SOL ANTILLES N.V. presented 270 school bags filled with school supplies to the students of the Leonard Conner Primary School in association with the Rotary Club of St. Martin Sunrise.
This is the seventh consecutive year that Sol has made this donation to the students of this school which is located in the Cay Bay area, where Sol St. Maarten’s main office and distribution depot is situated.
The handover of backpacks – which included a wide range of classroom supplies.
To our valued communities
Our thoughts and prayers are with the communities of Grand Bahama and Abaco Islands.
Due to the passage of Hurricane Dorian, communities of The Bahamas are facing a state of emergency. We wish to extend them our heartfelt empathy to all affected communities.
We will continue to work hard towards supporting a prompt recovery while we remain focused on safety as a top priority throughout this process.
Sol sponsored both a Rugby and Soccer clinic – held in Guadeloupe and Martinique last month. These two events provided the opportunity for more than 120 children to participate in a one-week internship of their favorite sport. The teenagers were exposed to values such as integrity, passion, solidarity, discipline, respect…. and they burnt thousands of calories. They were delighted and amazed to be among former international soccer and rugby players. They truly benefited from their respective experiences and we were glad to provide this opportunity for our young people to excel!
Here’s one of the testimonials we received from a parent who was deeply thankful for Sol’s support.
“Without Sol, this course of excellence would not have occurred….I prayed that my son would be retained as we do not go on vacation and I knew that for one week he would accomplish one of his dreams ….thank you”.
Calgary, Alberta (January 8, 2019) – Parkland Fuel Corporation (“Parkland”) (TSX:PKI), a leading convenience store operator and one of the fastest growing independent marketers of fuel and petroleum products in the Americas, today announced the closing of its acquisition of 75% of the shares of Sol Investments Limited (“SIL” and together with its subsidiaries “Sol”). Sol is the largest independent marketer and supplier of petroleum products in the Caribbean, operating in 22 jurisdictions. As expected, this close enables Sol to effectively contribute to Parkland’s earnings for the full calendar year of 2019. Parkland will update its guidance for 2019 when it discloses its year-end results for 2018.
“The opportunity to expand to a new geography and market through a strong business platform like Sol is an exciting time for Parkland. The assets and infrastructure we have acquired are proven, well known, and will enable Parkland to extend its supply advantage into a new region.” said Bob Espey, President and Chief Executive Officer of Parkland. “I would like to welcome the Sol team to Parkland. Our two businesses are stronger together, and I look forward to the opportunities this acquisition will enable for all of us.”
Pierre Magnan, Parkland’s Vice-President of Corporate Development and former head of Supply, Trading & Refining will assume the role of President, Parkland International and will oversee the Sol business based from Grand Cayman.
“I look forward to working with the Sol team to build on Sol’s strong foundation of safe and reliable supply in the region,” said Mr. Magnan. “We are committed to investing in Sol’s people and infrastructure to grow our presence in the region.”
FORWARD-LOOKING STATEMENTS
Certain information included herein is forward-looking. Many of these forward looking statements can be identified by words such as “expects”, “expected”, “will”, “anticipate”, “continue”, or similar words. Forward-looking information in this press release includes, but is not limited to, potential benefits to be realized from the business combination, Parkland’s future investment in the assets of Sol and expansion of operations in the Caribbean region. Parkland believes the expectations reflected in such forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties some of which are described in Parkland’s annual information form and other continuous disclosure documents. Such forward-looking statements necessarily involve known and unknown risks and uncertainties and other factors, which may cause Parkland’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general economic, market and business conditions; industry capacity; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities including increases in taxes; changes in environmental and other regulations; and other factors, many of which are beyond the control of Parkland.
Any forward-looking statements are made as of the date hereof and Parkland does not undertake any obligation, except as required under applicable law, to publicly update or revise such statements to reflect new information, subsequent or otherwise. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
ABOUT PARKLAND FUEL CORPORATION
Parkland is Canada’s largest and one of North America’s fastest growing independent suppliers and marketers of fuel and petroleum products and a leading convenience store operator. Parkland services customers through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating the Parkland Burnaby Refinery, and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings, including its On the Run/Marché Express banners, in the communities it serves.
Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.
FOR FURTHER INFORMATION
Investor Inquiries Media Inquiries
Ben Brooks Leroy McKinnon
Vice President, Treasury & Risk Management Senior Specialist, Corporate Communications
403-567-2534 403-567-2573
[email protected] [email protected]
To sign up for Parkland news alerts, please go to http://bit.ly/PKI-Alert or visit www.parkland.ca.
Calgary, Alberta, le 8 janvier 2019. – Corporation Pétroles Parkland (« Parkland ») (TSX:PKI), l’un des principaux exploitants de dépanneurs et l’un des distributeurs indépendants de carburant et de produits pétroliers qui connaît la plus forte croissance dans les Amériques, a annoncé aujourd’hui la clôture de son acquisition de 75 % des actions de Sol Investments Limited (« SIL » et, avec ses filiales, « Sol »). Sol est le plus important distributeur et fournisseur indépendant de produits pétroliers dans les Caraïbes, avec des activités dans 22 territoires. Comme prévu, cette acquisition permettra à Sol de contribuer efficacement aux résultats de Parkland pour toute l’année civile 2019. Parkland mettra à jour ses prévisions pour l’année 2019 lorsqu’elle publiera ses résultats de fin d’exercice pour 2018.
