Australia's Cardno eyes best day in over 2 months on share purchase deal

Cardno

28/03/2022 02:04

** Shares of construction and engineering firm Cardno
 CDD.AX  jump as much as 11.2% to A$1.695 — set for their best
session since Jan. 12 if gains hold
    ** Enters https://www.asx.com.au/asxpdf/20220328/pdf/457dmlhplbvkdb.pdf
 into a share purchase agreement with DT Global Australia for
sale of Cardno Emerging Markets (Australia) Pty Ltd, Cardno UK
Ltd and Cardno Emerging Markets USA Ltd
    ** Deal is for an enterprise value of A$56.5 mln ($42.45
mln) 
    ** Co intends to distribute about A$56.5 mln to its
shareholders, which is equivalent to A$1.45 per share
    ** Completion of deal is targeted for end of June 2022
    ** Stock hits highest level since March 7
    ** More than 120,000 shares have changed hands, compared
with the 30-day average of about 50,000 shares 
    ** As of last close, CDD down ~21 so far this year
    
($1 = 1.3310 Australian dollars)

 (Reporting by Upasana Singh in Bengaluru)
 ((Upasana.Singh@thomsonreuters.com))