The tax impact was estimated using the effective tax rates applicable to jurisdictions where the related items occur Weighted average number of common shares are calculated in accordance with Parkland's accounting policy contained in Note 2 of the 2024 Annual Consolidated Financial Statements Available cash flow is a non-GAAP financial measure and Available cash flow per share is a non-GAAP financial ratio The most directly comparable financial measure for Available cash flow and Available cash flow per share is cash generated from (used in) operating activities Parkland uses these measures to monitor its ability to generate cash flow for capital allocation for the detailed definition and composition of Available cash flow and Available cash flow per share See the following table for a calculation of historical Available cash flow and Available cash flow per share and a reconciliation to cash generated from (used in) operating activities Reverse: Change in other assets and other liabilities Reverse: Net change in non-cash working capital related to operating activities(1) Include: Dividends received from investments in associates and joint ventures Include: Interest on leases and long-term debt Include: Payments of principal amount on leases Weighted average number of common shares (millions)(2) Include: Payments on principal amount on leases certain amounts within the net change in non-cash working capital related to operating activities for the three months ended March 31 were revised to conform to the current period presentation Weighted average number of common shares is calculated in accordance with Parkland's accounting policy contained in Note 2 of the 2024 Annual Consolidated Financial Statements The measure is calculated as a ratio of Net operating profit after tax ("NOPAT") divided by average invested capital NOPAT describes the profitability of Parkland's base operations excluding the impact of leverage and certain other items of income and expenditure that are not considered representative of Parkland's underlying core operating performance defined in the "Measures of Segment Profit (Loss) and Total of Segments Measures" section of this news release less depreciation and amortization expense including pro-forma depreciation on assets classified as held for sale and the estimated tax expense using the expected average tax rate estimated using statutory tax rates in each jurisdiction where Parkland operates Average invested capital is the amount of capital deployed by Parkland that represents the average of opening and closing debt and shareholder's equity We use this non-GAAP measure to assess Parkland's efficiency in investing capital. (Gain) loss on foreign exchange - unrealized (Gain) loss on risk management and other - unrealized Less: Pro-forma depreciation and amortization on assets classified as held for sale Long-term debt in liabilities classified as held for sale These non-GAAP financial measures and ratios should not be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS Accounting Standards these non-GAAP financial measures and ratios are calculated and disclosed on a consistent basis from period to period for further details regarding Parkland's non-GAAP financial measures and ratios Parkland's primary capital management measure is the Leverage Ratio which is used internally by key management personnel to monitor Parkland's overall financial strength and ability to service debt and meet current and future commitments In order to manage its financing requirements Parkland may adjust capital spending or dividends paid to shareholders The Leverage Ratio is calculated as a ratio of Leverage Debt to Leverage EBITDA and does not have any standardized meaning prescribed under IFRS Accounting Standards unlikely to be comparable to similar measures presented by other companies The detailed calculation of the Leverage Ratio is as follows: Represents non-recourse debt and non-recourse cash balance related to project financing Represents the risk management asset/liability associated with the spot element of the cross-currency swap designated in a cash flow hedge relationship to hedge the variability of principal cash flows of the 2024 Senior Notes resulting from changes in the spot exchange rates Includes the impact of operating leases prior to the adoption of IFRS 16 previously recognized under operating costs which aligns with management's view of the impact of earnings Includes the impact of pro-forma pre-acquisition EBITDA estimates based on anticipated benefits Includes adjustments to normalize Adjusted EBITDA for non-recurring events relating to the unplanned shutdowns at the Burnaby Refinery and the EBITDA attributable to EV charging operations financed through non-recourse project financing Includes the impact of operating leases prior to the adoption of IFRS 16 which aligns with management's view of the impact of earnings Includes adjustments to normalize Adjusted EBITDA for non-recurring events relating to the completion of turnarounds and third-party power outage Measures of Segment Profit (Loss) and Total of Segments Measures depreciation and amortization ("Adjusted EBITDA") is a measure of segment profit (loss) and its aggregate is a total of segments measure used by the chief operating decision maker to