Ann: Appendix 3Y - Mary Harney, page-25

I think the very large amount of options were generally due to the low share price at the time, even though the options have mostly AFAIK granted at a significant premium. This was then somewhat a case of good timing on their part. But it was also a case of brilliant people being involved with the company at it's most risky time, including putting in a substantial amount of money, a huge effort, and having the odd bit of very good luck along the way, to turn the company around. That is what makes RAC different I guess.

Given the current share price though, I suspect option grants going forward will be far less lucrative and dilutive.