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Trust linked to Ocado CEO sold £127.4M worth of company shares in 2018

Linic Ltd., a company wholly owned by Arthur Seligman as trustee of a trust of which Ocado Group PLC CEO Tim Steiner is a beneficiary, has sold 14,291,200 shares in the U.K. online grocery retailer within the year, for a total consideration of about £127.4 million.

The transactions took place in March, July and August, according to filings to the London Stock Exchange. Linic disposed of 4,500,000 Ocado shares for £5.40 each in March, and sold another 5,000,000 shares in July for £10.46 per share.

On Aug. 24, the investor sold 4,791,200 shares for £10.60 apiece.

The 14,291,200 shares, which represent a 2.1% stake in Ocado, were originally held by the Steiner 2008 Millennium Trust and transferred to Linic in November last year.

Tim Steiner had a direct holding of 15,245,052 shares as of last December, according to Ocado's 2017 annual report.

The company's stock rose to £11.46 in August, around six times higher than its price when it went public in July 2010, largely driven by international partnerships that Ocado has entered since last year, Bloomberg News reported Aug. 29.

Ocado's foreign deals include an agreement with Casino Guichard-Perrachon Société Anonyme in November 2017 to develop the French food retailer's e-commerce capability, and a strategic alliance with Sobeys Inc. in January this year to develop an online grocery business for the Canadian retailer.

In May, Ocado also entered a landmark partnership with U.S. grocer The Kroger Co., under which the Ohio-based company will exclusively use Ocado's technology for food distribution-related activities. Kroger acquired a 5% stake in Ocado as part of the deal.