Glass Lewis recommends Cannae shareholders vote for Carronade nominees

Carronade Capital Master, which beneficially owns approximately 3.2M shares of Common Stock of Cannae Holdings (CNNE), announced that Glass, Lewis & Co. recommends that Cannae shareholders vote “FOR” Carronade nominees, Mona Aboelnaga, Benjamin Duster, Dennis Prieto and Cherie Schaible, and “WITHHOLD” on all four of Cannae’s nominees, Erika Meinhardt, Barry Moullet, James Stallings, Jr., and Frank Willey, on Carronade’s GOLD proxy card in connection with Cannae’s 2025 Annual Meeting of Shareholders to be held on December 12th, 2025. In making its recommendation, Glass Lewis noted: “…Cannae’s decidedly dour legacy of value creation, persistent trading discount, questionable capital allocation and a corporate governance framework marred by misaligned incentives, half-step improvements and a byzantine network of interlinked directors who have failed to prioritize broader investor interests and remediate long-standing deficiencies…The board is, in our view, not particularly successful in deflecting long-standing concern that Bill Foley’s preferences and predilections rule the roost at Cannae, nor do we find much traction in published efforts to refute expansive, long-term associations and cross-connections to Mr. Foley and/or Foley-related vehicles. Given the less than theoretical implications of this architecture – including a high-cost, low-value external management agreement purportedly terminated for the same reason it was previously executed, multiple conflicted SPAC investments, pointedly atypical compensation architecture and, ultimately, substantial declines in shareholder value and a functionally unaltered trading discount – the import of fresh oversight is clear, in our view.”