Agree with the majority of thoughts shared here regarding how...

Agree with the majority of thoughts shared here regarding how RAC could deal with any shortfall of options. If there is a shortfall, I think most shareholders would like to see; quick resolution to any shortfall of trial funding, reduced dilution, and a solution which doesn't benefit institutions or sophs looking for a quick flip.

A more equitable option could be for RAC to do a private placement to long holding sophs with an agreement to withhold from selling these for 6-12 months. This scenario could avoid awarding the shortfall of options with an exercisable value of around half the current share price to a select few, while still providing RAC with a quick resolution to funding the trial. Why a private placement to sophs? It offers a very quick, and low-cost capital raising for RAC while still complying with ASX rules.

As Boffin points out, RAC requires around $688k to fund the trial. Even a discounted issue price e.g. $1.35 per share, such a private placement would result in approx. 400,000 shares less being issued to fund the trial. Of course, these numbers won't be an accurate reflection of the actual shortfall (if any) due the additional options being converted prior to the deadline... but you get the gist.