Ocado co-founder cuts his shareholding

2nd Aug 2013 12:14

Ocado's co-founder Jason Gissing has sold more than three million pounds worth of shares. It is the first time he has sold shares since the online grocer floated in July 2010 and follows a meteoric climb in the share price this year. The family trust that holds his shareholding for him sold 1.07m shares at an average price of 310.6p. Ocado said: "In keeping with the principles of prudent wealth management, the discretionary family trust which holds Jason Gissing's shares has decided to sell a small proportion of his shares, equivalent to 5.6% of his total holding, in order to diversify the portfolio." Gissing, who is Ocado's commercial director, still owns nearly 18m shares, representing a 2.91% stake in the company. Shares in Ocado listed at 180p but had a turbulent ride sinking to as low as 54.4p at the end of 2011. But confidence in its future fortunes has built following the announcement of its tie up with Morrisons and shares have more than doubled in value this year. They were trading at 294.8p at 12.24 on Friday - up 6.2p on the day. TB