Company news: Cardno
In a substantial shareholding release this morning it was disclosed the Crescent Capital has moved to greater than 30% ownership of Cardno (through its partial takeover offer). This means that the Cardno board will now be restructured in line with our indications in last week's W&D. We will now wait to see how the new board finds the business and whether they wish to change any directions going forward. We expect the Cardno share price to move into hibernation for a period until it becomes clear what the next steps are. First Samuel clients will see their position in Cardno halve in the coming week as the cash is received.