Responsibilities of the team, page-81

I guess I was being a little obtuse, but Borje and I are effectively making a bet on the long term value of RAC that is the opposite of those people selling their shares today (i.e. the market). Of course some of the people selling might be selling because they needed the cash to pay the rent, but ultimately the SP of a company is the balance between those that think the company is overvalued (sellers) and those that think it is undervalued (buyers).

My question was really why do so many shareholders think RAC is overvalued when those on the inside are are putting their money where their mouth is and taking out of the money options over cash? Who is right and why?