Ann: Application for quotation of securities - RAC, page-10

If the current share price was WELL above the option excercise price it absolutely makes sense to go early . Instant tradeable profit if one decides to take it
At the moment there is no guarantee that the piggy back options will or can be listed . So one may have options again that they cannot realise if need be .
It would certainly be comforting to shareholders for the June options to be underwritten but again with the current price where it is the underwriter would have to be brave or take their pound of flesh somehow ( fees etc )
So I certainty understand the slowish uptake - again retailers are fickle , the markets ( in my mind ) are a little skittish at the moment and in any severe correction RAC would suffer ( as would many other stocks )