« L’occasion d’étendre nos activités dans une nouvelle région géographique et dans un nouveau marché grâce à une plateforme commerciale solide comme Sol est enthousiasmante pour Parkland. Les actifs et l’infrastructure que nous avons acquis ont fait leurs preuves, sont bien connus et permettront à Parkland de pousser son avantage en matière d’approvisionnement dans une nouvelle région », a déclaré Bob Espey, président et chef de la direction de Parkland. « J’aimerais souhaiter la bienvenue chez Parkland à l’équipe Sol. Ensemble, nos deux entreprises sont plus fortes, et j’attends avec impatience de voir les occasions que cette acquisition nous apportera à tous. »
Pierre Magnan, vice-président du développement de Parkland et ancien responsable de l’approvisionnement et de l’échange commercial, assumera les fonctions de président de Parkland International et supervisera les activités de Sol à Grand Cayman.
« J’ai hâte de travailler avec l’équipe Sol et de tirer parti de ses bases solides en matière d’approvisionnement sûr et fiable dans la région », a déclaré M. Magnan. « Nous nous engageons à investir dans le personnel et l’infrastructure de Sol pour accroître notre présence dans la région. »
ÉNONCÉS PROSPECTIFS
Certains passages du présent rapport constituent des énoncés prospectifs. On reconnaît bon nombre de ces énoncés prospectifs à l’emploi du futur et d’expressions telles que « s’attend à », « prévue », « compte », « anticipe », « continue » ainsi que de termes analogues. Les informations prospectives contenues dans ce communiqué de presse comprennent, sans toutefois s’y limiter, les avantages potentiels à tirer du regroupement d’entreprises, l’investissement futur de Parkland dans les actifs de Sol et l’expansion de ses activités dans la région des Caraïbes. Parkland croit que les prévisions exprimées dans ces énoncés prospectifs sont raisonnables, mais ne peut donner aucune garantie quant à l’exactitude de ces prévisions, et recommande de ne pas se fier indûment aux énoncés prospectifs du présent communiqué. Les énoncés prospectifs ne sauraient constituer une garantie quant au rendement à venir, et comportent un certain nombre de risques et d’incertitudes, dont une partie est décrite dans la notice annuelle de Parkland et les autres documents d’information continue. Ces énoncés prospectifs comportent nécessairement des risques, connus et inconnus, des incertitudes et d’autres facteurs susceptibles de provoquer un écart substantiel entre les résultats financiers réels de Parkland pour les périodes à venir et les résultats prévisionnels exprimés ou implicitement évoqués dans lesdits énoncés prospectifs. Ces facteurs comprennent, sans toutefois s’y limiter : la conjoncture générale de l’économie, du marché et des affaires; la capacité de l’industrie; les mesures concurrentielles prises par d’autres sociétés; les marges de raffinage et de commercialisation; la capacité des fournisseurs à satisfaire aux engagements; des mesures prises par des autorités gouvernementales, y compris des hausses de taxes, des changements dans la réglementation environnementale et autre, et d’autres facteurs dont bon nombre échappent à la volonté de Parkland.
Les énoncés prospectifs sont faits à la date susvisée et Parkland n’est soumis à aucune obligation, sauf si la loi en vigueur l’exige, de publier une quelconque mise à jour ou révision de ces énoncés à la lumière d’informations nouvelles, postérieures ou autres. Les énoncés prospectifs contenus dans le présent communiqué sont faits expressément sous réserve de cette mise en garde.
À PROPOS DE CORPORATION PÉTROLES PARKLAND
Parkland est le plus grand marchand et fournisseur indépendant de carburant et de produits pétroliers au Canada, un de ceux qui connaissent la croissance la plus rapide en Amérique du Nord et un grand exploitant de dépanneurs. Parkland sert sa clientèle par l’intermédiaire de trois canaux : la vente au détail, la vente commerciale et la vente de gros. Parkland optimise son approvisionnement en carburant dans ces trois canaux en exploitant une raffinerie à Burnaby et en mettant à profit son réseau de plus en plus important de fournisseurs et d’infrastructures d’entreposage. L’offre de Parkland dans les communautés où elle est présente comprend des stations-service et des dépanneurs locaux de confiance, notamment ceux de la chaîne On the Run/Marché Express.
Parkland crée de la valeur pour ses actionnaires en maintenant le cap sur sa stratégie éprouvée de croissance interne, d’exploitation de son avantage à l’approvisionnement, d’acquisition prudente et d’intégration fructueuse. Cette stratégie repose sur nos employés ainsi que sur nos valeurs de sécurité, d’intégrité, d’action sociale et de respect, partagées à l’échelle de l’entreprise.
