Ann: Appendix 3Y - Dr Daniel Tillett, page-8

A fact of which I'm sure he is acutely aware, Daniel's holding in RACE is almost totally illiquid. He is probably the only person on the planet who really cannot sell his shares on market without tanking the RAC share price, and by extension the value of his investment.

As the "inside-iest" of all RAC insiders, any sign of Daniel offloading would be met with a rush to the exits from fellow shareholders. Even if it happened at a much higher share-price, people would assume the top was in and he'd probably have trouble substantially reducing his position in volume.

Pretty much the only feasible way for him to realise the full value of his position is through it being acquired.

In such a scenario, what would motivate someone to continue to increase the size of their position and thereby compound the problem they face? Especially when at current prices they are still paying close to 40x their initial buy-in price, with significant expenditure now increasing their overall percentage holding in the company only marginally.