make decisions about resource allocation to the segment and to assess its performance In accordance with IFRS Accounting Standards adjustments and eliminations made in preparing an entity's financial statements and allocations of revenue and gains or losses shall be included in determining reported segment profit (loss) only if they are included in the measure of the segment's profit (loss) that is used by the chief operating decision maker Parkland's Adjusted EBITDA is unlikely to be comparable to measures of segment profit (loss) presented by other issuers who may calculate these measures differently Parkland views Adjusted EBITDA as the key measure for the underlying core operating performance of business segment activities at an operational level Adjusted EBITDA is used by management to set targets for Parkland (including annual guidance and variable compensation targets) and is used to determine Parkland's ability to service debt finance capital expenditures and provide for dividend payments to shareholders for the detailed definition and composition of Adjusted EBITDA Refer to the table below for the reconciliation of Adjusted EBITDA to net earnings (loss) which is the most directly comparable financial measure Other (gains) and losses for the three months ended December 31 Other (gains) and losses for the year ended December 31 Refer to Note 22 of the 2024 Annual Consolidated Financial Statements Parkland uses a number of supplementary financial measures including Liquidity available and TTM Cash generated from (used in) operating activities per share to evaluate the success of our strategic objectives and to set variable compensation targets for employees These measures may not be comparable to similar measures presented by other issuers as other issuers may calculate these measures differently for further details regarding supplementary financial measures used by Parkland including the composition of such measures Parkland uses a number of non-financial measures including Company SSVG, composite utilization and total recordable injury frequency rate to measure the success of our strategic objectives and to set variable compensation targets for employees These non-financial measures are not accounting measures do not have comparable IFRS Accounting Standards measures and may not be comparable to similar measures presented by other issuers as other issuers may calculate these metrics differently for further details on the non-financial measures used by Parkland Diversity, Equity & Inclusion Earnings Contact: Jon Nicholson Download the NPS app to navigate the parks on the go Manuel Oliver’s son was murdered at school in 2018 and he’s been telling his devastating story at theatres across the US David Smith in WashingtonTue 21 Jan 2025 10.13 CETLast modified on Thu 23 Jan 2025 15.10 CETShareNight after night Manuel Oliver revisits the death of his teenage son Joaquin “Guac” Oliver and 16 others were murdered at Marjory Stoneman Douglas high school in Parkland, Florida, on 14 February 2018. Manuel Oliver turned this unfathomable loss into art, including a one-man show entitled Guac that honours his child and addresses the scourge of gun violence in America “It was painful before it became a script for theatre and it’s still painful,” Oliver says by phone from his home in Parkland “But at least I’m doing something with my misery I’m using my sadness to prevent others going through the same situation.” Read moreOliver, 57, had been giving speeches about gun safety at rallies and other events but these were necessarily limited to only a few minutes. Theatre could give him an hour or more and command an audience’s attention Reactions to the 90-minute piece have been entirely positive “Some parents probably relate to me and might think well if he can do that maybe I can do something So there is a lot of hope in the reaction from the audience I have always prioritised the 17 years that Joaquin was here and not the six minutes that it took for a killer to end his life This is more about a beautiful story of a kid how we came to this country looking for a safer and better future and then found that we were wrong We didn’t go over all possibilities and here we are now paying the price.” his wife Patricia and their two children were all born in Venezuela but grew concerned by the country’s worsening social and political climate starting from scratch but working hard and finding their way By 2018 Oliver had a job as a creative director in the music industry and felt like he was living the American dream I used to ride my motorcycle all the way to the office and come back to my house and hang out with my son Manuel Oliver in Guac Photograph: Peter Johnston“He loved music; I do also I told him about the Ramones and the Sex Pistols and the Clash He would tell me about Jay-Z and Frank Ocean He was a very athletic dude and would play almost every single sport I don’t so that was another thing to learn.” Joaquin loved American football and soccer. Oliver continues: “I had always been aware of the Premier League I lived in Manchester when I was a kid myself He always wanted go to England so I could bring him to Manchester and we’d go and see some soccer games and that never happened It’s terrible that no one else is going to be able to hang out with