Parkland Corporation announces that through its wholly owned U.S. subsidiaries (collectively, "Parkland USA"), it has completed the previously announced acquisition of Conrad & Bischoff Inc. and its related companies (collectively, “C&B”).
C&B is a well-established retail, commercial, wholesale and lubricants business and establishes Parkland’s fourth U.S. Regional Operating Center (“ROC”) in Idaho Falls, ID. Family owned and operated since 1959, C&B’s operations are concentrated in the fast-growing markets of Idaho and western Wyoming with additional distribution capability into Utah, Nevada, Montana and other states. Please see Parkland’s press release dated February 26, 2021 for more information about this acquisition.
Parkland also announces that a dividend of $0.1029 per share will be paid on May 14, 2021 to shareholders of record on April 22, 2021. The dividend will be an 'eligible dividend' for Canadian income tax purposes. The ex-dividend date is April 21, 2021.
Enhanced Dividend Reinvestment Plan
Parkland's enhanced Dividend Reinvestment Plan ("Enhanced DRIP") allows shareholders to reinvest their cash dividends to purchase additional Parkland shares from treasury at a 5% per share discount to the average of the daily volume weighted average trading prices during the Pricing Period. For further details on the Enhanced DRIP and the Pricing Period, please visit www.parkland.ca/en/investors/dividends.
Shareholders who wish to enroll in the Enhanced DRIP must do so prior to the April 21, 2021 ex-dividend date to reinvest this month’s dividend in Parkland shares at a discount.
Use of Funds
The Enhanced DRIP allows Parkland to retain amounts that would otherwise be paid to shareholders as dividends in cash, thereby incrementally raising equity capital which may be used by Parkland to, among other things, fund its capital program, fund acquisitions, build new locations and upgrade existing locations: all of which help contribute to Parkland’s growth and ability to execute on its strategy.
Shareholders who own their shares through a brokerage and who wish to participate in the Enhanced DRIP should ensure they are enrolled by checking their online brokerage portal or by calling their investment advisor.
Shareholders who hold certificates in their own name (registered shareholders) who wish to enroll can find out more from Computershare by calling 1-800-564-6253.
For investors previously enrolled in the Premium Dividend™ component of Parkland's Dividend Reinvestment Plan, please note this program ended in April 2016 and without further action you are now likely receiving the regular dividend.
Brokerage entitlement and corporate actions departments are encouraged to ensure that they have properly elected with Clearing and Depository Services Inc. (“CDS”) those shares that should participate in the enhanced Dividend Reinvestment Plan.