In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a decent gain. At the time of writing, the benchmark index is up 0.3% to 7,517.7 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
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Air New Zealand Limited (ASX: AIZ)
The Air New Zealand share price has crashed 20% to 92 cents. The catalyst for this decline has been the airline operator's shares trading ex-rights this morning. Last week Air New Zealand announced a $1.2 billion 2 for 1 rights offer. This meant that shareholders owning shares prior to the open, will now have the right to pick up new shares at a huge discount of 49 Australian cents.
Bank of Queensland Limited (ASX: BOQ)
The Bank of Queensland share price is down 3% to $8.26. This follows a couple of recent broker downgrades. On Friday, the team at Macquarie downgraded its shares to a neutral rating from outperform. This morning, Ord Minnett followed suit and downgraded the bank's shares to a hold rating.
Domain Holdings Australia Ltd (ASX: DHG)
The Domain share price is down 2% to $3.93. This has been driven by the completion of the institutional component of the property listings company's entitlement offer. Domain raised $162 million from institutional investors at a 5.2% discount of $3.80 per new share. These funds, together with an accompanying share purchase plan, are being used to acquire Realbase for $180 million. It is a leading campaign management technology platform in the Australia and New Zealand region.
Perpetual Limited (ASX: PPT)
The Perpetual share price has fallen 6% to $32.19. Investors have responded negatively to news that Perpetual has tabled a takeover offer for rival Pendal Group Ltd (ASX: PDL). According to the release, Perpetual has offered the equivalent of a $6.23 per share in scrip and cash to acquire Pendal. This values Pendal at $2.4 billion.
