Cannae Holdings, Inc. Provides Update on Share Repurchase Program
18 Mayo 2023 - 7:00AM
Business Wire
~ Share Repurchases Remain a Priority for
Capital Deployment as Cannae Shares Trade at a 44% Discount to
Liquidation Value ~
Cannae Holdings, Inc. (NYSE:CNNE) (“Cannae” or the “Company”)
today provided an update on its previously authorized stock
repurchase program. The Company currently has authority to
repurchase approximately 8.4 million shares, or 11% of Cannae’s
shares outstanding, under the Company’s 10 million share repurchase
plan authorized in 2022.
William P. Foley, II, Chairman of Cannae, commented, “Our shares
are currently trading at a 44% discount to the Net Asset Value per
Share of our portfolio companies despite their strong performance
and, we believe, promising outlook. As a result, we will continue
to utilize our share repurchase authorization to buy back stock
when our shares trade at such a meaningful discount to Net Asset
Value per Share. We have sufficient liquidity to complete this
repurchase program.”
Purchases may be made from time to time in the open market at
prevailing prices or in privately negotiated transactions through
August 3, 2025. The repurchase program does not obligate the
Company to acquire any specific number of shares and may be
suspended or terminated at any time.
About Cannae Holdings, Inc.
We primarily acquire interests in operating companies and are
engaged in actively managing and operating a core group of those
companies. We are a long-term owner that secures control and
governance rights of other companies primarily to engage in their
lines of business and we have no preset time constraints dictating
when we sell or dispose of our businesses. We believe that our
long-term ownership and active involvement in the management and
operations of companies helps maximize the value of those
businesses for our shareholders. Cannae’s current operating
interests include Dun & Bradstreet Holdings, Inc. (NYSE: DNB),
in which Cannae holds 79 Million shares or 18% interest, and
Alight, Inc. (NYSE: ALIT), in which Cannae owns 52.5 Million shares
representing a 10% interest. Cannae also holds 5 Million shares, or
3%, of Ceridian HCM Holdings, Inc. (NYSE: CDAY), 27 Million shares,
or 24%, of System1, Inc. (NYSE: SST), and 3.4 Million shares, or 6%
of Paysafe Limited (NYSE: PSFE). Cannae’s other principal operating
holdings include Sightline Payments, of which Cannae owns 32%,
Computer Services, Inc., of which Cannae owns 9% and Black Knight
Football & Entertainment, LP, of which Cannae owns
approximately 50%.
Forward-Looking Statements and Risk Factors
This document contains forward-looking statements that involve a
number of risks and uncertainties. Statements that are not
historical facts, including statements regarding our expectations,
hopes, intentions, or strategies regarding the future are
forward-looking statements. Forward-looking statements are based on
management's beliefs, as well as assumptions made by, and
information currently available to, management. Because such
statements are based on expectations as to future financial and
operating results and are not statements of fact, actual results
may differ materially from those projected. We undertake no
obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise. The risks
and uncertainties which forward-looking statements are subject to
include, but are not limited to: changes in general economic,
business and political conditions, including changes in the
financial markets and changes in macroeconomic conditions resulting
from the outbreak of a pandemic or escalation of the current
conflict between Russia and Ukraine; risks associated with the
Investment Company Act of 1940; our potential inability to find
suitable acquisition candidates, acquisitions in lines of business
that will not necessarily be limited to our traditional areas of
focus, or difficulties in integrating acquisitions; significant
competition that our operating subsidiaries face; risks related to
the externalization of certain of our management functions to an
external manager; and other risks.
This document should be read in conjunction with the risks
detailed in the “Statement Regarding Forward-Looking Information,”
“Risk Factors” and other sections of the Company’s Form 10-Q,10-K
and other filings with the Securities and Exchange Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20230518005446/en/
Jamie Lillis, Managing Director, Solebury Strategic
Communications, 203-428-3223, jlillis@soleburystrat.com
Cannae (NYSE:CNNE)
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