In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a disappointing decline. At the time of writing, the benchmark index is down 0.7% to 8,151 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Select Harvests Ltd (ASX: SHV)
The Select Harvests share price is down 18% to $3.70. This has been driven by the almond producer completing its fully underwritten institutional placement and the institutional component of the fully underwritten entitlement offer. Select Harvests raised approximately $61.7 million at a 15.5% discount of $3.80 per new share. Combined with its retail offering, a total of $80 million is being raised from investors. The proceeds will be used primarily for the repayment of debt and provision of facility headroom, as well as capital investment to increase processing capacity.
Strike Energy Ltd (ASX: STX)
The Strike Energy share price is down 9% to 20 cents. This morning, this energy producer released an update on the operations and its reserves and resources review at the Walyering gas field in L23. It notes that over the past year, Strike has produced ~7 PJe from the Walyering gas field, generating $64 million in gross sales revenue and achieving payback in May of this year. However, offsetting this news is a downward revision to 2P Reserves, which is driven primarily by changes in the assumptions of gas in place.
Webjet Ltd (ASX: WEB)
The Webjet share price is down 11% to $7.32. This has been driven by the demerger of the travel company's business-to-consumer (B2C) businesses this morning. Webjet's B2C businesses, which comprise the Webjet OTA and GoSee businesses, have been spun off into a separate listing – Webjet Group Limited (ASX: WJL). It is currently trading at 80 cents. Following the demerger, Webjet Ltd is being renamed WEB Travel Group. It will be home to WebBeds, which is its global business to business (B2B) travel distribution business.
Woolworths Group Ltd (ASX: WOW)
The Woolworths share price is down 3% to $33.98. Investors have been selling the supermarket giant's shares on Monday after the ACCC took it and rival Coles Group Ltd (ASX: COL) to court. The competition regulator alleges that Coles and Woolworths breached the Australian Consumer Law by misleading consumers through discount pricing claims on hundreds of common supermarket products.
