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Long-term shareholders must pray Ocado’s latest fundraiser is the last

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If Ocado’s reasons for tapping shareholders for £575m sound familiar, that’s because they are. Part of the explanation of the need for more cash was identical, word for word, to the description given in June 2020 when the online grocery firm raised £657m in equity plus £350m in debt.

The extra money will allow Ocado “to capitalise on the opportunity set over the medium term”, said the statements, then and now.When will “the medium term” actually arrive?

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