Ann: Application for quotation of securities - RAC, page-6

I think you guys are both missing something, or I totally misunderstand what you are talking about.

The piggyback options are already allocated in shareholder's accounts. They were given as a result of exercising the $0.75 options. As the piggyback options are exercised (which is what we are seeing in these notices), they cease to be options and are converted into ordinary shares. So there will be fewer parcels of piggyback options over time, not more.

Given uptake on the $0.75 options was so high, and there are consequently 20 odd million $1.25 piggyback options in existence, I can't imagine there are not at least 50 x $500 parcels of options now (and actually likely to be in the thousands I would expect). So, if having 50 x $500 parcels of options was the only criteria for them to be listed, I'm pretty sure that they would be listed already... i.e. there must be other reasons why management haven't decided to list them.