The Globe and Mail reports in its Wednesday edition that an activist investor that had been urging Parkland to sell or spin off its Burnaby refinery earlier this year is back with a new set of demands. A Canadian Press dispatch to The Globe says that in a letter to the Parkland board on Tuesday, New York-based Engine Capital LP argues that Parkland remains undervalued. Engine Capital said it wants to see the company take further steps, including refining the company's capital allocation, improving its approach to executive compensation and simplifying its operations. The hedge fund is also calling on the company to allocate around $800-million to share buybacks in 2024 and 2025, with repurchases front-loaded in 2024 to take advantage of the stock undervaluation. It is also suggesting Parkland pay down $600-million in debt over the next two years, primarily using proceeds from asset sales. Engine Capital first set its sights on Parkland last March, publicly urging the company to get rid of what it called "non-core assets" and become a pure-play fuel and convenience retailer. That recommendation was rejected by the company, which -- following its own strategic review -- stated it would not sell the Burnaby refinery.