$15.640
+0.192 (+1.23%)收盤時
CNNE 資訊
CNNE 事件
Company Reports Q2 Revenue of $102.2M, Beating Estimates
Reports Q2 revenue $102.2M, two estimates $99.65M.
Cannae Holdings Sells 87% Stake in Brasada Ranch for $40M
Cannae Holdings entered into an agreement to sell its 87% ownership interest in Brasada Ranch, a destination resort located in Powell Butte, Oregon, to a company owned by William Foley, II, Cannae's Vice Chairman, in exchange for the termination of Mr. Foley's put right. The Transaction represents an estimated enterprise value for Brasada of $40M, including the assumption of approximately $17M of debt on the property by the buyer. Cannae has owned Brasada for over 10 years and received $13.5M of distributions to date, fully recovering its original investment through distributions prior to the Transaction. However, in the last two years, ongoing distributions have slowed as Brasada entered a new phase of its development that requires significant capital expenditure and management time to expand the community and improve the existing facilities. As a result of these changes at Brasada and Cannae's strategy of repositioning the portfolio and monetizing non-core assets, Cannae viewed this as the optimal time to exit. The Transaction advances Cannae's strategic objectives on multiple fronts by: monetizing a non-core asset as Cannae repositions its portfolio to focus on sports and entertainment related assets, eliminating the put right, and freeing up at least $47M of capital for redeployment into other higher returning investments or capital returns to shareholders. The Transaction was reviewed and unanimously approved by Cannae's Related Person Transaction Committee, as well as by Cannae's Board of Directors. Foley did not participate in the Board's deliberations and did not vote on the Transaction. The Transaction is expected to close on or before July 15, subject to certain closing conditions.
Cannae Holdings Completes Acquisition of Exeter Rugby Group for £32.6M
Cannae Holdings announced that through its newly created subsidiary Black Knight Rugby, it has completed the acquisition of Exeter Rugby Group. The transaction values Exeter at an enterprise value of GBP 32.6M, with Cannae investing GBP 19.6M at closing of which GBP 11.7M will be used to pay down outstanding debt and other liabilities at close and GBP 7.9M will remain on Black Knight Rugby and Exeter's balance sheet for growth capital and general corporate purposes. The purchase price represents an attractive entry multiple into a leading professional sports asset.
Q1 Revenue at $96.2M, Below Consensus of $99.77M
Reports Q1 revenue $96.2M, consensus $99.77M.
Cannae Holdings Authorizes Buyback of 14.9 Million Shares
Cannae Holdings announced that its board of directors has authorized a new stock repurchase program, effective March 6, under which the company may repurchase up to 10M shares of its common stock, in addition to the 4.9M shares remaining under Cannae's prior authorizations, for an aggregate share buyback authorization of 14.9M shares. The company has 46.4M shares outstanding. The company said, "The Board continues to be unsatisfied with Cannae's current share price and believes that it does not reflect the intrinsic value of the Company's assets or the long-term potential of the platform. Based on feedback from shareholders, the Board is expanding its commitment to capital returns and increasing its share repurchase authorization to provide management with more flexibility to buy back shares in the short term and as the Company generates liquidity through the sale of non-core assets. The increased authorization demonstrates Cannae's focus on maximizing shareholder value and taking action to increase Cannae's share price."
本頁僅供研究參考，不構成投資建議。模型可能出錯。過往表現不代表未來結果。