06:23 AM EST, 02/11/2025 (MT Newswires) -- Parkland (PKI.TO) late on Monday acknowledged the Ontario Superior Court of Justice decision saying Simpson Oil is no longer bound by the voting and standstill restrictions in a governance agreement the companies signed in 2019.

Simpson Oil is Parkland's largest shareholder. Simpson Oil said that under the terms of the governance agreement, the voting and standstill restrictions would fall away in the event of a "material adverse change," including changes in the senior management team.

Parkland senior management underwent many changes since 2019 and the company's performance has suffered, Simpson Oil said.

Parkland said the governance agreement was designed to protect the interests of its other shareholders.