POUR DE PLUS AMPLES RENSEIGNEMENTS
Renseignements aux investisseurs Renseignements aux médias
Ben Brooks Leroy McKinnon
Vice-président, trésorerie et gestion des risques Spécialiste en chef, communications d’entreprise
403 567-2534 403 567-2573
[email protected] [email protected]
Pour vous abonner au bulletin d’actualités de Parkland, consultez le http://bit.ly/PKI-Alert ou le www.parkland.ca.
Calgary, Alberta (8 de enero de 2019) – Parkland Fuel Corporation (“Parkland”) (TSX:PKI), un operador líder de tiendas de conveniencia y una de las empresas comercializadoras independientes de combustibles y productos derivados de petróleo con el crecimiento más rápido en América, anunció hoy el cierre de su adquisición del 75 % de las acciones de Sol Investments Limited (“SIL” y, conjuntamente con sus subsidiarias, “Sol”). Sol es la empresa comercializadora y proveedora independiente de productos derivados de petróleo más grande del Caribe, con operaciones en 22 jurisdicciones. Tal como se esperaba, este cierre permite a Sol contribuir efectivamente con las ganancias de Parkland para el calendario completo de 2019. Parkland actualizará sus guías para 2019 cuando publique los resultados correspondientes a fines de 2018.
“Parkland se siente entusiasmado por la oportunidad de expandirse a una geografía y un mercado nuevos a través de una plataforma de negocios sólida como Sol. Los activos y la infraestructura que hemos adquirido están demostrados, son conocidos y permitirán a Parkland extender su ventaja de suministro a una nueva región”, afirmó Bob Espey, Presidente y Director Ejecutivo de Parkland. “Me complace dar la bienvenida a Parkland al equipo de Sol a Parkland. Nuestras dos empresas son más prósperas juntas, y espero con entusiasmo las oportunidades que esta adquisición nos ofrecerá a todos”.
Pierre Magnan, Vicepresidente de Desarrollo Corporativo de Parkland y ex Jefe de Suministros, Comercio y Refinación, asumirá el cargo de presidente de Parkland International y supervisará el negocio de Sol, desde la sede en Gran Caimán.
“Me entusiasma la oportunidad de trabajar con el equipo de Sol para construir una base firme de suministro seguro y confiable en la región”, expresó Magnan. “Estamos comprometidos en invertir en el equipo de trabajo de Sol y la infraestructura para hacer crecer nuestra presencia en la región”.
PROYECCIONES FUTURAS
Algunos de los datos que se incluyen en este documento están relacionados con proyecciones futuras. Muchas de estas proyecciones futuras se pueden identificar con palabras como “espera”, “se espera”, “esperamos”, “prevemos”, “seguiremos”, o palabras similares. La información sobre proyecciones futuras en este comunicado de prensa incluye, entre otros datos, los beneficios potenciales que se obtendrán de la combinación de negocios, la inversión futura de Parkland en los activos de Sol y la expansión de las operaciones en la región del Caribe. Parkland considera que las expectativas reflejadas en dichas proyecciones futuras son razonables, pero no garantiza de ningún modo que sean correctas, y no se debe confiar indebidamente en dichas proyecciones futuras. Las proyecciones futuras no garantizan el rendimiento futuro e implican ciertos riesgos e incertidumbres, algunos de los cuales aparecen descritos en el Formulario anual de información de Parkland y otros documentos de divulgación continua. Dichas proyecciones futuras necesariamente implican riesgos e incertidumbres conocidos y desconocidos, además de otros factores, que podrían causar que el rendimiento y los resultados financieros reales de Parkland en períodos futuros difieran sustancialmente de cualquier proyección de rendimiento o resultados futuros expresos o implícitos en dichas proyecciones futuras. Entre dichos factores se incluyen los siguientes: las condiciones económicas, comerciales y de mercado generales; la capacidad de la industria; la acción competitiva de otras empresas; los márgenes de refinación y comercialización; la capacidad de los distribuidores para cumplir con los compromisos; las medidas de autoridades gubernamentales, que incluyen los aumentos de impuestos; los cambios en regulaciones ambientales o de otro tipo; y otros factores, muchos de los están fuera del control de Parkland.
Cualquier proyección futura se realiza a partir de la fecha del presente y Parkland no asume ninguna obligación, excepto en la medida de lo exigido por la legislación vigente, de actualizar o revisar públicamente dichas proyecciones a fin de reflejar información nueva, consecuente o de cualquier tipo. Las proyecciones futuras contenidas en este comunicado de prensa quedan expresamente cualificadas por esta advertencia.
ACERCA DE PARKLAND FUEL CORPORATION
Parkland es la empresa comercializadora y distribuidora independiente de combustibles y productos derivados de petróleo más grande de Canadá, y una de las que presentan el crecimiento más rápido de Norteamérica, además de un operador líder de tiendas de conveniencia. Parkland presta servicios a sus clientes a través de tres canales: minoristas, comerciales y mayoristas. Parkland optimiza su suministro de combustible en estos tres canales operando la Refinería Burnaby de Parkland y maximizando una creciente cartera de relaciones de suministro e infraestructura de almacenamiento. Parkland ofrece marcas de combustible confiables y reconocidas a nivel local, además de tiendas de conveniencia, incluidos sus estandartes On the Run/Marché Express, en la comunidad donde presta servicios.
