Finance director keen on Ocado shares

published 22 July 2010

Ocado finance director Andrew Bracey appears to think that the online grocery retailer's shares are a bargain and he has bought some in the offer and ahead of official trading next week.

The initial valuation range of 200p to 275p a share for loss-making Ocado was criticised as being too rich for investors. The share price was set at 180p, which valued Ocado, which delivers groceries from the supermarket Waitrose, at £937m. Ocado raised £200m after expenses and existing shareholders also sold shares. The cost of the offer was £15m.

Bracey acquired £100,000 worth of shares in the offer. He bought another 2,000 shares yesterday when unofficial dealings began and paid 169.25p a share. Since then they have fallen back to 159p each.