Carronade Capital calls on Cannae Holdings to announce Annual Meeting date

Carronade Capital Master, which beneficially owns approximately 3.2 million shares of Common Stock of Cannae Holdings (CNNE), issued the following statement calling on Cannae’s Board of Directors to promptly announce the date of the Company’s 2025 Annual Meeting of Shareholders: “Carronade urges Cannae to immediately set and announce the date of its 2025 Annual Meeting, which was last held over a year ago on June 19, 2024. Cannae’s failure to schedule its 2025 Annual Meeting in the midst of a contested election and in a manner consistent with its past annual meetings raises serious doubts about the Board’s supposed ‘significant advancements in governance’. Shareholders deserve an explanation of the corporate purpose and reason for delaying the meeting; absent that, it appears to be another transparent effort to evade accountability, further entrench the current Board and disenfranchise Cannae’s long-suffering shareholders. We believe Cannae’s delay in holding its 2025 Annual Meeting is a deliberate attempt to manipulate the corporate machinery and a consequence of this Board’s decision to reincorporate from Delaware to Nevada, a move that was not viewed favorably by Institutional Shareholder Services, Inc., one of the leading proxy advisory firms. By denying shareholders the opportunity to exercise their fundamental right to vote in a normal election cycle, we believe Cannae has once again demonstrated its blatant disregard for commonly accepted corporate governance principles, underscoring the urgent need for Board change and increased accountability. Additionally, Cannae should provide greater clarity on its plan to return capital to shareholders following the announced Dun & Bradstreet sale. If the delayed 2025 Annual Meeting is related to the Company’s attempt to enact a tender offer, Carronade believes it is imperative that any such share buyback be executed on terms that are at least as favorable as the 20% premium afforded to Cannae Founder Bill Foley.”