Parkland genera valor para los accionistas con un enfoque centrado en su estrategia demostrada de crecimiento orgánico, con lo que se consigue una ventaja de suministro, adquisiciones prudentes y una integración exitosa. En el centro de nuestra estrategia se encuentran nuestros empleados, así como nuestros valores de seguridad, integridad, comunidad y respeto, que se hacen valer a lo largo de toda nuestra organización.
PARA MÁS INFORMACIÓN
Consultas de inversión Consultas de prensa
Ben Brooks Leroy McKinnon
Vice President, Treasury & Risk Management Senior Specialist, Corporate Communications
403-567-2534 403-567-2573
[email protected] [email protected]
Para suscribirse a las alertas de novedades de Parkland, haga clic en este enlace http://bit.ly/PKI-Alert o visite el sitio web www.parkland.ca.
Calgary, Alberta (8 januari 2019) – Parkland Fuel Corporation (“Parkland”) (TSX:PKI), een vooraanstaande gemakswinkelexploitant en een van de snelst groeiende onafhankelijke marketeers van brandstof- en aardolieproducten in Noord- en Zuid-Amerika, kondigde vandaag de overname aan van 75% van de aandelen van Sol Investments Limited (“SIL” en gezamenlijk met haar dochterondernemingen “Sol”). Sol is de grootste onafhankelijke marketeer en leverancier van aardolieproducten in de Cariben, met operaties in 22 jurisdicties. Zoals verwacht stelt dit Sol in staat om op een effectieve manier bij te dragen aan de winsten van Parkland voor het volledige kalenderjaar van 2019. Parkland zal haar advies voor 2019 bijwerken wanneer zij haar eindejaarsresultaten voor 2018 openbaar maakt.
“De kans om uit te groeien in een nieuwe regio en markt via een sterk businessplatform zoals Sol is een spannende tijd voor Parkland. De activa en infrastructuur die we hebben verkregen, zijn bewezen, algemeen bekend en zullen Parkland in staat stellen om haar toeleveringsvoordeel uit te breiden in een nieuwe regio.” aldus Bob Espey, President en Chief Executive Officer van Parkland. “Graag heet ik het Sol-team welkom bij Parkland. Onze twee bedrijven zijn samen sterker en ik zie uit naar de uitdagingen die deze overname ons allen in staat zal stellen.”
Pierre Magnan, de Vice-President van Corporate Development van Parkland en voormalig hoofd van Supply, Trading & Refining zal de rol van President, Parkland International op zich nemen en zal het Sol-bedrijf overzien die in de Grand Cayman gevestigd is.
“Ik verheug mij om met het Sol-team samen te werken om een sterk fundament op te bouwen van veilige en betrouwbare toelevering in de regio,” aldus de heer Magnan. “Wij leggen ons toe op de investering in de mensen en infrastructuur van Sol om onze aanwezigheid in de regio te vergroten.”
TOEKOMSTGERICHTE VERKLARINGEN
Bepaalde hierbij opgenomen informatie is toekomstgericht. Veel van de toekomstgerichte verklaringen kunnen geïdentificeerd worden door woorden zoals “verwacht”, “verwachte”, “voorzien”, “doorgaan” of soortgelijke woorden. Toekomstgerichte informatie in deze persberichten houdt onder meer in, maar is niet beperkt tot, potentiële voordelen die verwezenlijkt worden door bedrijvencombinaties, de toekomstige investering van Parkland in de activa van Sol en de uitbreiding van de operaties in de Caribische regio. Parkland gelooft dat de verwachtingen in dergelijke toekomstgerichte verklaringen redelijk zijn maar dat er geen garantie gegeven kan worden dat de verwachtingen correct blijken te zijn en daarom mag u niet onnodig vertrouwen op dergelijke toekomstgerichte verklaringen. Toekomstgerichte verklaringen zijn geen garanties voor toekomstige prestaties en brengen een aantal risico’s en onzekerheden met zich mee die beschreven worden in het jaarlijkse informatieformulier van Parkland en andere doorlopende informatiedocumenten. Dergelijke toekomstgerichte verklaringen houden noodzakelijkerwijs bekende en onbekende risico’s en onzekerheden en andere factoren met zich mee waardoor de werkelijke prestaties en financiële resultaten van Parkland in toekomstige perioden wezenlijk kunnen verschillen van alle projecties van toekomstige prestaties of expliciete of impliciete resultaten door dergelijke toekomstgerichte verklaringen. Dergelijke factoren zijn onder meer, maar niet beperkt tot: algemene economische, markt- en bedrijfsomstandigheden; industriecapaciteit; concurrerende acties door andere bedrijven; raffinage- en marketingmarges; de capaciteit van leveranciers om aan hun verplichtingen te voldoen; acties door overheidsinstanties inclusief belastingverhogingen; veranderingen in milieu- en andere voorschriften; en andere factoren, waarvan vele buiten de macht van Parkland vallen.