him When Oliver turns to the events of 14 February 2018 “The day that Joaquin was murdered happened 370,000 victims ago It was not an isolated event and it didn’t stop that day That’s something to be very concerned about.” Oliver dropped his son off at school on what was Valentine’s Day “He was bringing flowers to his girlfriend he walked away from the car and I asked him to call me so I could learn how the day went That was the last time that I was able to speak with my son – the last time that I saw him alive I saw him again – dead – in the funeral home.” In the early afternoon he received a call from Patricia telling him that there was an “active shooter” situation at their son’s school He Googled for further details and drove to the school as fast as he could He continues: “The whole area was blocked by the police You could tell that something very frightening was happening You could see the kids running out from the school You could see the kids forming lines: they will meet with their parents It’s a totally chaotic situation that I would not desire for my worst enemy.” Oliver and his wife were plunged into purgatory as they awaited news Mass shootings are so common in the US that there is a formal protocol “It’s a total nightmare that starts not only when you know but when you’re wondering if your kid is one of the victims.” some 14 hours after he had dropped Joaquin off at school Oliver learned that his son had been killed by the gunman “That’s the moment that breaks your life in two “Then when you finally know it then that hope vanishes and now you’re in this new situation where where you don’t want to be and you don’t even understand It’s incredible that I can talk about this right now and it’s incredible that I can put it on a stage so others will will know about it But it’s also more incredible that it continues to happen “This is not about being a part of the Democratic party or the Republican party There is no political ideology here that makes people kill others “I do know that some political ideologies are more conservative and more aligned with gun culture but, at the end of the day, we had other kinds of politicians in power. We had the blue party taking control of the House and Senate and the red party the same thing and then we had a Black president Then we have a very Republican president elected for the next four years and none of them have been able to solve the problem.” He adds: “So I don’t think politicians are able to solve this problem It’s not a political answer that I’m expecting here I’m expecting our society to evolve enough to understand It’s happening with a huge number of young Americans that are more concerned about the things that really matter: climate change I cannot be a regular father anymore so I have to be that father that is bringing his own voice on stage then I’ll do it I’d rather do that than just pass the day and be OK with it Oliver and his wife founded Change the Ref, which aims to help young people speak out against gun violence and vote out politicians who take National Rifle Association money. The non-profit will present activist works of art and sculpture in the lobby of the Woolly Mammoth theatre during the run of Guac Oliver’s interventions have also included travelling to the sites of other school shootings in a retrofitted school bus, unfurling a picture of his son on a 150-ft-high crane near the White House and mounting a year-long art installation featuring 22 murals 3D printed likenesses and paintings of Joaquin all over the country It was not what he expected when he immigrated two decades ago. Oliver has US citizenship and, despite his loss and Trump’s xenophobic agenda I love to go to London and I would love to move to Madrid but I have a very heavy reason to stay here and that’s the fact my son was shot and killed here I lost Joaquin but Joaquin hasn’t lost me yet I’m still here breathing and I have to be here breathing so I can do things like this show.” Guac runs from 25 January to 16 February at Woolly Mammoth in Washington The run will also feature a special performance falling on the anniversary of the Parkland shooting on 14 February The Department is master planning 32 hectares of public open space on the Lake Illawarra foreshore at Warrawong as part of the Parks for People program The master plan aims to transform the site into a major public space that offers commercial The master plan will include a delivery framework and a clear vision for the park’s future We will be gathering feedback over 3 phases with the final master plan to be delivered in June 2025 Your ideas and comments will help us prepare a draft master plan for the parklands You will be able to provide feedback on the draft master plan when we exhibit it in 2025 Your big ideas can make Illawarra's parkland even better The parkland master plan will be developed in close collaboration with the local community The master plan of the parkland has 3 phases: We are committed to preserving the area’s unique environment and scenic beauty while creating sustainable ways for the community to connect with this special place We sought your feedback to shape the future of Warawong Parklands We will share the initial concept design and draft master plan for further feedback This phase is all about refining the