IMO I think some are thinking the wrong way about the...

IMO I think some are thinking the wrong way about the unexercised Bonus Options.

I suggest you direct any frustration at those who failed to exercise their options and not RAC or Dr T or the Board.

Fact 1: The Bonus and Piggy Options are both well in the money.

Fact 2: We can only ponder why some investors fail to exercise.

Fact 3: RAC needs to raise money to run their planned trials.

Fact 4: RAC offered the capital raise to all their investors. i.e to look after loyal holders including Retail.

Fact 5: If RAC needs extra funds to drive the trials after expiry of the Bonus Options, their cheapest and quickest path to do that is with Sophs and Institutions. i.e. we have to assume that any decision to raise further funds and drive the trails will be in the best interests of shareholders.

Fact 6: RAC need to wait until expiry of the Bonus Options before a decision can be made. i.e. what is the result of the Bonus Option take up?

Cheers