Alle toekomstgerichte verklaringen worden gedaan op de datum van dit persbericht en Parkland heeft geen enkele verplichting, uitgezonderd indien vereist door de toepasselijke wetgeving, om dergelijke verklaringen in het openbaar bij te werken of te herzien om de nieuwe informatie daaropvolgend of anderszins te doen weerspiegelen. De in dit persbericht opgenomen toekomstgerichte verklaringen worden nadrukkelijk gekwalificeerd door deze waarschuwende verklaring.
OVER PARKLAND FUEL CORPORATION
Parkland is de grootste Canadese en een van de snelst groeiende onafhankelijke leveranciers en marketeers van brandstof- en aardolieproducten van Noord-Amerika en een vooraanstaande gemakswinkelexploitant. Parkland bedient haar klanten via drie kanalen: Retail, commercieel en groothandel. Parkland optimaliseert haar brandstofvoorziening via de drie kanalen door de Parkland Burnaby raffinaderij te exploiteren en door te profiteren van een groeiende portefeuille van leveranciersrelaties en opslaginfrastructuur. Parkland biedt betrouwbare en plaatselijk relevante brandstofmerken en een aanbod aan gemakswinkels, inclusief de merken On the Run/Marché Express in de gemeenschappen die zij bedient.
Parkland creëert waarde voor aandeelhouders door zich te richten op haar bewezen strategie van organische groei, de realisering van een toeleveringsvoordeel en behoedzame inkoop en succesvolle integratie. De kern van onze strategie wordt gevormd door onze mensen, evenals onze waarden van veiligheid, integriteit, gemeenschap en respect, die in onze hele organisatie onderschreven worden.
VOOR VERDERE INFORMATIE
Informatie voor investeerders Informatie voor de media
Ben Brooks Leroy McKinnon
Vice President, Treasury & Risk Management Senior Specialist, Corporate Communications
403-567-2534 403-567-2573
[email protected] [email protected]
Ga om nieuwsberichten voor Parkland te ontvangen naar http://bit.ly/PKI-Alert of bezoek www.parkland.ca.
Over $112,000 raised in two months thanks to the Sol 100K Challenge. Since Oct 5, with every purchase of Sol Go Further Infinity Fuels, Barbadians have been contributing to the Sol-inspired initiative designed to raise BDS$100,000 for the Accident and Emergency department of the Queen Elizabeth Hospital (QEH), and on November 30, the goal was not only achieved but surpassed.
The Barbadian-formed company donated partial proceeds with every purchase of their Sol Go Further Infinity line of fuels in an effort to raise the much-needed funds for the A&E Department. “As we watched the figure grow over the weeks, we knew that the generosity of Barbadians would ensure we reached our goal”, Ezra Prescod, General Manager of Sol Barbados Ltd., announced at the cheque presentation ceremony which took place on December 5, at the Sol Corporate Office in Warrens. He presented a $112,707.35 donation cheque to Dr. Joanne Bradford-King, Head of the Accident & Emergency Department (a.g.). The donation is air-marked for the purchase of equipment and supplies for the refurbishment of the Accident and Emergency Department at the QEH.
“We are committed to supporting our communities,” the General Manager expressed, “and we take that responsibility seriously.” Noting that the QEH is one of the primary health care facilities on the island and most of the population depends heavily on the invaluable institution. Prescod added, “the funds would assist the institution in providing a much-needed service to the island.”
Prescod thanked Barbadians for their support and applauded the efforts of those involved in the initiative. “We thank you for not only accepting the challenge but for contributing to the cause and for playing your part in propelling our nation further.”
Transformational Business Combination Establishes Strong International Growth Platform; SOL’s Simpson Group to Own 9.9% of Parkland
October 10, 2018
Calgary, Alberta, October 10, 2018 (GLOBE NEWSWIRE) — Parkland Fuel Corporation (“Parkland”, “We”, “Our” or “Us”), (TSX:PKI) Canada’s largest and one of North America’s fastest growing independent marketers of fuel and petroleum products and a leading convenience store operator, and SOL Limited have entered into an agreement to complete a business combination (the “Business Combination” or “Transaction”) between Parkland and SOL Investments Limited (“SIL”) and its subsidiaries (collectively, “SOL”). A privately-held company owned by the Simpson Group, SOL is the largest independent fuel marketer in the Caribbean and a wholly-owned subsidiary of SOL Limited. SOL supplies and markets a total of 4.8 billion liters of fuel volume annually across 22 countries in the Caribbean and generated US$215 million (approximately C$280 millioni ) in adjusted earnings before taxes, depreciation and amortization (“Adjusted EBITDA”) in the 12-month period ending June 2018. The Transaction will result in Parkland acquiring 75% of the issued and outstanding shares in the capital of SIL (the “SIL Shares”) for total consideration of US$1.21 billion (approximately C$1.57 billion) plus customary post-closing adjustments on a cash-free and debt-free basis (the “Purchase Price”), and SOL Limited acquiring 12.16 million common shares in the capital of Parkland (the “Parkland Shares”). This equates to a purchase price multiple on the 75% equity interest in SOL of approximately 7.5x Adjusted EBITDA, excluding working capital. Upon closing the Simpson Group, through its ownership in SOL Limited, will own approximately 9.9% of the issued and outstanding shares in Parkland and its intention is to remain a long-term investor in Parkland. The Transaction is expected to be immediately accretive to Parkland’s distributable cash flow per share by approximately 17% (pre-synergies).
