John Lewis Pensions Trust sells stake in Ocado Group

John Lewis Partnership Pensions Trust has announced the sale of its entire stake of 57,321,150 shares in online grocer Ocado Group.

The sale of the stake is being undertaken by the Trust as part of its investment management activities.

The scheme had already disposed of approximately half of its stake last year as part of a programme to reduce its £904.6 million defined benefit (DB) deficit as of the end of 2009.

However, it was barred from selling its entire stake for a 180-day period which expired on 2 January 2011.

Pursuant to an agreement dated 6 July 2010 with Ocado Group, the John Lewis Partnership Pensions Trust has agreed that its representative, Patrick Lewis, will immediately offer his resignation from the board of Ocado Group, given that the Trust’s holding of Ocado’s ordinary shares will fall below 10% as a result of the placing.

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