Ocado investors sell stock as online grocer raises quick-fire £578mln - Proactive Investors UK

Summary

Ocado Group PLC (LSE:OCDO) has completed a quick-fire £575mln fundraiser, issuing new shares to institutional investors for 795p each – more than a third of their value at their peak early last year.

The online grocer, which has parlayed this expertise into technology and fulfilment, will use the funds, including an additional £3mln contributed by retail investors, to maintain its expansion plans.

Ocado Group PLC (LSE:OCDO) has completed a quick-fire £575mln fundraiser, issuing new shares to institutional investors for 795p each – more than a third of their value at their peak early last year.

The online grocer, which has parlayed this expertise into technology and fulfilment, will use the funds, including an additional £3mln contributed by retail investors, to maintain its expansion plans.

An interesting footnote to the announcement marking the completion of the cash call was confirmation of the sale of stock by some big Ocado investors.

In all, Capital Group, Baillie Gifford and Apple III Ltd sold shares worth around £220mln.

Ocado, which has made a profit in only three of its past 22 years in existence, has secured further liquidity with a £300mln revolving credit facility.

The moves come at a point where consumer-focused businesses' economic outlook is weakening.

This point was underlined by Fitch, the rating agency, which downgraded Ocado to ‘negative’ from ‘stable’ amid worries over the company’s international business.

Ocado investors sell stock as online grocer raises quick-fire £578mln - Proactive Investors UK
Photo Credit: Proactive Investors UK

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