Cardno Limited (ASX: $CDD) Distribution and Shareholder Update

Cardno Limited (ASX: $CDD) has announced the distribution of an unfranked dividend of AUD $10.8m (27.6 cents per share) to its shareholders. The distribution is a result of the repatriation of US$5.9m from Insus related to three positive legal claims in 1H24 and the collection of $1.5m related to the sale of Cardno International Development to DT Global Australia Pty Ltd. The Special Dividend will be paid on Monday, 29 April 2024, to shareholders on the register as at the record date of Thursday, 11 April 2024.

Executive Commentary

The Board of Cardno is focused on the divestment of Entrix operations, the collection of remaining $3.5m due from DT Global, the collection of cash related to Insus legal claims, and the minimization of head office and listed legal entity costs to maximize proceeds to shareholders. The Board will consider options for the listed entity when the cost of operating outweighs the benefits of further collections.

Summary

Cardno Limited (ASX: $CDD) has decided to distribute an unfranked dividend of AUD $10.8m to its shareholders, reflecting the repatriation of US$5.9m from Insus and $1.5m from the sale of Cardno International Development. The company's focus is on divesting Entrix operations, collecting remaining dues from DT Global, and minimizing costs to maximize proceeds to shareholders. Cardno reserves the right to vary the dividend timetable and will announce any changes on the ASX and its website. The Board will consider options for the listed entity when the cost of operating outweighs the benefits of further collections.