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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.