Ann: Application for quotation of securities - RAC, page-10

exactly - I’m very bullish RAC but won’t exercise my options until May.

my expectation is that the initial flurry of exercising options is from:
- those bullish SH’s that don’t want to piss around and just exercise now, set and forget
- those bullish shareholders who want to “show support” and think it might have a positive feedback on the SP
- a few less bullish SH’s that we’re happy to exercise and sell the new shares (maybe a small profit) and just hold the piggies.

from here on in, I would expect it will be very slow dribbles for the next few months and then come in a rush at the end.