Parkland Income Fund Announces Record Date for Subdivision of Trust Units and Intention to Extend Exchange Date for Holders of Class B Limited Partnership Units

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    RED DEER, AB, May 15 /CNW/ - On May 4, 2007, Parkland Income Fund (TSX:
PKI.UN) (the "Fund") announced that the Board of Directors of Parkland
Industries Ltd., in its capacity as administrator of the Fund, had approved a
division of the trust units of the Fund (the "Units") on a three for one basis
(the "Subdivision"). Management of the Fund announced today that a record date
of May 25, 2007 (the "Record Date") has been established to effect the
    The Fund is undertaking the Subdivision to enhance the marketability of
the Units and make the Units more accessible to a wider range of investors.
The Subdivision will not change the rights of the holders of Units and each
Unit outstanding after the Subdivision will be entitled to one vote for each
Unit held. The Subdivision will also apply to the Class B and Class C Limited
Partnership Units of Parkland Holdings Limited Partnership (the
"Partnership"), which are indirectly convertible into Units on a one-for-one
    Holders of Units of record on the Record Date will keep their current
certificates representing Units and will be provided with additional Unit
certificates to which they are entitled as a result of the Subdivision. It is
expected that registered holders of Units as of the Record Date will be mailed
certificates representing the Subdivision on or about June 1, 2007 and the
brokerage accounts of non-registered holders of Units will be credited for the
additional Units representing the Subdivision on or about the Record Date.
Currently outstanding certificates representing Units should be retained by
the holders thereof and should not be forwarded to the Fund or the transfer
agent of the Units. Pursuant to the terms of the deed of trust of the Fund,
approval of holders of Units is not required in order to give effect to the
    The Units are expected to begin trading on a post-Subdivision basis on
the Toronto Stock Exchange on May 23, 2007. The completion of the Subdivision
is subject to the receipt of all necessary regulatory approvals.
    In addition to the foregoing, the Fund announced its intention to call
and hold a meeting (the "Meeting") of the holders of Class B Limited
Partnership Units (the "Class B Units") of the Partnership for the sole
purpose of considering, and if deemed advisable, approving, the extension of
the exchange date by which holders of the Class B Units are required to
exchange such Class B Units for Units on a one-for-one basis from June 30,
2008 to June 30, 2011 (the "Extension"). This action is taken in light of the
uncertainty as to restructuring which the Fund may undertake in the future in
response to proposed taxation rules related to Trusts. If approved by the
holders of Class B Units, the Extension will result in an amendment to the
exchange agreement pertaining to the Class B Units. Giving effect to the
Extension is subject to the Fund and the Partnership seeking and obtaining all
necessary regulatory approvals.
    A record date and meeting date for the Meeting have not yet been set by
the Fund. The Fund will make an advance announcement of the record date and
meeting date for the Meeting once such dates have been determined. It is
expected that the Meeting will be held prior to June 30, 2007.

    Fund Description

    Parkland Income Fund operates retail and wholesale fuels and convenience
store businesses under its Fas Gas Plus, Fas Gas, Race Trac Fuels and Short
Stop Food Stores brands and through independent branded dealers, and
transports fuel through its Petrohaul division. With over 550 locations,
Parkland has developed a strong market niche in western and northern Canadian
non-urban markets. Through Neufeld and Joy the Fund markets propane, gasoline,
diesel, lubricants, industrial fluids, agricultural inputs and delivery
services to commercial and industrial customers in northern Alberta,
northeastern British Columbia and the Northwest Territories. To maximize value
for its unitholders, the Fund is focused on the continuous refinement of its
retail portfolio, increased revenue diversification through growth in non-fuel
revenues and active supply chain management. Parkland operates the Bowden
refinery near Red Deer, Alberta producing drilling fluids on a contract basis.
    The Fund's units trade on the Toronto Stock Exchange (TSX) under the
symbol PKI.UN. For more information, visit

    Certain information included herein is forward-looking. Forward-looking
statements include, without limitation, statements regarding the future
financial position, business strategy, budgets, projected costs, capital
expenditures, financial results, taxes and plans and objectives of or
involving Parkland. Many of these statements can be identified by looking for
words such as "believe", "expects", "expected", "will", "intends", "projects",
"projected", "anticipates", "estimates", "continues", or similar words and
include but are not limited to, statements regarding the accretive effects of
the acquisition and the anticipated benefits of the acquisition. 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 the
Fund's annual report, 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 the Fund'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
the Fund 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.

For further information: Parkland Industries Ltd., Administrator of
Parkland Income Fund: Red Deer: Mike W. Chorlton, President and CEO, (403)
357-6400; John G. Schroeder, Vice President and CFO, (403) 357-6400; If you
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