Ann: Change in substantial holding, page-75

This makes a lot more sense in hindsight.

At first glance, this would attract suspicion (IMO rightfully so). But after careful consideration, it probably just is unfortunate timing. Glad to see MOF remain a key investor for the long run.

FWIW, a lot of the early shareholders who bought RAC for a few cents are already heavily de-risked (they could still exit mostly unscathed if the share goes down due to unforeseen circumstances). To continue attracting new investors in the $4-5-6-etc. it is critical that those investors be confident about the fundamental value of RAC. This is where major shareholders (MOF and RAC management) play an important role in maintaining trust among the retail investors.

"Investment is a collaborative game, divestment is a competitive game."