Why Buddy, Evolution, Medical Dev International, & Whitefield are dropping

These ASX shares aren’t having a good finish to the week…
The post Why Buddy, Evolution, Medical Dev International, & Whitefield are dropping appeared first on The Motley Fool Australia. –

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) on course to end the week in a subdued fashion. At the time of writing, the benchmark index is down slightly to 7,335.6 points.

Four ASX shares that are falling more than most are listed below. Here’s why they are dropping today:

Buddy Technologies Ltd (ASX: BUD)

The Buddy Technologies share price has crashed 42% lower to 2.5 cents. This morning the embattled smart device company announced firm commitments for a placement to institutional, professional and sophisticated investors to raise $6.5 million before costs. These funds are to be raised at 2.5 cents per new share, representing a 42% discount to its last close price. The company will now seek to raise a further $10 million at the same price through an entitlement offer. Though, it is worth noting that investors can currently buy shares for the same price on-market.

Evolution Mining Ltd (ASX: EVN)

The Evolution share price has fallen 6% to $4.65. Investors have been selling the gold miner’s shares following the release of an update on its production in FY 2021. According to the release, Evolution’s production came in at 681,000 ounces with an all-in sustaining cost of A$1,215 per ounce in FY 2021. Although this was in line with its original guidance, it fell short of the upgraded guidance given in April of 695,000 to 710,000 ounces.

Medical Developments International Ltd (ASX: MVP)

The Medical Developments International share price is down 5% to $4.16. This follows the release of an update on a balance sheet review. Following the review, the company expects to recognise a non-cash charge of $7.5 million to $8.5 million after tax in FY 2021. This relates to its respiratory business, which has been adversely impacted in FY 2021 by the COVID-19 pandemic. As a result, the company expects to post a loss after tax of $11.7 million to $13.7 million for the year.

Whitefield Limited Fully (ASX: WHF)

The Whitefield share price is down 7% to $5.80. This follows the completion of the investment company’s placement this morning. Whitefield raised $50 million via a placement to sophisticated and professional investors at $5.56 per share. This represents a discount of 10.8% to its last close price. The proceeds will be invested in a diversified portfolio of ASX listed equities, cash, or cash equivalents. This in line with its investment objectives and strategy.

The post Why Buddy, Evolution, Medical Dev International, & Whitefield are dropping appeared first on The Motley Fool Australia.

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More reading

ASX 200 midday update: Rio Tinto update disappoints, Evolution sinks

Evolution (ASX:EVN) share price slides 5% despite revealing major growth plans
Why the Buddy Technologies (ASX:BUD) share price is crashing 46% lower today
Why the Medical Developments International (ASX:MVP) share price is sinking 8% today
5 things to watch on the ASX 200 on Thursday

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Medical Developments International Limited. The Motley Fool Australia owns shares of and has recommended Medical Developments International Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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