Parkland Corporation Announces the Mailing of a Letter of Transmittal in Connection with the Sunoco Arrangement
Parkland Corporation (TSX: PKI) has announced the mailing of a letter of transmittal and election form related to the previously announced Sunoco Arrangement. The document outlines three consideration options for shareholders:
1. Combination Elected Consideration: C$19.80 in cash and 0.295 Sunoco common units
2. Cash Elected Consideration: C$44.00 in cash
3. Unit Elected Consideration: Approximately 0.536 Sunoco units
The letter is for registered shareholders only, while beneficial shareholders should contact their intermediaries. If shareholders don't submit a properly completed form by the Election Deadline (to be announced), they will automatically receive the Combination Elected Consideration.
Parkland Corporation (TSX: PKI) ha comunicato l'invio di una lettera di trasmissione e di un modulo di opzione riguardanti l'Accordo con Sunoco precedentemente annunciato. Il documento descrive tre opzioni di corrispettivo per gli azionisti:
1. Corrispettivo combinato scelto: C$19,80 in contanti e 0,295 quote ordinarie di Sunoco
2. Corrispettivo in contanti scelto: C$44,00 in contanti
3. Corrispettivo in quote scelto: Circa 0,536 quote di Sunoco
La lettera è indirizzata ai soli azionisti registrati; gli azionisti beneficiari devono rivolgersi ai rispettivi intermediari. Se non viene presentato un modulo debitamente compilato entro la Scadenza per la Selezione (che verrà annunciata), verrà automaticamente assegnato il Corrispettivo combinato scelto.
Parkland Corporation (TSX: PKI) ha anunciado el envío de una carta de transmisión y un formulario de elección relacionados con el Acuerdo con Sunoco previamente anunciado. El documento detalla tres opciones de contraprestación para los accionistas:
1. Contraprestación combinada elegida: C$19,80 en efectivo y 0,295 unidades comunes de Sunoco
2. Contraprestación en efectivo elegida: C$44,00 en efectivo
3. Contraprestación en unidades elegida: Aproximadamente 0,536 unidades de Sunoco
La carta está dirigida solo a accionistas registrados; los accionistas beneficiarios deben contactar a sus intermediarios. Si no se presenta un formulario debidamente completado antes de la Fecha límite para la Elección (que se anunciará), se otorgará automáticamente la Contraprestación combinada elegida.
Parkland Corporation (TSX: PKI)는 이전에 발표된 Sunoco 합병 관련하여 송달 서류와 선택 양식을 발송했다고 공지했습니다. 문서에는 주주를 위한 세 가지 보상 옵션이 안내되어 있습니다:
1. 조합 선택 보상: 현금 C$19.80 및 Sunoco 보통주 0.295단위
2. 현금 선택 보상: 현금 C$44.00
3. 단위 선택 보상: 약 0.536 Sunoco 단위
이 서한은 등록 주주에게만 발송되며, 수익권 주주는 중개인에게 문의해야 합니다. 선택 기한(추후 공지)까지 올바르게 작성된 양식을 제출하지 않으면 자동으로 조합 선택 보상이 지급됩니다.
Parkland Corporation (TSX: PKI) a annoncé l'envoi d'une lettre de transmission et d'un formulaire de choix relatifs à l'accord avec Sunoco précédemment annoncé. Le document présente trois options de contrepartie pour les actionnaires :
1. Contrepartie combinée choisie : 19,80 C$ en espèces et 0,295 unités ordinaires Sunoco
2. Contrepartie en espèces choisie : 44,00 C$ en espèces
3. Contrepartie en unités choisie : Environ 0,536 unités Sunoco
La lettre s'adresse uniquement aux actionnaires enregistrés ; les actionnaires bénéficiaires doivent contacter leurs intermédiaires. Si aucun formulaire dûment rempli n'est soumis avant la Date limite de choix (à annoncer), la Contrepartie combinée choisie sera attribuée automatiquement.
Parkland Corporation (TSX: PKI) hat den Versand eines Übertragungsformulars und eines Wahlformulars im Zusammenhang mit der zuvor angekündigten Sunoco-Vereinbarung bekannt gegeben. Das Dokument beschreibt drei Vergütungsoptionen für Aktionäre:
1. Gewählte kombinierte Vergütung: C$19,80 in bar und 0,295 Sunoco-Stämmeinheiten
2. Gewählte Barvergütung: C$44,00 in bar
3. Gewählte Einheitenvergütung: Ungefähr 0,536 Sunoco-Einheiten
Das Schreiben richtet sich nur an eingetragene Aktionäre; wirtschaftliche Eigentümer sollten ihre Zwischenhändler kontaktieren. Wenn kein ordnungsgemäß ausgefülltes Formular bis zur Wahlfrist (wird noch bekanntgegeben) eingereicht wird, erhalten Aktionäre automatisch die gewählte kombinierte Vergütung.
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Insights
Parkland's administrative step advances Sunoco merger, offering shareholders three consideration options with different values and liquidity profiles.
This procedural update signals the Parkland-Sunoco transaction is progressing toward completion, with the company now distributing election forms allowing shareholders to choose their preferred compensation structure. The arrangement offers three distinct options with varying cash/equity ratios: a combination of
The structure demonstrates thoughtful transaction design, providing flexibility for shareholders with different tax situations, liquidity needs, and outlooks on Sunoco's future performance. The default option (combination consideration) balances immediate cash returns with continued equity participation, suggesting this represents the arrangement's most equitable value proposition.