vision based on community insights We will incorporate feedback from the community and key stakeholders to finalise the master plan There are no set designs for the parklands We want to make sure that the environmental and community values of the area are well understood before we start developing the master plan the 32 hectare site has direct access to open space parklands and water for recreation For more information about Warrawong Parklands, email [email protected] We pay respect to the Traditional Custodians and First Peoples of NSW and acknowledge their continued connection to their country and culture the premium travel lifestyle brand that includes Hong Kong’s home carrier has signed on as Kai Tak Sports Park’s latest sponsor with the deal intended to pay tribute to the site’s aviation history Cathay has been named the exclusive founding travel partner of KTSP which is poised to become the largest integrated sports and entertainment landmark in Hong Kong Cathay will work in close collaboration to support KTSP in delivering world-class sporting cultural and entertainment experiences to a global audience The 28-hectare Sports Park is part of the redevelopment on the site of the old Hong Kong International Airport in Kai Tak KTSP features the 50,000-seat Kai Tak Stadium; Kai Tak Arena with the flexibility to host community sports and events of up to 10,000 seating capacity; and Kai Tak Youth Sports Ground These venues are being complemented with extensive public open spaces for events and leisure together with retail and harbour front dining spaces Cathay and KTSP will introduce the first aviation-themed immersive experience in the Greater Bay Area which connects the Sung Wong Toi MTR station with Kai Tak Stadium intends to engage the Hong Kong community and rekindle people’s collective memory of the airline’s journey from its roots a space dedicated to Kai Tak Airport in the form of a scaled-down representation of its major facilities will provide a learning environment for community interaction Cathay will seek to further elevate the visitor experience by sponsoring projects including ‘Rong Rong Square’ and ‘Veni Cathay chief customer and commercial officer said: “Having been Cathay Pacific’s home for over many decades the old Kai Tak Airport holds a cherished place in not only our hearts but also those of everyone who grew up in Hong Kong our return to Kai Tak as the exclusive founding travel partner of KTSP is a testament to Cathay’s evolution from an airline to the leading premium travel lifestyle brand we are today. It also symbolises our unwavering commitment to the continued growth and development of Hong Kong as a world-class city “Through strategic collaborations with KTSP we hope to bring together visitors from all over the world to our home by creating immersive experiences that enhance its international profile and celebrate its rich heritage The exciting lineup of sporting and cultural mega-events at KTSP will surely boost tourism and inspire the people of Hong Kong.” Founding partner is the second tier of KTSP’s sponsorship ladder, with Cathay joining CTF Life. HSBC signed on as the first major sponsor of KTSP in December the financial services group became the exclusive premier founding partner of the sports and entertainment complex following the successful staging of the latest test event at the cornerstone of the Kai Tak Sports Park development Hong Kong action movie star Donnie Yen is set to feature in the opening ceremony alongside Cantopop stars Joey Yung singers George Lam Tsz-cheung and Sally Yeh Chen-ven Sports stars will also be represented in the form of Hong Kong Olympic gold medal fencer Vivian Kong Man-wai; badminton players Tang Chun-man Tse Ying-suet and Lin Dan; and table tennis players Doo Hoi-kem and Fan Zhendong said: “Kai Tak was once the location where Hong Kong met the world and the world came to Hong Kong. “We are so pleased that this partnership will help bring that symbolism to life once again as we embark on bringing world class events for the people of Hong Kong and Cathay brings the global audience to our city as our exclusive founding travel partner.” The State Government has announced plans to create a new 1000 hectare Northern Park Lands just south of Gawler The State Government has announced plans to create a new Northern Park Lands just south of Gawler marking one of the most significant investments in South Australia’s public open spaces in the state’s history the Northern Park Lands will cover 999 hectares of land 764 of these hectares will be preserved for natural green open spaces supporting greater biodiversity and habitats for native animals To be located near the Kudla growth area south of Gawler this development is part of the new Greater Adelaide Regional Plan (GARP) plus three interconnected Linear Parks with shared-use paths At the heart of the new Park Lands is a proposed 70-hectare Village Green sport and recreation area the size of 31 Adelaide Ovals and clubroom facilities to be used by local sporting clubs The State Government has already committed $53 million towards the first stage of this development The project will utilise government-owned land and require some land acquisitions to create open space with increased vegetation Funds generated from future land