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Steiner trust in £50m Ocado share sale

Shares in the online grocer have risen sharply this year, but could trouble be brewing with one of its international partners?
September 6, 2018

Last November, online grocer Ocado (OCDO) signed an international partnership with French-listed supermarket chain Casino. But Casino is suddenly under scrutiny after Bernstein, a New York-based brokerage, downgraded the stock following concerns over how the business had accounted for transactions with related parties, specifically French franchisees. Analysts are concerned that this, combined with high levels of debt and limited cash flow, could affect the company’s valuation going forward. 

IC TIP: Hold at 1077p

Casino's shares fell again after S&P cut the French supermarket group’s credit rating into what commentators called “junk territory”. That's potentially concerning for partner Ocado and comes hot on the heels of a high-value share sale from the Steiner Millennium Trust – a family trust of which Ocado boss Tim Steiner is a beneficiary – in Ocado stock to the tune of £50m, as the trust attempts to diversify its holdings.

Buys       
CompanyDirectorDateNo of sharesPrice (p)Value (£)Holding (shares)Holding (%)
1Spatial♥Peter Massey23 Aug 1843,51845.519,80143,5180.044
African Battery Metals*Matthew Wood (fd)29 Aug 18833,3330.32,5006,597,0600.102
African Battery Metals*Roger Murphy (ceo)29 Aug 18833,3330.32,50016,547,6190.256
Artemis VCT Calum Paterson23 Aug 1884,96666.12556,184184,9660.348
Artemis VCT Edward Murray23 Aug 1825,00066.12516,531100,4470.189
Atlantis Japan Growth Fund Michael Moule29 Aug 182,000215.67994,31418,0000.037
Byotrol John Langlands (ch)23 Aug 18500,0003.718,5004,600,0001.142
Byotrol Trevor Francis24 Aug 18657,6863.824,9922,910,9020.723
Centrica Margherita Della Valle28 Aug 181,385142.71,97666,9190.001
Collagen Solutions Hilary Spence (cfo)23 Aug 18220,0004.59,900250,8170.077
Deltex Medical  Nigel Keen (ch)24 Aug 182,000,0000.918,00054,223,41011.006
Fidelity European Values Robin Niblett23 Aug 183,625234.378,49618,6250.005
FireAngel Safety Technology Ashley Silverton24 Aug 1820,00051.810,36035,0000.076
Fulham Shore (The) Nabil Mankarious23 Aug 18127,0001215,240113,927,43419.939
Georgia Capital Irakli Gilauri (ch &  ceo)29 Aug 1831,1381,019.51317,455860,1062.243
Georgia Capital Irakli Gilauri (ch &  ceo)28 Aug 184,2321,019.7343,155828,9682.161
Intermediate Capital  Amy Schioldager28 Aug 1810,0001,033.59103,35910,0000.003
International Personal Finance John Mangelaars29 Aug 1825,000234.858,70035,0000.016
Richoux*Jonathan Kaye (ceo)29 Aug 181,041,667662,5006,146,0624.918
Richoux♥*Jonathan Kaye (ceo)29 Aug 181,041,667662,5007,187,7295.751
Richoux*Mehdi Gashi29 Aug 18416,667625,000816,6670.653
Richoux*Salvatore Diliberto29 Aug 182,166,6676130,00028,403,10822.726
Richoux♥*Salvatore Diliberto29 Aug 182,000,0006120,00030,403,10824.327
Richoux*Robert Rayne29 Aug 182,916,6676175,00023,334,34818.671
South32Frank Cooper24 Aug 185,1441.919,825128,0100.003
South32Xiaoling Liu24 Aug 1810,0001.9319,30010,0000.000
Standard Life Private Equity Trust Jonathon Bond29 Aug 1811,87033639,88311,8700.008
Sunrise Resources*David Swan29 Aug 182,093,1200.153,14017,073,6300.703
Sunrise Resources*Patrick Cheetham (ch)29 Aug 181,948,8530.152,92383,454,8853.435
Sunrise Resources*Roger Murphy29 Aug 183,002,4530.154,50429,414,0741.211
Tiziana Life Sciences♥Gabriele Cerrone (ch)23 Aug 185,0001085,40064,165,17050.553
Tiziana Life Sciences♥Gabriele Cerrone (ch)23 Aug 185,000110.85,54064,170,17050.557
Tiziana Life Sciences♥Gabriele Cerrone (ch)23 Aug 183,0001123,36064,173,17050.559
TomCo Energy Alexander Benger 29 Aug 1818,2935.2596018,2930.029
TP ICap Edmund Ng28 Aug 1820,000288.944157,78920,0000.004
VPC Specialty Lending Investments♥Richard Levy28 Aug 1867,3758355,9213,147,8130.861
Wynnstay  Gareth Davies24 Aug 188,000488.7539,10017,2970.088
Wynnstay  Paul Roberts (fd)24 Aug 188,000488.7539,100115,7950.586
Sells       
CompanyDirectorDateNo of sharesPrice (p)Value (£)Holding (shares)Holding (%)
Derwent London♥Robert Rayne (ch)24 Aug 1810,0003,045.02304,5024,110,0933.685
Marshalls Martyn Coffey (ceo)29 Aug 1835,703453.8162,020311,7650.156
Marshalls Martyn Coffey (ceo)28 Aug 1839,297466.7183,399347,4680.174
Ocado♥Timothy Steiner (ceo)24 Aug 184,791,2001,06050,786,72015,285,6492.190
Paddy Power Betfair Peter Jackson (ceo)23 Aug 189307,168.1566,6647,4370.009
PHSC Stephen King (ceo)24 Aug 18253,6241127,8992,896,37619.734
*Placing/tender/open offer ♥Spouse/connected party