Ann: Race Leadership Changes, page-368

Another theory that has just come to mind. One that I didn’t originally think of..

In regards to Daniel's departure. I’m confident if not positive there’s a disagreement on value around the RAC board table, but I can’t reason why would Daniel leave about disagreements on a hypothetical deal at a speculated value. Of course it just wouldn’t happen. I think the disagreement is more about when and how they go to market, and what that looks like.

Couldn't T just get on and put his differences aside for the remainder of time if a transaction is near?

For me this has more to it than a just some disagreements, it feels more about ethics. Something immoral or unjust would have to happen for him to step away.

Theory = Cardio market research has been said to be “sizeable” and yet the team hasn’t released as yet, or at all. It’s possible T has wanted to share this with shareholders to better understand the value, as it’s likely extremely lucrative, but what happens if RAC release this in the hopes of then flicking it off for the first offer that comes our way? Pretty hard to influence shareholders to accept $15/share when your own research tells you it’s worth $200.

If the board were wanting to hold this research back (Which they are entitled to do as its their own) to keep the truth from us or lower expectations in case of a lower bid, then this is absolutely something I could understand Daniel leaving for.