Whichever way :) - the options are unlisted and had to be (paid...

Whichever way - the options are unlisted and had to be (paid for) converted within the next 3 months .

It is important money for RAC , & been understood that the total of options money ( a large majority already now have been converted) - is enough to ensure Race have ample funding overall through this year.

Can only think at least it is good that so many options already converted .
Huge number clearly were on-bought or are now held. Bill Garners options were fully paid for and converted in January/ Feb. Also Dr T clearly believed he should convert all of his options into fully paid shares last month for “tax reasons”.

The overhang of unconverted options could have been still significant at this point in time - yet its been remarkable, how such a large proportion have now well and truly been fully paid for comfortably ahead of time and absorbed .

I hold IPD and it is an example of how different things can be . Recent very in the money options expiry deadlines - in Dec and more in March meant selling even by the largest longterm holder who still ended up owning millions more shares than prior to options conversion .
The stats were that most shareholders converted their options and are holding onto their shares but dilution has been more significant too . Some large holders also bought on market and increased their holdings again in IPD ( & maybe had also sold some , so it was confusing) - we have seen this here with RAC with Merchant Funds in the past few weeks . Paradox but true .

RAC is pretty unique - still low shares on issue , no significant dilution at low shareprices barring the small number of earned 9.9c options when the company recapitalised, and I think those options must be now nearly if not already fully converted . Maybe only John Cullity to still convert .

Anyway , it is what it is .
But at least the options have gradually been being converted already . If there are a large number of options, & holders leave until expiry ( aka ImpediMed & many other stocks through time ) - the funds are important for the company but some excess shares can come into the market in very lumpy fashion .

On the whole RAC shareholders are a pretty good bunch imo .
And tighter hands again when options conversion majorly done.
Some can take opportunity to maybe buy in at last or top up holdings while more possible .