The remaining 25% of the shares outstanding in SIL are subject to the Minority Purchase/Sale Right (as defined below) pursuant to which Parkland may elect to acquire or SOL Limited may elect to sell the remaining shares in the capital of SIL. Based on SOL’s Adjusted EBITDA for the 12-month period ending June 2018, the Adjusted EBITDA attributable to Parkland from the 75% ownership stake in SOL would have been US$161 million (approximately C$210 million), representing 75% of SOL’s Adjusted EBITDA for the period. Parkland President and CEO Bob Espey said, “The addition of SOL will extend our global supply reach and enable us to continue to build our supply advantage to benefit our entire business. With its integrated supply chain backed by an extensive distribution network, fortress assets, a premier brand portfolio and an exceptional team, SOL has built a strong market position with unparalleled regional scale. Together, Parkland and SOL create a significant North American and Caribbean growth platform. We are delighted to partner with the Simpson Group and welcome the opportunity to work with SOL’s strong management team to optimize and grow SOL’s industry leading retail and supply network through our combined scale and expertise.” Sir Kyffin Simpson, CBE, Founder of SOL Limited said, “I am exceptionally pleased to announce the coming together (Business Combination) of Parkland and SOL, which will ensure an exciting and dynamic future for everyone. With a desire to continue to develop and grow the business through expansion in new areas, I am extremely blessed to bring in our good friends Parkland of Canada to the Caribbean. 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 along with his exceptional management team.”
“I am truly confident that this coming together with the fantastic team at SOL will be a complementary blend of cultures, ideas, technology and innovation. I am convinced that Parkland and SOL are perfectly matched to develop new and exciting opportunities, with renewed energy that will provide excellent avenues for the development of our people that will in turn enhance our customer experience and open new doors for great synergies and improved logistics. With forty-three million people and a GDP of more than US$200 billion, this is the perfect time to take advantage of the tremendous opportunities that abound in the Caribbean.” “This coming together will also provide a big boost of confidence for regional investment opportunities and we are happy to do our part in this regard. Please therefore join with me in welcoming this wonderful team and organization to the region. I pray God’s richest blessings on this coming together and I look forward to what the future has in store for us all.” Chief Financial Officer Mike McMillan said, “The scale of the pro-forma business combined with the strong cash flow from operations and operational synergies expected from SOL will further strengthen Parkland’s balance sheet and capital structure. The financing for the Transaction will enable Parkland’s pro forma total leverage ratio to remain below 3.5x. In addition, Parkland will be in a strong position from a balance sheet and capital structure perspective to continue to execute on our growth strategies.”
Key Highlights
Parkland and SOL Limited, the sole shareholder of SIL, will enter into a shareholders agreement that grants a call right for Parkland and put right for SOL Limited (collectively, the “Minority Purchase/Sale Right”), pursuant to which Parkland may elect to acquire or SOL Limited may elect to sell the remaining 25% portion of the issued and outstanding shares in the capital of SOL (the “Remaining Shares”) at a value of 8.5x the Adjusted EBITDA of SOL based on the then current audited financial statements. The Minority Purchase/Sale Right will be exercisable by either party for a period of 90 days following the release by Parkland of its audited financial statements for the fiscal year ended December 31, 2020 (or December 31, 2021 in the event that closing does not occur on or before December 31, 2018). The Minority Purchase/Sale Right will be exercisable annually thereafter by either party for a period of 90 days following the release by Parkland of its audited annual financial statements. The Transaction is subject to the receipt of customary third-party consents and regulatory approvals, including approval of the Toronto Stock Exchange. Closing of the Transaction is expected to occur in late Q4 2018.
Strategic Rationale
SOL Retail Business
SOL Commercial and Industrial Business
SOL Aviation Business
Parkland Financing
The Transaction and related fees and expenses will be financed by Parkland with a fully underwritten financing package:
C$470 million of senior secured bank debt, a US$250 million (approximately C$325M million) term loan and a term facility of C$300 million.
Parkland will issue 12.16 million Parkland shares to SOL Limited from treasury as partial consideration for the Business Combination at a price of approximately C$42.62 per share, representing the 5-day volumeweighted average price of Parkland’s common shares on the Toronto Stock Exchange as of market close on October 9, 2018. After closing, SOL Limited will own approximately 9.9% of the issued and outstanding common shares in Parkland.
