News: CDD Cardno Announces Sale Of Americas And Asia Pacific Consulting Divisions

Oct 21 (Reuters) - Cardno Ltd (CDD) :

• CARDNO LTD - SALE OF AMERICAS AND ASIA PACIFIC CONSULTING DIVISIONS-CDD.AX
• CARDNO LTD - AGGREGATE CASH CONSIDERATION OF US$500M
• CARDNO LTD - CARDNO INTENDS TO DISTRIBUTE BETWEEN AUD$567M TO AUD$600M TO CARDNO SHAREHOLDERS
• CARDNO LTD - ENTERED INTO SHARE SALE AGREEMENTS WITH STANTEC INC.
• CARDNO LTD - EXPECTS TO RETAIN ABOUT A$64M OF CASH FROM TRANSACTION PROCEEDS
• CARDNO LTD - PROPOSED DISTRIBUTION WILL BE A MIXTURE OF A CAPITAL RETURN AND AN UNFRANKED DIVIDEND
• CARDNO LTD - WILL HAVE NO EXTERNAL DEBT FOLLOWING TRANSACTIONS
• CARDNO LTD - AIMS TO DISTRIBUTE FUNDS TO SHAREHOLDERS EXPEDITIOUSLY AFTER EGM
• CARDNO - BOARD UNANIMOUSLY RECOMMENDS SHAREHOLDERS VOTE IN FAVOUR OF TRANSACTIONS AT EGM
• CARDNO LTD - CRESCENT CAPITAL PARTNERS INTENDS TO VOTE IN FAVOUR OF TRANSACTIONS
• CARDNO - WILL CONTINUE TO WIND DOWN SOUTH AMERICAN OPERATIONS WHICH IS EXPECTED TO BE COMPLETE BY DEC 2022