06 June 2018 at 15:49 BST

Ocado delivers £8m payout to general counsel after selling his shares

Ocado's group general counsel Neill Abrams earned himself a £8.1m payday selling his shares in the FTSE 100 company.

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Ocado's group general counsel Neill Abrams has had a handsome payday, taking home £8.1m after selling one million shares in the FTSE 100 Online supermarket company. Mr Abrams, who leads Ocado's in-house legal team, sold the shares while they were priced at £8.96. The share price has since fallen to £8.92. He has been group GC and company secretary at Ocado since 2000, when the company was founded. Previously, he was a barrister at One Essex Court in London for two years, and, executive director and counsel at Goldman Sachs International for nine years.

Record levels
The firm’s shares hit record levels last month following a partnership with America’s second-biggest supermarket chain Kroger that saw the online supermarket promoted to the FTSE 100. Ocado’s chief operations officer Mark Richardson, who joined the company from Waitrose in 2001, also sold nearly 900,000 shares, earning him £6.2m. Slaughter and May and Allen & Overy (A&O) took lead roles in the 2010 Ocado IPO. Slaughters advised the online retailer, while A&O acted for Goldman Sachs, JP Morgan and UBS as joint sponsors, global coordinators and bookrunners. In 2016, Ashurst acted for Morrisons when the supermarket agreed a deal with Ocado to expand its delivery reach in the north of England and Scotland. Ocado was understood to have been advised solely by its in-house legal team on the agreement.

 
   
 
 
 

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