Parkland expects to replace the term facility with alternative longer-term debt prior to the closing of the Transaction.
Investor Event and Conference Call Information
Parkland will host a webcast and conference call at 6:30 AM MT (8:30 AM ET) on October 10, 2018 to discuss the Transaction. Parkland’s Senior Leadership Team will be available to take questions from securities analysts and investors following their formal comments. Please log into the webcast slide presentation 10 minutes prior to start time at:
Webcast: https://edge.media-server.com/m6/p/gxyt5yny
To access the conference call by telephone, dial toll-free (844) 889-7784. International callers should use (661) 378-9928, Conference ID: 1558797. Please connect approximately 10 minutes before the beginning of the call. The webcast will be available for replay one hour after the conference call ends. It will remain available at the link above for one year and will be posted to www.parkland.ca.
A link to the live webcast and investor presentation will be available on the Investors section of Parkland’s website at http://www.parkland.ca/investors/.
If you are unable to participate in the call, a replay will be available by dialing (855) 859-2056, Conference ID: 1558797 (Canada and USA toll-free). For international callers, please dial (404) 537-3406, Conference ID: 1558797. A transcript of the broadcast will be posted on the website once it becomes available
About Parkland
Parkland is Canada’s largest and one of North America’s fastest growing independent suppliers and marketers of fuel and petroleum products and a leading convenience store operator. Parkland services customers through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating the Parkland Burnaby Refinery, and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings, including its On the Run/Marché Express banners, in the communities it serves. Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.
About SOL
By providing fuels, lubricants, LPG products and an extensive network of service stations, SOL enables the energy that keeps the heart of our region beating. SOL is the largest independent petroleum marketing company in the Caribbean region and is committed to supporting and empowering the communities in which it operates.
With operations spanning across twenty-two territories, SOL’s highly qualified team reflects the talent, spirit and diversity of the region. SOL serves a wide range of commercial customers who are involved in shipping, luxury boating, aviation, mining, trucking and fleet operations, as well as families and individuals – hard working men and women who need a reliable partner to fuel their vehicles, homes and lives.
Advisors
Deloitte provided transaction services in respect of the Business Combination.
National Bank Financial Inc. served as financial advisor to Parkland.
Forward-Looking Statements
Certain statements contained in this news release constitute forward-looking information and statements (“collectively, “forward-looking statements”). Many of these forward-looking statements can be identified by words such as “believe”, “expects”, “expected”, “will”, “intends”, “projects”, “projected”, “anticipates”, “estimates”, “continues”, “objective” or similar expressions and include, but are not limited to, statements regarding Parkland’s expectation of its future financial position, business and growth strategies and objectives, sources of growth, capital expenditures, financial results, future financing and the terms thereof, future transactions and the efficiencies to be derived therefrom, the successful completion of the Transaction and the timing thereof, the accretive impact of the Transaction (including the expected impact to Parkland’s distributable cash flow per share), the expected benefits resulting from the Transaction including Parkland’s leverage pro forma following the Transaction, Adjusted EBITDA of the business acquired in the Transaction, the Simpson Group’s intentions with respect to its ownership of Parkland, future projections of Adjusted EBITDA, the contribution to EBITDA and/or Adjusted EBITDA from the Transaction, volumes and gross margins expected to be derived from the Transaction, expected synergies and growth opportunities (including geographic areas of potential growth) resulting from the Transaction, the number of Parkland Shares to be issued as partial consideration for the Transaction, expected exercise of the Minority Purchase/Sale Right and the terms thereof, sources of financing for the Transaction, the ability of Parkland to refinance indebtedness under its term facility, Parkland’s expected pro forma total leverage, strength of Parkland’s balance sheet and capital structure pro forma the Transaction and Parkland’s continued ability to execute on its growth strategies. Parkland believes the expectations reflected in such forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. The forward-looking statements contained herein are based upon certain assumptions and factors including, without limitation: historical trends, current and future economic and financial conditions, and expected future developments. Parkland believes such assumptions and factors are reasonably accurate at the time of preparing this press release. However, forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties some of which are described in Parkland’s Annual Information Form dated March 9, 2018 (“AIF”) and other continuous disclosure documents. Such forward-looking statements necessarily involve known and unknown risks and uncertainties and other factors, which may cause Parkland’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such factors include, but are not limited to, risks associated with: the failure to achieve the anticipated benefits of the Transaction, the aggregate amount of any adjustments to the Purchase Price, the ability to secure funding to finance the consideration payable upon the exercise of the Minority Purchase/Sale Right, expansion of Parkland’s business into the Caribbean, the ability of suppliers to meet commitments, failure to retain key management, failure to execute on plans to deleverage the combined Parkland business, failure to obtain necessary regulatory or other third party consents and approvals required to complete the Transaction, failure to complete the Transaction, failure to secure alternative sources of funding to the term facility on terms acceptable to Parkland, failure to meet financial, operational and strategic objectives and plans, general economic, market and business conditions, industry capacity, failure to realize anticipated synergies from the Transaction, the operations of Parkland’s assets, competitive action by other companies, actions by governmental authorities and other regulators including increases in taxes, changes and developments in environmental and other regulations, and other factors, many of which are beyond the control of Parkland. There is a specific risk that Parkland may be unable to complete the Transaction in the manner described in this press release or at all. If Parkland is unable to complete the Transaction, there could be a material adverse impact on Parkland and on the value of its securities. Any forward-looking statements are made as of the date hereof and Parkland does not undertake any obligation, except as required under applicable law, to publicly update or revise such statements to reflect new information, subsequent or otherwise. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Readers are directed to, and are encouraged to read the risks and uncertainties described in “Forward-Looking Statements” and “Risk Factors” included in Parkland’s AIF and in “Forward-Looking Statements” and “Risk Factors” included in Parkland’s management discussion and analysis for the year ended December 31, 2017 (the “MD&A”) and for the three and six months ended June 30, 2018 (the “Q2 2018 MD&A”), as such information is incorporated by reference herein, each as filed on SEDAR at www.sedar.com and available on the Parkland website at www.parkland.ca.
