On June 28, 2002, a statutory arrangement was completed whereby Parkland Industries Ltd. was converted into an income trust called Parkland Income Fund. Parkland operates a retail and wholesale fuels and convenience store business under its marketing brands Fas Gas, Race Trac and Short Stop, and is western Canada’s largest independent marketer of transportation fuels. The reorganization of Parkland Industries into an income trust structure will result in a higher level of cash distributions to security holders and is anticipated to allow greater access to public capital markets to fund growth initiatives.
Parkland’s market capitalization increased by approximately 55 per cent from $97 million on April 26, 2002, the day before the arrangement was announced, to more than $150 million on June 28, 2002, the closing day for the arrangement.
Fraser Milner Casgrain LLP acted as counsel to Parkland, with a team that included David Spencer, Bill Jenkins, Bill Gilliland, Gail Harding, Dorothy Dawe, John Reynolds, Lisa Nesbitt and Andrew Donohoe. Roch Martin of FMC’s tax group, with assistance from Denny Kwan and Alex Poole, also of FMC, structured the transaction from a tax perspective.
RBC Capital Markets Inc. provided advisory services to a special committee of Parkland’s board of directors. RBC Capital Markets was represented by Perry Spitznagel and John Kousinioris of Bennett Jones LLP.
Parkland’s market capitalization increased by approximately 55 per cent from $97 million on April 26, 2002, the day before the arrangement was announced, to more than $150 million on June 28, 2002, the closing day for the arrangement.
Fraser Milner Casgrain LLP acted as counsel to Parkland, with a team that included David Spencer, Bill Jenkins, Bill Gilliland, Gail Harding, Dorothy Dawe, John Reynolds, Lisa Nesbitt and Andrew Donohoe. Roch Martin of FMC’s tax group, with assistance from Denny Kwan and Alex Poole, also of FMC, structured the transaction from a tax perspective.
RBC Capital Markets Inc. provided advisory services to a special committee of Parkland’s board of directors. RBC Capital Markets was represented by Perry Spitznagel and John Kousinioris of Bennett Jones LLP.
