CDD -- The Next Two Years, page-18

You are right, the business that was previously called Haynes Whaley Associates was purchased by Cardno in 2013 for US$22.25 (though the last instalment was not paid until FY 2016). The business was sold by Cardno to Imeg Corp for A$4.5 on 29 May 2020.

The business lost around A$4.3 m in the 2018 and 2019 financial years.

This is the same business (referred to as the US Structures Business) that is discussed in Note 3 to the 2020 Annual Report, page 46.

Yes, the business was sold for much less than was previously paid, but it is incorrect to say that Cardno paid someone to take it off their hands. You have clearly misread the accounts.

In fact, because of prior year write downs, the sale resulted in a $1.4m gain on disposal.

BTW, why should the company have made an announcement regarding this sale? It was not a material transaction for continuous disclosure purposes.

I’ve absolutely no doubt Buckley and the prior board overpaid for this business.

I'm no fan of Crescent but let's be accurate and balanced when criticising them.

Cheers