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.
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That takes Bracey's stake to 807,555 shares.
Full dealings in the shares commence on 26 July.
Top Director Buys
Ocado Group(OCDO) Director name: Mr Andrew BraceyAmount sold: 2,000 @ 169.25p Value: £3,385
Top Director Sells
Alternative Networks (AN.) Director name: Mr Benjamin MarnhamAmount sold: 47,000 @ 156.00p Value: £73,320
Alternative Networks (AN.) Director name: Mr Benjamin MarnhamAmount sold: 38,000 @ 156.00p Value: £59,280
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