Business
Cannae Holdings, Inc. Responds to Carronade Capital and Affirms the Board of Directors’ and Management’s Focus on Driving Long-Term Value Creation
LAS VEGAS, March 20, 2025--Cannae Holdings, Inc. (NYSE: CNNE) ("Cannae" or the "Company") today issued a response to Carronade Capital’s recent statement and director nomination notice. The Company also highlighted the significant actions already taken to position the Company for long-term value creation.
About this update from Cannae Holdings, Inc.
[{"type":"text","content":"LAS VEGAS, March 20, 2025--(BUSINESS WIRE)--Cannae Holdings, Inc. (NYSE: CNNE) ("Cannae" or the "Company") today issued a response to Carronade Capital’s recent statement and director nomination notice. The Company also highlighted the significant actions already taken to position the Company for long-term value creation.","length":343,"tagName":"p"},{"type":"text","content":"In February 2024, Cannae began taking decisive action, with a sharp eye towards improving and monetizing its investment holdings, returning capital to shareholders, and reducing operational expenses. These steps aim to grow the net asset value ("NAV") of our portfolio and close Cannae’s share price discount to NAV. At that time, the Cannae Board appointed William P. Foley, II, as Chief Executive Officer to execute our strategic plan. Cannae also announced the wind-down of its Management Services Agreement with Trasimene Capital Management. This change internalized all management and investment functions, which significantly reduced Cannae’s total management expenses, and further aligned incentives by shifting compensation for key executives primarily to Cannae stock.","length":787,"tagName":"p"},{"type":"text","content":"Cannae’s strategy has three main levers, including (1) returning capital to shareholders; (2) rebalancing the portfolio away from public investments, primarily to private company investments with cash flows; and (3) improving the operational performance of our portfolio companies. We have made strong progress across all three areas of focus. We believe our strategy will deliver better long-term returns to our shareholders than the actions proposed by Carronade Capital.","length":473,"tagName":"p"},{"type":"text","content":"We actively engage and appreciate feedback from all of our shareholders on ways we can increase value. With this mindset, over the past several weeks, we have discussed our strategy with Carronade, and what we believe is in the best interests of all shareholders, in an attempt to arrive at a mutually agreeable resolution. As part of our engagement, we communicated our commitment to increasing our stock price and closing the NAV discount through returning a substantial amount of capital to shareholders. We expect to return a significant amount of capital upon the realization of our public comp...