Ocado - comment

Tim Steiner won his bonus row with shareholders. A stock price of >£26 could trigger the £15m bonus. It’s a stretch goal, given the award price is >700% above the current price. Steiner will have to get the business viewed as a Tech Logistics company. We expect one more round of equity-raising will be needed to guarantee OCADO has enough cash, and doing so on a tech valuation will be less painful.