Ann: Race Receives Additional $1.66m R&D Tax Refund for FY 2022, page-12

For those who have been wondering why we initiated the share buyback last year this is the reason. When we did the SPP raise in late 2021 we didn't think we would be eligible for this additional R&D tax refund on overseas expenditures (overseas R&D spending eligibility is very complex). This effectively meant we had more capital than we needed to support the announced programs. A company like Race can't pay dividends, so the only way to return the excess capital to the owners of this capital (shareholders) was a limited share buyback.

My philosophy has always been if you do the right thing by the shareholders the shareholders will support you when needed. The success of the SPP was an excellent example of this in action. In the SPP we laid out multiple plans with defined budgets and ask for our shareholders to fund these plans. We received overwhelming shareholder support that was far in excess of our needs and so we returned the excess SPP funds to our shareholders. Shareholders should always come first.