Cardno (ASX:CDD) hired US consultancy firm AEC Advisors in April to sell its infrastructure and environmental services arm Entrix America, but could not find a buyer as the company's board now explores other options, according to a Monday filing with the Australian bourse.
The company understands the cost of operating the head office will outweigh the benefits of continuing operations, on which the board will seek to wind up the business, the filing stated.
Cardno will realize whatever value it can in the next six months to return cash to shareholders, with intentions to wind up the business by June 30, 2025, according to the filing.
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