Cannae Holdings Faces Shareholder Scrutiny from Carronade Capital.

Cannae Holdings (CNNE) faces pressure from top shareholder Carronade Capital, which owns 3.2 million shares. Carronade is seeking transparency, governance issues, and shareholder representation on the Board. CNNE has seen an improvement in total shareholder return since Carronade's engagement but faces criticism for a lack of transparency and potential preferential treatment of insider shareholders. Investors should closely monitor the outcomes of the upcoming earnings call and any subsequent actions by the Board.

Cannae Holdings, Inc. (NYSE: CNNE) is under scrutiny from one of its top shareholders, Carronade Capital, which owns approximately 3.2 million shares. Carronade Capital has expressed disappointment with the lack of transparency and responsiveness from Cannae's executive team and Board of Directors (the "Board"). The shareholder activist has posed several crucial questions that it believes should be addressed during Cannae's second quarter 2025 earnings call scheduled for August 11, 2025 [1].

Carronade Capital Management, LP, a multi-strategy investment firm based in Darien, Connecticut, with approximately $2.5 billion in assets under management, is seeking answers to key governance and strategic issues. The firm has noted that since its public engagement on March 20, 2025, Cannae's total shareholder return (TSR) has improved, with absolute and relative TSRs increasing to +18% and +16%, respectively [1].

Among the questions posed by Carronade Capital are:

1. When will Cannae hold its 2025 Annual Meeting of Shareholders?
2. How does the Board justify further delay given it has been nearly 14 months since the last Annual Meeting?
3. What are Bill Foley's responsibilities under his new Director Services Agreement now that he has triggered his payout package?
4. How does the new Board construction, with one of Bill Foley's long-time associates as Chairman and two new directors added during a proxy contest, give shareholders confidence in the boardroom?
5. What is the timeline for returning the proceeds from the Dun & Bradstreet sale and how much will shareholders receive?
6. Will the remaining $200 million from the sale be returned directly to non-insider shareholders, or will a portion be held back to repurchase half of Bill Foley's shares at a 20% premium?
7. What is the plan for monetizing and returning other public investments that have destroyed significant amounts of shareholder capital?

Cannae's Board has been criticized for taking steps to further entrench itself and disenfranchise shareholders, as evidenced by generous compensation packages and delaying the 2025 Annual Meeting of Shareholders [1]. Carronade Capital remains committed to effecting meaningful change to drive shareholder value and will continue to seek shareholder representation on the Board at the 2025 Annual Meeting.

Investors should closely monitor the outcomes of the upcoming earnings call and any subsequent actions by the Board. Carronade Capital's nominees for the Board include Mona Aboelnaga, Benjamin Duster, Dennis Prieto, and Cherie Schaible [1].

References:
[1] https://www.marketscreener.com/news/carronade-capital-urges-cannae-holdings-to-answer-crucial-questions-on-todaya-s-earnings-call-ce7c5ed3d98bf527