Non-GAAP Financial Measures
This press release refers to certain financial measures that are not determined in accordance with International Financial Reporting Standards (“IFRS”). Net debt to Adjusted EBITDA and distributable cash flow per share are not measures recognized under IFRS and do not have standardized meanings prescribed by IFRS. Other issuers may calculate these nonGAAP measures differently. Parkland considers these to be important supplemental measures of Parkland’s performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in its industries.
In reference to Parkland’s Adjusted EBITDA, Adjusted EBITDA is a measure of segment profit and is considered to be forward-looking information in this document. See Section 12 of the Q2 2018 MD&A and Note 14 of the Interim Condensed Consolidated Financial Statements for a reconciliation of this measure of segment profit.
In reference to SOL’s Adjusted EBITDA, Adjusted EBITDA refers to the agreed-upon normalized earnings before income taxes, depreciation and amortization of SOL for the purposes of this Transaction, is considered to be forward-looking information in this document, and does not represent Parkland’s definition of Adjusted EBITDA.
Investors are encouraged to evaluate each adjustment and the reasons Parkland considers it appropriate for supplemental analysis. Readers are cautioned, however, that these measures should not be construed as an alternative to net income determined in accordance with IFRS as an indication of performance. The financial measures that are not determined in accordance with IFRS in this press release are expressly qualified by this cautionary statement. Parkland believes these financial measures based are on such information that is reasonable but no assurance can be given that these expectations will prove to be correct and such figures should not be unduly relied upon.
For Further Information
Investor and Media Inquiries – French and English
Investor Inquiries
Ben Brooks
Vice President, Treasury and Risk Management
1-403-567-2534
[email protected]
Media Inquiries
Leroy McKinnon
Senior Specialist, Corporate Communications
1-403-567-2573
[email protected]
To sign up for Parkland news alerts, please go to https://goo.gl/mNY2zj or visit www.parkland.ca. i All figures converted between USD and CAD using an exchange rate of US$1.0 = C$1.3
The Utility Regulation and Competition Office (OfReg) and Sol Petroleum Cayman Limited (Sol) issue the following joint statement in relation to the fuel tank fire which occurred at the Jackson Point Terminal on the 23rd of July 2017 (Incident).
Following an exhaustive investigation, OfReg and Sol would like to inform the public that agreement has been reached in relation to the imposition of an appropriate Administrative Fine by OfReg to be paid by Sol in relation to the Incident. This Administrative Fine, in the sum of CI$200,000 (plus costs of CI$86,700 for the investigation), is intended to reflect the potentially serious nature of the Incident and the concerns raised in the community, but also recognise Sol’s history in the Cayman Islands as a good corporate citizen, noting, in particular, Sol’s transparency and full cooperation with the investigation, acceptance of responsibility and good health and safety record prior to the Incident.
OfReg and Sol are satisfied that they have established and identified the circumstances and contributing factors leading to the Incident and wish to reassure the public of the Cayman Islands, that where applicable, lessons have been learnt, shortcomings addressed and measures put in place to guard against any possibility of a repetition of the Incident in the future, including an agreement that there shall not be any welding conducted on in-service fuel storage tanks.
SOL PETROLEUM CAYMAN LIMITED (Sol) confirms that it was today made aware of the publication of the OfReg final investigation report conducted by the Utility Regulation and Competition Office of the Cayman Islands (OfReg) regarding the 23 July 2017, Jackson Point Terminal Tank Fire incident.
Sol has commenced a review of the report and will issue a statement in relation thereto in due course. Sol respects the Cayman Islands Government’s processes and the community within which we operate, and will continue to update the public as promised. We reaffirm our commitment to ensuring that our Health and Safety standards and protocols accord with industry best practice and OfReg’s recommendations.
Serving the people of Cayman Islands is at the core of everything we do at Sol. We thank you for your understanding, and we pledge to continue helping the Cayman Islands build communities where we are all proud to live, work and play.
Sol will continue to provide updates at www.solpetroleum.com/jacksonpoint
