Hello @DavisiteSome thought/ possible strategy for bonus options...

Hello @Davisite

Some thought/ possible strategy for bonus options not exercised - Option 03 is my preference:

Option 01
Allocate to sophisticated investors that did not sell a single share over the last 12 to 18 months and obtain a commitment that no shares will be sold over the next 12 to 18 months.

Option 02
To receive an allocation of the bonus options the following criteria must be met:

1. Net number of shares should have increased/ not reduced between the period 01 Jan 2023 and before the announcement date of capital raise.
2. For every bonus option allocated the sophisticated investor must of bought the same number of shares on market during the period Jan 24 to Jun 24.
3. Receive a commitment that the sophisticated shareholder will not sell a single share over the next 12 to 18 months.

Option 03
Dr. Tillett to take up the bonus options with the understanding that he can sell some of the shares in a responsible manner to fund the purchase (rational: Dr. Tillett had the well-being of RAC at heart).

Best regards

FDV