The other advantage of the cashless conversion is that it is reducing the eventual number of SOI and therefore minimising dilution of every other shareholder. There's no benefit to the company to issue more shares at $0.19 than necessary when the current share price is more than 10x that. Yes it's money in the bank, but if required that money could be raised at a far higher price.
All else being equal, if Daniel exercised his full allotment of options he would end up with a higher percentage ownership of the company and all other shareholders would correspondingly end up with a lower percentage ownership due to the extra dilution. So in that sense, he's doing us all a small favour taking this approach. The on-market purchases are icing on the cake in, showing his confidence in the company and putting more loose shares into sticky hands.
RAC Price at posting:
$1.94 Sentiment: Buy Disclosure: Held
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