Newcrest sells out of Evolution
Shares in Evolution Mining fell sharply after Newcrest Mining cut its stake in the gold miner from 32.3 per cent to 14.9 per cent.
Newcrest offloaded the stake overnight at a price of 85 cents, netting $106 million.
The company has agreed to hold its remaining stake in the company in escrow until the release of Evolution's full-year financial results.
Newcrest managing director and chief executive Sandeep Biswas said Evolution's recent strong trading performance presented an opportunity for Newcrest to realise value for its shareholders by selling part of its interest while retaining ongoing exposure to potential future upside.
Evolution rose from a 52-week low of 43.5 cents in early December to a high of $1.05 earlier this month.
Shares in the company were off eight cents, or 8.56 per cent, to 85.5 cents at 11.35am.
