Citi launches $175m Evolution Mining block trade – The Australian Financial Review

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.

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".

The broker was seeking bids by 6.30pm on Thursday.

La Mancha is Evolution's largest shareholder with a 28.4 per cent stake.

Evolution Mining this week told the marketit expects to achieve its March quarter and full-year production guidance.

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.

The company will release full details on the March quarter performance on April 20.

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.

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Citi launches $175m Evolution Mining block trade - The Australian Financial Review