Ann: Cardno Announces Early Repayment of USPP Notes-CDD.AX, page-12

No growth is in the price, a buyback would create growth in earnings per share.
I don't touch growth companies myself, too risky. They are either spectacularly right but most often abysmally wrong and growth is always in the price in hot growth stocks.
I see I was a bit optimistic, the terms of the USPP were that CDD has to offer to repay in a change of control event. I guess that was what dictated the size of the capital raising.
Obviously the holders chose to accept that offer. It's true that the company is no longer as large and profitable as when the notes were issued but perhaps they considered Crescent an unknown quantity.