Carronade Capital seeks board seats at Cannae Holdings

Carronade Capital Master LP released a presentation criticizing Cannae Holdings Inc. (NYSE: CNNE) management and urging shareholders to vote for its four director nominees at the company's December 12 annual meeting.

Carronade Capital, which owns approximately 3.2 million shares of Cannae Holdings, issued the presentation to counter statements made by Cannae regarding the upcoming shareholder meeting. The investment firm claims Cannae shareholders have experienced a 60% loss over the past five years while the stock declined 29% following the company's last three quarterly earnings calls.

The firm nominated four candidates for Cannae's board: Mona Aboelnaga, Benjamin Duster, Dennis Prieto and Chérie Schaible. Carronade states these nominees bring experience relevant to Cannae's business and would provide objectivity to the boardroom.

According to Carronade's presentation, Cannae's net asset value per share declined 50% while management and directors collectively received over $650 million since the company's inception. The firm alleges current board members up for election have underperformed, with some showing negative cumulative relative total shareholder returns over five years.

Carronade Capital Management is a multi-strategy investment firm based in Darien, Connecticut, managing approximately $2.7 billion in assets. The firm was founded in 2019 by Dan Gropper and launched its investment activities in July 2020.

Shareholders can vote until 11:59 pm Pacific Time on December 11. Carronade has filed a definitive proxy statement with the Securities and Exchange Commission for its director nominations.

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