Citi's equities desk was in the market with a $175 million block trade in gold producer Evolution Mining on Thursday afternoon. <\/p>\n
As revealed by Street Talk, Citi was seeking bids for 87.4 million Evolution Mining shares at $1.98 to $2.05 a share. <\/p>\n
The offer was priced at a 3.8 per cent to 6.3 per cent discount to the last close, and represented 5.2 per cent of Evolution's issued equity. <\/p>\n
The shares were being sold as part of a hedge position entered into by Evolution shareholder La Mancha. Citi was calling it a \"delta placement\". <\/p>\n
The broker was seeking bids by 6.30pm on Thursday. <\/p>\n
La Mancha is Evolution's largest shareholder with a 28.4 per cent stake. <\/p>\n
Evolution Mining this week told the marketit expects to achieve its March quarter and full-year production guidance. <\/p>\n
Evolution hadpreviously flagged a production target of 200,000 ounces for the March quarter, and between 800,000-860,000 ounces for the full year to June 30. <\/p>\n
The company will release full details on the March quarter performance on April 20. <\/p>\n
Evolution in February said it returned to the black with a record interim profit of $136.7 million for the six months ended December, compared with a loss of $15.5 million a year ago. <\/p>\n<\/p>\n
<\/p>\n
Read more here: <\/p>\n
Citi launches $175m Evolution Mining block trade - The Australian Financial Review<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Citi's equities desk was in the market with a $175 million block trade in gold producer Evolution Mining on Thursday afternoon. As revealed by Street Talk, Citi was seeking bids for 87.4 million Evolution Mining shares at $1.98 to $2.05 a share. The offer was priced at a 3.8 per cent to 6.3 per cent discount to the last close, and represented 5.2 per cent of Evolution's issued equity Continue reading