CaribPR Wire

CALGARY, AB, Nov. 29, 2021 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, “our”, or “the Company”) (TSX: PKI) announced today that the Toronto Stock Exchange (”TSX”) has accepted the Company’s notice of intention to implement a normal course issuer bid (the “NCIB”) during the 12-month period commencing December 1, 2021 and ending November 30, 2022.

On November 25, 2021, Parkland had 152,457,236 common shares issued and outstanding. Under the NCIB, a maximum of 15,091,885 common shares (representing 10% of the public float of common shares as of November 25, 2021) may be repurchased by Parkland in open market transactions on the TSX during the 12-month period commencing December 1, 2021 and ending November 30, 2022.

“In the right conditions, and in addition to our regular monthly dividend, the NCIB will provide optionality to return additional capital to shareholders,” said Bob Espey, President and Chief Executive Officer. “We will continue to exercise strict capital discipline, and the decision to repurchase Parkland shares will be evaluated against our other investment opportunities and leverage guidelines. We are focused on creating long-term shareholder value, and only our most accretive opportunities will secure capital.”

The NCIB is intended to augment Parkland’s ongoing return of capital to shareholders through dividends. Parkland believes that the market price of its common shares may not, from time to time, accurately reflect their underlying value. Accordingly, purchasing its own common shares for cancellation under the NCIB may represent an attractive investment opportunity to enhance shareholder value.

The common shares will be purchased through the facilities of the TSX and/or alternative trading systems in Canada at the prevailing market price at the time of purchase. All common shares purchased under the NCIB will be cancelled. In accordance with the rules of the TSX, any daily repurchases (other than pursuant to a block purchase exception) on the TSX under the NCIB are limited to a maximum of 94,920 common shares, which represents 25% of the average daily trading volume on the TSX of 379,683 for the six months ended October 31, 2021. The actual number of common shares that may be purchased under the NCIB and the timing of any such purchases will be determined by Parkland. There can be no assurance as to the precise number of common shares that will be purchased under the NCIB, if any. Parkland may discontinue purchases under the NCIB at any time, subject to compliance with applicable regulatory requirements.

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” 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 NCIB, potential purchases of common shares under the NCIB, returning additional capital to shareholders and future accretive investment opportunities.

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 included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. 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, the failure to obtain approval of the NCIB from the TSX, failure to realize the anticipated benefits of the NCIB, a failure to execute purchases under the NCIB,  general economic, market and business conditions, including the duration and impact of the COVID-19 pandemic; Parkland’s ability to execute its business strategies, including without limitation, Parkland’s ability to consistently identify accretive acquisition targets and successfully integrate them, successfully implement organic growth initiatives and to finance such acquisitions and initiatives on reasonable terms; Parkland’s ability to grow its supply advantage by leveraging its scale and infrastructure; industry capacity; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 5, 2021, and “Forward-Looking Information” and “Risk Factors” included in the Q3 2021 MD&A dated November 2, 2021 and the Q4 2020 MD&A dated March 4, 2021, each filed on SEDAR and available on the Parkland website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

About Parkland Parkland is a leading independent convenience store operator and supplier, marketer and retailer of fuel and petroleum products. Parkland serves customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings 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.

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CALGARY, AB, Nov. 23, 2021 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”) (TSX: PKI) announced today the closing of its previously announced private offering (the “Offering”) of US$800 million aggregate principal amount of 4.625% senior unsecured notes due 2030 (the “notes”).

Parkland will use the net proceeds of the Offering to redeem all of the outstanding $300 million aggregate principal amount of its 6.500% senior notes with a final maturity date of January 21, 2027 (the “6.5% Senior Notes”) and to repay the drawings under its revolving bank credit facility (the “Revolving Facility”), with the remainder to be used for general corporate purposes. Amounts repaid under the Revolving Facility may be redrawn, subject to the terms of the Revolving Facility, for general corporate purposes including acquisitions and capital spending.

The notes were offered and sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and offered and sold outside the United States pursuant to Regulation S under the Securities Act. The notes have not been registered under the Securities Act or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy any of these notes, except as required by law, nor shall there be any offer or sale of the notes in any state, or jurisdiction in which such offer, solicitation, or sale would be unlawful.

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward -looking statements”). When used in this news release the words “may”, “to be”, “will” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to the use of proceeds from the Offering, the redemption of the 6.5% Senior Notes, the repayment of amounts outstanding under the Revolving Facility and the re-drawing of such amounts.

No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. 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. See the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 5, 2021 and in “Forward-Looking Information” and “Risk Factors” in the management’s discussion and analysis for the quarter ended September 30, 2021, dated November 2, 2021, which are filed on SEDAR and available on Parkland’s website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

About Parkland Corporation

Parkland is a leading convenience store operator and independent supplier and marketer of fuel and petroleum products. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings 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.

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CALGARY, AB, Nov. 8, 2021 /PRNewswire-HISPANIC PR WIRE/ – Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI) announced today that, subject to market and other conditions, it plans to commence a private offering of US$500 million aggregate principal amount of senior unsecured notes due 2030 (the “Offering”).

