I dont understand the sentiment against this if you are a holder...

I dont understand the sentiment against this if you are a holder that partook in the SPP. If RAC purchase the 4M shares over the next year the SOI decrease. If we need more money at some point and a new SPP occurs, if 4M shares are sold at a higher price, we end up with no share dilution but more money in the coffers.
The only downside I can see is perhaps not as much money for Pillar 3 in the exploritory side. But as stated all trails are still accounted for, so we basically avoid the loss of buying power due to inflation by holding cash that is not specifically required.
The other assumption is that over the year the share price will rise and that currently we are undervalued. Which I guess the BOD has the best (if not slighlty biased) idea of.

In the past two years I have not seen a reason to be distrustful of the BOD. We have seen change in strategy due to external factors (as in this case) and change in strategy due to new information (ie cardio protection). Both of which I see as taking advantage of the hand dealt.