If RAC were planning a heavily discounted institutional raise,...

If RAC were planning a heavily discounted institutional raise, would they really need to bring someone like Danny on-board as a NED and incentivise him with options to facilitate that? I'm sure they could easily manage that themselves through any number of brokers.

The fact is that RAC have said they're fully funded through 2024... numerous times. One can deduce from that there is no discounted institutional raise being planned at the moment.

Whatever the plan is for raising awareness of RAC in those circles and bringing in high net worth and institutional money, it therefore most likely involves some other avenues which are no doubt substantially more difficult and probably form part of the rationale for engaging Danny's services.