Parkland intends to use the net proceeds of the Offering, if completed, to redeem all of the outstanding $300 million aggregate principal amount of its 6.5% Senior Notes (the “6.5% Senior Notes”) with a final maturity date of January 21, 2027 and to repay a portion of the drawings under its revolving bank credit facility. Amounts repaid may be redrawn for general corporate purposes, including acquisitions and capital spending.  A redemption notice will be delivered by Parkland today for the 6.5% Senior Notes, and the redemption will be conditional on the completion of the Offering.

The notes will be offered and sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and may be offered and sold outside the United States pursuant to Regulation S under the Securities Act. The notes have not been registered under the Securities Act or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer or sale of the notes in any state, or jurisdiction in which such offer, solicitation, or sale would be unlawful. This announcement does not constitute a notice of redemption with respect to the 6.5% Senior Notes.

Forward-Looking Statements

Certain information included herein is forward-looking. 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 words and include, but are not limited to, statements regarding the size and terms of the Offering, whether the Offering will proceed, the use of proceeds of the Offering, the timing and successful completion of the Offering and statements regarding the redemption of the 6.5% Senior Notes. 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. 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: closing of the Offering and effecting the redemption of the 6.5% Senior Notes since it is conditional on closing of the Offering; failure to obtain any necessary consents and approvals required to complete the Offering; failure to complete the Offering and redemption; and general economic, market and business conditions; 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 Offering and the redemption in the manner described in this press release or at all. If Parkland is unable to complete the Offering and/or redemption, there could be a material adverse impact on Parkland and on the value of its securities.  See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 5, 2021, and “Forward-Looking Information” and “Risk Factors” included in the Q3 2021 MD&A dated November 2, 2021 and the Q4 2020 MD&A dated March 4, 2021, each filed on SEDAR and available on the Parkland website at www.parkland.ca.

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 Corporation

Parkland is a leading convenience store operator and independent supplier and marketer of fuel and petroleum products. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings 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.

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CaribPR Wire, MIAMI BEACH, Fla., Dec. 08, 2020: The Herzfeld Caribbean Basin Fund, Inc. (NASDAQ: CUBA) (the “Fund”) today announced its quarterly distribution pursuant to the Fund’s managed distribution policy (the “MDP”) and reported the results of its 2020 Annual Meeting of Stockholders.

Quarterly Distribution:

The Fund today declared the following distribution pursuant to the MDP:

Declaration Date	Ex-Date	Record Date	Payment Date	Per Share
12/08/2020	12/17/2020	12/18/2020	12/31/2020	$0.15525

The primary purpose of the MDP is to provide stockholders with a constant, but not guaranteed, fixed minimum rate of distribution each quarter (currently set at the annual rate of 15% of the Fund’s net asset value as determined on March 31, 2020 and payable in quarterly installments). The Fund cannot predict what effect, if any, the MDP will have on the market price of its shares or whether such market price will reflect a greater or lesser discount to net asset value as compared to prior to the adoption of the MDP. The quarterly distribution for the Fund’s second fiscal quarter constitutes the fifth consecutive quarterly distribution under the MDP.

The $0.15525 per share amount announced today reflects a distribution of 3.36% based upon the market price per share of the Fund and 2.64% based upon the net asset value per share of the Fund, each as of November 30, 2020. No conclusions should be drawn about the Fund’s investment performance from the amount of the Fund’s distributions or from the terms of the MDP.

Results of 2020 Annual Meeting:

In addition, the Fund held its annual stockholder meeting on November 12, 2020 (“Annual Meeting”). At the Annual Meeting, the Fund’s stockholders re-elected Mr. Thomas J. Herzfeld as Class III Director of the Fund, for a term of three years. Mr. Herzfeld is Chairman of the Fund’s Board of Directors (the “Board”) and President and Chairman of Thomas J. Herzfeld Advisors, Inc. (“THJA”), and a Portfolio Manager of the Fund.

Details regarding the Managed Distribution Policy:

Under the MDP, the Fund will distribute all available investment income to its stockholders, consistent with its investment objective and as required by the Internal Revenue Code of 1986, as amended (the “Code”). The amount distributed per share is subject to change at the discretion of the Board. If sufficient investment income is not available on a quarterly basis, the Fund will distribute long-term capital gains and/or return capital to its stockholders in order to maintain its managed distribution level. The Fund is currently not relying on any exemptive relief from Section 19(b) of the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund may make additional distributions from time to time, including additional capital gain distributions at the end of the taxable year, if required to meet requirements imposed by the Code and/or the 1940 Act. Please note that for stockholders enrolled in the Fund’s Dividend Reinvestment Plan (“DRIP”), the distribution will be reinvested in additional shares of the Fund as described in the DRIP.

