|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||9.89 - 9.89|
|52-week range||8.50 - 28.85|
|Beta (5Y monthly)||0.60|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
A senior lawyer “panicked” and committed a “serious lapse of judgment” when he told his client to “burn” its secure messaging system to avoid handing over evidence to supermarket group Ocado, a court heard on Tuesday. Raymond McKeeve, a former partner at Jones Day, the US legal firm, has been accused of contempt of court for seeking to destroy messages at a company set up by one of Ocado’s co-founders despite an order to preserve evidence obtained as part of a corporate espionage probe. McKeeve was advising Today Development Partners, which was set up by Ocado’s former co-founder Jonathan Faiman.
Ocado needs a little more patience from its investors. Large capital spending commitments in its technology business prompted an earlier than expected cash call on Monday, raising £578mn. The £7.95 price of the shares issued was less than half the £19.60 paid by investors in its last fundraising in June 2020.
There are two certainties about Ocado. First, it will take longer than investors expect to turn profitable. Equity capital markets have been basically closed this year, since investors have no appetite for speculative initial public offerings and the season of distressed cash calls hasn’t yet started.