UK - The John Lewis Partnership Pension Trust has sold its remaining holding in online grocer Ocado, it announced today.
The fund said the sale of the stake - 57.3 million shares - is being undertaken as part of its ongoing investment management activities.
The scheme had already disposed of approximately half of its stake last year as part of a programme to reduce its £904.6m defined benefit deficit as of the end of 2009.
However, it was barred from selling its entire stake for a 180-day "lock-up" period which expired on 2 January.
Goldman Sachs, which managed the offering, confirmed it sold the shares at 265p per share - a 47% premium to Ocado's July 2010 float price of 180p.
The trust has agreed that its representative, Patrick Lewis, will immediately offer his resignation from the board of Ocado Group, given that the John Lewis Partnership Pensions Trust's holding of Ocado's ordinary shares will fall below 10% as a result of the placing.
Ocado, which sells Waitrose food online, said that the sale would not affect the existing commercial arrangements between Ocado and Waitrose, adding that a new 10-year supply agreement was entered into by Waitrose and Ocado in May 2010.
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