Ann: Application for quotation of securities - RAC, page-68

”in the interest of ALL shareholders”

Options:

1. let unexercised options lapse = minimise dilution in the interest of all shareholders;
2. Sell bonus options to highest bidder/s = maximise fund raising in the interest of all shareholders
3. Sell to new investor/s with broad market appeal, eg biotech fund, health care company, high profile investor = maximise market exposure and drive sp in the interest of all investors

In my mind this rules out selective reallocation to the “most loyal” large shareholders or company insiders, no matter how you define loyalty … unless they happen to be the highest bidder.

Any other options?

Race may announce something out of the box to surprise us all, like the bonus and piggy back options announcement itself. No body saw that coming and it is working out to be a genius move.