developments and council contributions will support the creation and maintenance of the Park Lands sporting facilities and open space the Northern Park Lands will be the jewel in the crown of the northern suburbs” “This is a Government that wants to encourage more people to get off their screens and get outdoors to be active.” Legislation is set to be introduced to create a new statutory authority called the Northern Park Lands Trust which will be responsible for the ongoing maintenance and management of the Northern Park Lands once established including oversight of any development or leases Minister for Housing and Urban Development Nick Champion said “The Northern Park Lands Trust will be able to generate its own income which will enable this important piece of community infrastructure to be self sufficient.” “The establishment of the Northern Park Lands Trust is a significant announcement for the Gawler region as the vision of the Northern Park Lands becomes a reality” Member for Light and Labor candidate for Ngadjuri “The Northern Parklands resolves a decades long question over the future land use of Kudla unlocking critical housing supply in a sensible manner that respects the early development pattern of larger rural blocks.” As one of the biggest investments in open space in South Australia’s history the Northern Park Lands will preserve the character of Gawler support greater biodiversity in the northern suburbs and offer a multi-purpose recreational environment for locals and visitors alike For more information, click here A Mount Gambier couple has celebrated their wedding anniversary with a $2.4 million lottery.. 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This small business owner is reinventing the wheel Glam Adelaide is a news website dedicated to bringing you the best of South Australia we pride ourselves in supporting local business We would like to acknowledge the Kaurna people as the custodians of the lands and waters of the Adelaide region Get the latest SA news for free via our iPhone app here: https://apps.apple.com/au/app/glam-adelaide/id1626204930 Get the latest SA news for free via our new Android app here: https://play.google.com/store/search?q=glam+adelaide&c=apps&hl=en&pli=1 Glam Adelaide has today launched an app for readers all over SA SA is throwing open the doors to development opportunities Join the party at Adelaide's ultimate entertainment venue and enjoy pumping live music The Offspring and Simple Plan light up Adelaide Entertainment Centre with an unforgettable mix.. LITERARY FICTION: Darkly funny and profoundly insightful Mother Tongue challenges our expectations of motherhood.. 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Bob Espey will remain in his role during the transition which will be overseen by Executive Chair Michael Jennings Parkland Corporation announced that Bob Espey will step down after 15 years at the helm of the company Espey played a central role in transforming the company from a regional fuel retailer into one of Canada’s largest fuel and convenience networks He will remain in his role during the leadership transition and until a new CEO is appointed or by the end of 2025 “Serving as Parkland’s CEO has been the opportunity of a lifetime it became clear that stepping down and announcing my departure may help bring resolution to the situation with Simpson Oil Limited and benefit all shareholders,” said Espey the Board has appointed Michael Jennings as Executive Chair will oversee a strategic review aimed at maximizing shareholder value A search committee of independent directors has been formed to identify Espey’s successor his continued presence will ensure operational stability and continuity throughout the process Parkland released preliminary Q1 2025 results projecting Adjusted EBITDA of approximately $375 million Despite ongoing macroeconomic and regulatory pressures in North America the company’s international and refining operations remain resilient The company reaffirmed its full-year guidance but expects results to land at the lower end of its $1.8 to $2.1 billion range Book your stand NOW! 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Use of this website signifies your agreement to the Privacy policy Add articles to your saved list and come back to them any time The future of the Rozelle Parklands is in limbo as a bureaucratic fight over responsibility for the calamity-prone park continues to block inner west sporting clubs from using brand new multimillion-dollar fields at the 10-hectare site Inner West Council has accused Transport for NSW of dragging the chain on a planned handover of the site The discovery of asbestos at Rozelle Parklands prompted the park’s closure last year.Credit: Dion Georgopoulos The dispute centres on Transport for NSW’s insistence that the council accept liability for any future contamination discovered at the site asbestos was discovered in mulch near a children’s playground The terms of the agreement have prompted an angry backlash from Inner West Mayor Darcy Byrne who has accused Transport of trying to “rip our community off” by passing liability onto residents a year after the discovery of asbestos at the park forced its closure “We’ve discovered now that the agency seemingly wants to transfer liability and risk for the