In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small decline. At the time of writing, the benchmark index is down 0.15% to 8,572.6 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Boss Energy Ltd (ASX: BOE)
The Boss Energy share price is down 28% to $1.13. This follows the eagerly anticipated release of the uranium producer's Honeymoon project review. Short sellers have been betting heavily against the company on the belief that the review would disappoint and they were spot on. The company revealed that the Honeymoon review has indicated an expected material and significant deviation from the assumptions underpinning its 2021 Enhanced Feasibility Study (EFS). Boss Energy's managing director, Matthew Dusci, is hopeful that there is still a way forward. He said: "Although Boss acknowledges this disappointing outcome, the Honeymoon Review and delineation drilling programs have enabled the identification of a potential pathway forward through a new wide-spaced wellfield design. While additional work is necessary to finalise a New Feasibility Study, this development presents an opportunity for Boss to potentially lower operating costs, optimise production profiles, and extend mine life compared to the current wellfield design."
Paragon Care Ltd (ASX: PGC)
The Paragon Care share price is down 13.5% to 22.5 cents. This follows news that receivers and administrators have been appointed to 54 pharmacies in the Infinity Retail Pharmacy Group after it failed to repay its Wesfarmers Ltd (ASX: WES) debt. It also owes Paragon Care $47 million.
Treasury Wine Estates Ltd (ASX: TWE)
The Treasury Wine share price is down a further 3.5% to $4.81. Investors have been selling the struggling wine giant's shares this week after it revealed that trading conditions have worsened and its performance is below expectations. The company's new CEO, Sam Fischer, said: "We are currently experiencing category weakness in the US and China, two of our key growth markets, which will impact our business performance in the near-term. Maintaining the strength of our brands and the health of their respective sales channels is of critical importance to our Management team and our Board as we navigate through the current environment."
Woodside Energy Group Ltd (ASX: WDS)
The Woodside share price is down 3% to $22.76. This has been driven by news that Woodside's CEO, Meg O'Neill, has resigned after accepting the role of CEO of BP Plc (LSE: BP). Woodside has appointed Liz Westcott as acting CEO, effective today. Commenting on the news, Woodside's chair, Richard Goyder, said: "Meg leaves Woodside in a strong position, having led the company through the merger with BHP Petroleum, final investment decision on the Scarborough Energy Project, startup of the Sangomar Project, final investment decision for the Louisiana LNG Project, the Beaumont New Ammonia acquisition, introduction of a number of high quality partners in those projects and continued high performance across Woodside's global operations portfolio."
