Carronade Capital Urges Cannae Holdings to Answer Crucial Questions on Today's Earnings Call

Core Viewpoint - Carronade Capital Management, a significant shareholder of Cannae Holdings, is urging the company's executive team to address transparency and governance issues during the upcoming earnings call, highlighting a need for accountability and shareholder engagement [1][2][3]. Shareholder Concerns - Carronade Capital expresses disappointment over Cannae's lack of transparency and responsiveness, noting that the company's total shareholder return (TSR) has improved since their engagement, but governance issues remain unaddressed [2]. - The absolute TSR from inception was -5%, and the relative TSR was -156% prior to Carronade's engagement, which has since improved to +18% and +16%, respectively [2]. Governance Issues - The Board of Directors is criticized for taking steps to entrench itself, including generous compensation packages and delaying the 2025 Annual Meeting of Shareholders [2][6]. - Carronade Capital is advocating for shareholder representation on the Board and has nominated four independent candidates for election [3]. Key Questions for Cannae - Carronade Capital has posed several questions for Cannae's management to address, including the timeline for the 2025 Annual Meeting, the justification for delays, and the plan for returning proceeds from the Dun & Bradstreet sale [6]. - Specific inquiries include how much of the $300 million committed for share repurchases will be returned to non-insider shareholders and whether a premium will be offered in a tender offer [6]. Company Background - Carronade Capital Management is a multi-strategy investment firm with approximately $2.5 billion in assets under management, focusing on process-driven investments in catalyst-rich situations [5].