Cardno ends sale process for Entrix America

Cardno Limited (ASX:CDD) has announced the end of the sale process for Entrix America. After engaging AEC Advisors in April 2024 to explore sales options for Entrix America, the process was unsuccessful in finding a buyer. As a result, the Cardno Board has decided to terminate the mandate with AEC Advisors. The board will now consider alternative actions for Entrix, including the possibility of closing down the business.

Board's Intention to Wind Up Cardno

The Cardno Board has acknowledged the challenges in selling Entrix America and the limited expected future near-term collections from Insus. As a result, the board has decided to seek to realize whatever value it can over the next 6 months and return cash to shareholders. The current intention is to wind up Cardno in an efficient and timely manner, ideally by 30th June 2025. The board will continue to update shareholders on the progress of this process and the distribution of cash.

Cardno's Future and Shareholder Return

Cardno has concluded the sale process for Entrix America after being unable to find a buyer. The board is now considering options for Entrix, including the potential closure of the business. Additionally, the board has expressed its intention to wind up Cardno by June 2025, aiming to return cash to shareholders during this process. Shareholders can expect further updates as the board progresses with the required steps for the wind-up process.