Ann: Change in substantial holding, page-32

Please note: William Garner is no longer an insider, director or management.

There are many reasons why Directors/Insiders sell... e.g. diversification, margin calls, tax payments, house purchase, private school fees, divorce, funding pet projects, charitable purposes etc etc... many have no link to their view of their company.

But there is only one valid reason why Directors/insiders buy their own company shares, with there own hard earned money!!!! Especially when they already have plenty of shares and options. That reason is that they are extremely bullish on the prospects.


My guess is that William Garner, being a successful early stage biotech investor, has access to multiple other investment opportunities - early stage, pre-IPO, VC etc, where he is looking at potential 100x his investment. So taking some profit in RAC (where he probably already made 100x being a founding director and investor, pre-IPO) and recycling into new investments make sense. Why accept another 10x in RAC when there are potential 100x out there.

For us mere mortals, we can only access listed equities and are more than happy with 10x going forward, if we are lucky enough to find them.


Here is an extract of an RAC ASX announcement from October 2020:

28 October 2020 –Race Oncology Limited (ASX: RAC) wishes to advise that Dr Bill Garner and Mr Chris Ntoumenopoulos have resigned from the roles of Non-Executive Director.

Non-Executive Chairman, Dr John Cullity commented, “Bill and Chris as founding directors have been an asset to Race and we thank them both for their longstanding commitment to the Company. We are immensely grateful of the service provided and contributions they have
made, both as Directors and shareholders, and wish them both all the best for the future.”

Dr Bill Garner commented, “Since founding Race in 2016, Chris and I have watched Race grow; progress the strategy of bringing Bisantrene back to the clinic and now with current clinical data and new strategic prospects, the Company is prospering. Given the time commitments required of other ventures that we're each involved with, we are stepping out at a time when the business is in a solid funding position and a strong state. We both wish the Company
every success.”


Full disclosure: I am already a large holder and I topped up at $3.94 this morning. Had another order at $3.91 but didn't get filled, yet! Waiting on the weak hands to hand them over to me. For me, anything under $4 is a screaming buy!
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