The Fund expects that distributions under the MDP will exceed investment income and available capital gains and thus expects that distributions under the MDP will likely include returns of capital for the foreseeable future. A return of capital may occur, for example, when some or all of a stockholder’s investment is paid back to the stockholder. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income.’ Any such returns of capital will decrease the Fund’s total assets and, therefore, could have the effect of increasing the Fund’s expense ratio. In addition, in order to maintain the level of distributions called for under its MDP, the Fund may have to sell portfolio securities at a less than opportune time.

The following table sets forth the estimated amounts of the current quarterly distribution and the cumulative distributions paid this fiscal year to date from the following sources: net investment income, net realized capital gains and return of capital. All amounts are expressed per common share.

	Current Distribution		% Breakdown of the Current Distribution	Total Cumulative Distributions for the Fiscal Year to Date		% Breakdown of the Total Cumulative Distributions for the Fiscal Year to Date
Net Investment Income	$0.00		0%	$0.00		0%
Net Realized Short-Term Capital Gains	$0.00		0%	$0.00		0%
Net Realized Long-Term Capital Gains	$0.00		0%	$0.00		0%
Return of Capital	$0.15525		100%	$0.3105		100%
Total (per common share)	$0.15525		100%	$0.3105		100%

Average annual total return (in relation to NAV) for the 5-year period ending on November 30, 2020	3.09%
Annualized current distribution rate expressed as a percentage of NAV as of November 30, 2020	10.58%
Annualized current distribution rate expressed as a percentage of PRICE as of November 30, 2020	13.44%
Cumulative total return (in relation to NAV) for the fiscal year through November 30, 2020	27.32%
Cumulative fiscal year distributions as a percentage of NAV as of November 30, 2020	5.29%

No conclusions should be drawn about the Fund’s investment performance from the amount of the Fund’s distributions or from the terms of the MDP.

The amount distributed per share is subject to change at the discretion of the Board. The MDP is subject to ongoing review by the Board to determine whether it should be continued, modified or terminated. The Board may amend the terms of the MDP, suspend the MDP, or terminate the MDP at any time without prior notice to the Fund’s stockholders if it deems such actions to be in the best interest of the Fund or its stockholders. The amendment or termination of the MDP could have an adverse effect on the market price of the Fund’s shares.

With each distribution that does not consist solely of net investment income, the Fund will issue a notice to stockholders and an accompanying press release that will provide detailed information regarding the amount and composition of the distribution and other related information. The amounts and sources of distributions reported in the notice to stockholders are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during its full fiscal year and may be subject to changes based on tax regulations. The Fund will send stockholders a Form 1099-DIV for the respective calendar year that will tell them how to report these distributions for federal income tax purposes. Stockholders should consult their tax advisor for proper tax treatment of the Fund’s distributions.

About Thomas J. Herzfeld Advisors, Inc.

TJHA, founded in 1984, is an SEC registered investment advisor, specializing in investment analysis and account management in closed-end funds. The Firm also specializes in investment in the Caribbean Basin. The HERZFELD/CUBA division of Thomas J. Herzfeld Advisors, Inc. serves as the investment advisor to The Herzfeld Caribbean Basin Fund, Inc. a publicly traded closed-end fund (NASDAQ: CUBA).

More information about the advisor can be found at www.herzfeld.com.

Past performance is no guarantee of future performance. An investment in the Fund is subject to certain risks, including market risk. In general, shares of closed-end funds often trade at a discount from their net asset value and at the time of sale may be trading on the exchange at a price which is more or less than the original purchase price or the net asset value. An investor should carefully consider the Fund’s investment objective, risks, charges and expenses. Please read the Fund’s disclosure documents before investing.

Forward-Looking Statements

This press release, and other statements that Thomas J. Herzfeld Advisors, Inc. (“TJHA”) or the Fund may make, may contain forward looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the Fund’s or TJHA’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions. TJHA and the Fund caution that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and TJHA and the Fund assume no duty to and do not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. With respect to the Fund, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: (1) changes and volatility in political, economic or industry conditions, particularly with respect to Cuba and other Caribbean Basin countries, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for the Fund or in the Fund’s net asset value; (2) the relative and absolute investment performance of the Fund and its investments; (3) the impact of increased competition; (4) the unfavorable resolution of any legal proceedings; (5) the extent and timing of any distributions or share repurchases; (6) the impact, extent and timing of technological changes; (7) the impact of legislative and regulatory actions and reforms, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulatory, supervisory or enforcement actions of government agencies relating to the Fund or TJHA, as applicable; (8) terrorist activities, international hostilities and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or TJHA or the Fund; (9) TJHA’s and the Fund’s ability to attract and retain highly talented professionals; (10) the impact of TJHA electing to provide support to its products from time to time; and (11) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions. Annual and Semi-Annual Reports and other regulatory filings of the Fund with the SEC are accessible on the SEC’s website at www.sec.gov and on TJHA’s website at www.herzfeld.com/cuba, and may discuss these or other factors that affect the Fund. The information contained on TJHA’s website is not a part of this press release.

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