Importantly, both the all-cash and all-equity options face proration mechanisms, meaning shareholders selecting these options might not receive exactly what they request if too many select the same option. This indicates the deal has specific cash/equity allocation targets. The different consideration choices effectively allow shareholders to customize their risk/reward profile in this transaction.
The absence of an election deadline announcement suggests potential regulatory approvals or other closing conditions remain outstanding. Shareholders, particularly beneficial owners holding through brokers, should note intermediaries may impose earlier election deadlines than the official cutoff, requiring prompt attention once announced.
The Letter of Transmittal outlines the necessary documentation and information required from each registered shareholder to obtain the consideration to which they are entitled under the Sunoco Arrangement and make an election with respect to the form of consideration they wish to receive, as further described below. Registered shareholders should refer to the instructions contained in the Letter of Transmittal to ensure they provide the required documentation and information to the depositary for the Sunoco Arrangement, Computershare Investor Services Inc., in order to validly deposit their Company Shares and elect the form of consideration they wish to receive.
The Letter of Transmittal is for use by registered shareholders only. Beneficial (non-registered) shareholders whose Company Shares are registered in the name of an intermediary such as a broker, investment dealer, bank, trust company, trustee, nominee or other intermediary should not use the Letter of Transmittal but rather should contact their intermediary for instructions and assistance in depositing their Company Shares and electing the form of consideration they wish to receive. Every intermediary has its own procedures with respect to the election and may have an earlier election deadline.
Pursuant to the Plan of Arrangement1, in exchange for each Company Share, Parkland shareholders can elect to receive one of the following three options:
C in cash and 0.295 common units of SunocoCorp1 ("SunocoCorp Units"), which will be listed on the NYSE upon the closing of the Sunoco Arrangement (the "Combination Elected Consideration"),$19.80 C in cash (the "Cash Elected Consideration"), or$44.00 - Approximately 0.536 SunocoCorp Units (the "Unit Elected Consideration").
The Cash Elected Consideration and Unit Elected Consideration are subject to proration, maximum amounts and adjustments in accordance with the Plan of Arrangement. If a registered shareholder does not deposit a properly completed Letter of Transmittal prior to the deadline to make an election in respect of the consideration receivable in exchange for their Company Shares pursuant to the Sunoco Arrangement (the "Election Deadline"), or otherwise fails to comply with the requirements under the Plan of Arrangement and Letter of Transmittal with respect to such election and deposit of their Company Shares, such registered shareholder will be deemed to have elected to receive the Combination Elected Consideration.
The Election Deadline has not been determined. Parkland will announce the Election Deadline prior to the closing date of the Sunoco Arrangement.
About Parkland Corporation
Parkland is a leading international fuel distributor, marketer, and convenience retailer with safe and reliable operations in twenty-six countries across the
Forward-Looking Statements
Certain statements contained herein constitute forward-looking information and statements (collectively, "forward looking statements"). When used in this news release, the words "expect", "may", "will", and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, the determination and announcement of the Election Deadline and the closing of the Sunoco Arrangement.
These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. These forward-looking statements speak only as of the date hereof. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities laws. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks, assumptions and uncertainties including, but not limited to: general economic, regulatory, market and business conditions; the completion of the Sunoco Arrangement on anticipated terms and timing, or at all, including obtaining regulatory approvals and the satisfaction or waiver of other customary closing conditions; Parkland's ability to execute its business strategy; action by other persons or companies; the consideration to be received by Parkland shareholders is subject to proration, maximum amounts and adjustments, such that a Parkland shareholder may not receive all of the consideration in the form that they elect to receive; the anticipated effective date of the Sunoco Arrangement may be changed or delayed and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described under the headings "Cautionary Statement Regarding Forward-Looking Information" and "Risk Factors" in Parkland's current Annual Information Form dated March 5, 2025, under the headings "Forward-Looking Information" and "Risk Factors" in the Q2 Management's Discussion and Analysis dated August 5, 2025, and under the heading "Risk Factors" in Parkland's management information circular and proxy statement dated May 26, 2025, each as filed on SEDAR+ and available on Parkland's website at www.parkland.ca.
The forward-looking statements contained herein are expressly qualified by this cautionary statement.
1 On May 5, 2025, Parkland announced that it entered into an arrangement agreement (as amended by an amending agreement dated May 26, 2025) with Sunoco LP (NYSE:SUN) ("Sunoco"), SunocoCorp LLC (formerly known as NuStar GP Holdings LLC) ("SunocoCorp"), and 2709716 Alberta Ltd. (the "Purchaser"), pursuant to which Sunoco, through the Purchaser, will acquire all of the issued and outstanding Company Shares by way of a court-approved plan of arrangement (the "Plan of Arrangement") under Section 193 of the Business Corporations Act ( |
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SOURCE Parkland Corporation
FAQ
What are the consideration options for Parkland shareholders in the Sunoco Arrangement?
What happens if Parkland shareholders don't submit their election form by the deadline?
How should beneficial Parkland shareholders submit their election for the Sunoco Arrangement?
When is the election deadline for the Parkland-Sunoco arrangement?
