AGM, page-22

Hi @stayer, there was debate about the PPI construction arm sale at the time. The main reason, as I understand it, is that PPI were exposed to construction risk, which is something Cardno were not geared up to manage. So hence I think they were keen to get rid of that part of the business. The XP Sale was excellently timed as they made more on the sale than anticipated (From memory around $50 Million USD). No doubt that the fundamentals are much stronger with a much better balance sheet. My issue has always been, what next? Where is the business headed. There has been enormous consolidation in this sector and with zero debt Cardno would be an excellent acquisition, but it still needs transformation into a proper engineering business (especially in the US, where it is mostly and Environmental services business) . The new CEO looks OK on paper and is well regarded in the industry (Note I work for a competitor overseas and know many people in Cardno). I like the buybacks continuing