b) |
Nature of the transaction |
Transfer into sole name of the pro rata amount of jointly owned Shares owned under the Ocado Joint Share Ownership Scheme ("JSOS"). The JSOS scheme, which was put in place prior to the Company's Admission in 2010, involves the Executive Directors investing their own funds to purchase a shared interest in the Company's Shares at the market value at that time. Jointly with the Trustee of the Ocado Employee Benefit Trust ("EBT"), Neill Abrams has owned 3,568,700 Shares awarded to him under tranches 1, 2, 3 and 4 of the JSOS since 3 February 2010. The Rules provide that the jointly-owned Shares can either be sold and the proceeds apportioned, or the pro rata interests in the jointly-owned Shares can be registered in the individual names of the Participant and the Trustee. Neill Abrams has elected the latter. As a result, 2,766,458 Shares are being re-registered in Neill Abrams' sole name and the balance of 802,242 Shares will remain in the EBT owned solely by the Trustee. No new shares have been created as a result of this transaction and the total beneficial interest in Ocado Group plc owned by Neill Abrams has not changed. For a detailed description of the JSOS scheme refer to pages 249 to 252 of the Company's Prospectus. |