contaminated ground underneath the Parklands to our community and there’s no way we will be agreeing to that,” Byrne said “After the asbestos saga and all of the other problems at Rozelle Parklands you would think Transport for NSW would get their act together so that we can start managing and improving the Parklands for our community.” the Rozelle Parklands were closed only a month later after asbestos was discovered in mulch near a children’s playground The discovery forced the park’s closure and sparked a wider investigation by the Environmental Protection Agency which found traces of bonded asbestos at dozens of sites across Sydney The park has since reopened but use of sporting fields at the site remains in limbo The council says Transport has also failed to provide terms for a $20 million grant meant to help pay for the park’s upkeep Until ownership is transferred to the council four clubs with a combined membership of about 6000 remain unable to use the site The use of sporting fields at the site remains in limbo.Credit: Edwina Pickles Balmain District Football Club president Paul Avery has been keeping a close eye on the playing fields at the Rozelle Parklands and is growing increasingly weary of watching the grass grow The rest of the park has been fully opened for more than a year a Transport spokesman said it hoped to reach an agreement with the council “as soon as possible” and that the agency had also committed to carry out further work on the turf at the sporting fields before the handover Start the day with a summary of the day’s most important and interesting stories, analysis and insights. Sign up for our Morning Edition newsletter The dispute centres on Transport for NSW\\u2019s insistence that the council accept liability for any future contamination discovered at the site asbestos was discovered in mulch near a children\\u2019s playground who has accused Transport of trying to \\u201Crip our community off\\u201D by passing liability onto residents a year after the discovery of asbestos at the park forced its closure \\u201CWe\\u2019ve discovered now that the agency seemingly wants to transfer liability and risk for the contaminated ground underneath the Parklands to our community and there\\u2019s no way we will be agreeing to that,\\u201D Byrne said \\u201CAfter the asbestos saga and all of the other problems at Rozelle Parklands can start managing and improving the Parklands for our community.\\u201D the Rozelle Parklands were closed only a month later after asbestos was discovered in mulch near a children\\u2019s playground The discovery forced the park\\u2019s closure and sparked a wider investigation by the Environmental Protection Agency The council says Transport has also failed to provide terms for a $20 million grant meant to help pay for the park\\u2019s upkeep but we still can\\u2019t get on it,\\u201D he said a Transport spokesman said it hoped to reach an agreement with the council \\u201Cas soon as possible\\u201D and that the agency had also committed to carry out further work on the turf at the sporting fields before the handover Start the day with a summary of the day\\u2019s most important and interesting stories A prominent shareholder advisory firm says it agrees with activist investor Simpson Oil that board change is needed at fuel retailer and refiner Parkland Corp. PKI-T but is stopping short of calling for a complete overhaul Glass Lewis recommends in a report that shareholders vote for seven of the nine Simpson director nominees and for six of the 13 put forward by Parkland’s management we were open to the view that less dramatic change might suffice particularly given the extent of recent board refreshment and the fact that the company was beginning to act on some of the governance and strategic priorities raised by the dissident,” the firm wrote in a recent report we believe the board’s record suggests a consistent pattern of reactive and defensive decision-making with key changes occurring only after legal setbacks public criticism or clear indications of an impending proxy contest.” Glass Lewis also said Parkland has “significantly underperformed” its peers and that stronger independent board oversight is necessary But it said a wholesale replacement of the board isn’t “warranted or advisable” and the company benefits from experienced and qualified management board nominees “We believe our recommended seven-six board split while preserving appropriate institutional knowledge and stability as well as limiting direct Simpson Group representation to a single investment manager,” Glass Lewis said Simpson said only the election of all nine of its nominees can deliver the accountability shareholders deserve but it was happy Glass Lewis affirmed its case for change which holds an almost 20 per cent stake in Parkland has raised concerns about the company’s governance and performance for about a year had urged Parkland to weigh strategic alternatives to boost shareholder returns which could include selling the whole company Parkland resisted until early last month when it said a committee would look into possible deals long-time Parkland chief executive officer Bob Espey announced plans to step down before year-end Parkland shareholders are to vote in the new board at its annual meeting on May 6