Responsibilities of the team, page-96

Hi Aqua,

I 100% agree. This is a great team at RAC. Especially including the overlooked Dr C, Dr G and PM.

I also don't want dilution as I did the numbers last week and it would result in a difference of approximately $600,000 to me based on a CR with an extra 35m shares if they get taken over in 3 years for $1.5b... this is pittance compared to management, but is a lot to me.

I was simply asking what would be worse - partnership or CR? I'm not sure. Was also wondering if JDP found any examples with companies like RAC as I didn't.

RAC need anything from $8-15m at some point in time - which we know isn't an issue and currently the options will cover just about all of that - but if not 50m @ 30c would also do it (not my preference, but simply an example for comparison).

Cheers!