In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.2% to 8,328.7 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:

Capricorn Metals Ltd (ASX: CMM)

The Capricorn Metals share price is down 1% to $6.81. This morning, this gold miner revealed that its chief executive officer, Kim Massey, will retire from the role at the end of January. The company has acted fast and has named its current chief operating officer, Paul Criddle, as Massey's replacement. The release notes that Criddle is a metallurgist with extensive experience in developing and operating gold mines in both Australia and Africa. Executive chair, Mark Clark, said: "Since joining Capricorn in May this year Paul has made a strong contribution to both the operations and corporate areas of the business and most pleasingly his leadership has been a fantastic cultural fit for the Company. I look forward to the experience, energy and vision that he brings to the role."

Insignia Financial Ltd (ASX: IFL)

The Insignia Financial share price is down 3% to $3.49. This has been driven by news that the financial services company has rejected a takeover offer from Bain Capital. The private equity firm had offered $4.00 cash per share. However, the Insignia Financial board believes this undervalues the company and isn't in the best interests of shareholders. It said: "[T]he Proposed Transaction does not adequately represent fair value for IFL shareholders in the context of a change of control transaction and that it is not in the best interests of IFL shareholders to engage with Bain Capital in relation to the Indicative Proposal."

Sayona Mining Ltd (ASX: SYA)

The Sayona Mining share price is down almost 4% to 2.6 cents. This is despite the lithium miner announcing that its CEO has made an on-market trade this week. According to a change of director's interests notice, Lucas Dow bought 2.5 million shares through an on-market trade on Tuesday at an average of 2.9 cents per share. This represents a total consideration of $72,500.

Southern Cross Gold Ltd (ASX: SXG)

The Southern Cross Gold share price is down 4.5% to $3.75. This follows the release of results from two drill holes from the Rising Sun prospect at its 100%-owned Sunday Creek Gold-Antimony Project in Victoria. While the company was pleased with the results, the market appears to have been expecting more from them.