Carronade Capital Escalates Campaign at Cannae Holdings (CNNE), Citing NAV Declines, Related-Party Deals, and Failed Oversight

Carronade’s presentation argues that Cannae’s long-standing governance failures—director entrenchment, conflicted related-party deals, and poor oversight—have destroyed shareholder value, citing steep absolute losses, a persistent NAV decline, and repeated dilution of ownership through insider-favored transactions. Across visuals such as the performance charts on pages 5–8 and the BKFC dilution exhibit on page 11, Carronade shows how management enriches itself while shareholders absorb losses. The deck claims the Board misleads investors, resists accountability, and continues harmful practices under the guise of “strategic transformation.” Carronade positions its four nominees as independent, qualified alternatives capable of restoring oversight, improving governance, and protecting shareholder capital.