More than £52m of Ocado shares cashed in by trust that counts online grocer’s chief executive Tim Steiner as beneficiary
More than £52m of Ocado shares have been cashed in by a trust in the Bahamas that counts the online grocer’s chief executive Tim Steiner as a beneficiary.
In a stock market announcement, Linic said it sold 5m shares at 1046p each, totalling £52.3m.
The trust is owned by Arthur Seligman, a lawyer based in the Bahamas.
Sell off: Earlier this year Linic sold £24.3m of Ocado shares after acquiring 14.3m of them in November
Earlier this year it sold £24.3m of Ocado shares after acquiring 14.3m of them in November.
It is understood the trust decided to sell the stock because so many of its overall assets were invested in the firm. The cash from the transaction has been reinvested into the trust.
It still has 4.8m shares in Ocado. Steiner has a holding of around 25m shares. The trust was set up at the time of Ocado’s stock market listing in 2010. Since then the company’s share price has rocketed 538 per cent.
In April it emerged Steiner, 48, used £68m worth of shares to cover the cost of his divorce. The founder of Ocado used the shares as collateral for a loan in November 2016 to fund obligations for his divorce from Belinda. He now lives with his Polish lingerie model girlfriend, Patrycja Pyka, 29.
Steiner founded Ocado in 2000 after working as a bond trader for Goldman Sachs in London, New York and Hong Kong for eight years. He set up the business with fellow Goldman Sachs banker Jason Gissing and Jonathan Fairman, with whom he attended nursery school.
Yesterday finance boss Duncan Tatton-Brown also cashed in, with a £4m windfall, after selling thousands of shares in the firm.
By the close, Ocado shares had risen 1.1 per cent, or 11.5p, to 1029.5p.