Brief: Cardno Announces Sale Of Americas And Asia Pacific Consulting Divisions

Cardno

21/10/2021 12:10

Oct 21 (Reuters) - Cardno Ltd  CDD.AX :
    * CARDNO LTD - SALE OF AMERICAS AND ASIA PACIFIC CONSULTING
DIVISIONS-CDD.AX
    * CARDNO LTD -  AGGREGATE CASH CONSIDERATION OF US$500M
    * CARDNO LTD - CARDNO INTENDS TO DISTRIBUTE BETWEEN AUD$567M
TO
AUD$600M TO CARDNO SHAREHOLDERS
    * CARDNO LTD -  ENTERED INTO SHARE SALE AGREEMENTS WITH
STANTEC
INC.
    * CARDNO LTD - EXPECTS TO RETAIN ABOUT A$64M OF CASH FROM
TRANSACTION PROCEEDS
    * CARDNO LTD -  PROPOSED DISTRIBUTION WILL BE A MIXTURE OF A
CAPITAL RETURN AND AN UNFRANKED DIVIDEND
    * CARDNO LTD - WILL HAVE NO EXTERNAL DEBT FOLLOWING
TRANSACTIONS
    * CARDNO LTD -  AIMS TO DISTRIBUTE FUNDS TO SHAREHOLDERS
EXPEDITIOUSLY AFTER EGM
    * CARDNO - BOARD UNANIMOUSLY RECOMMENDS SHAREHOLDERS VOTE IN
FAVOUR OF TRANSACTIONS AT EGM
    * CARDNO LTD -  CRESCENT CAPITAL PARTNERS INTENDS TO VOTE IN
FAVOUR OF TRANSACTIONS
    * CARDNO - WILL CONTINUE TO WIND DOWN SOUTH AMERICAN
OPERATIONS
WHICH IS EXPECTED TO BE COMPLETE BY DEC 2022

Source text for Eikon:  ID:nASX5Twqjb 
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 (Reuters.briefs@thomsonreuters.com)