When Kelso and Fuller joined, they picked up a stack of options at around ~$4.50 (from memory). They would have been sold the FTO dream by Tillett prior to joining and the opportunity for 'outsized returns'. Then, I bet in their first meeting with JC he let slip his plan for a US$1B exit (he communicated this to some shareholders). There was maybe ~100% upside on the options these guys were just awarded...
Holders were up in arms when Fuller departed but there was really no incentive for him to stay under JC's stewardship.
The broader team (7) have just picked up 1.2m options with a strike price of only $2.11. There's far more upside for them now (in both the entry price and commercialisation strategy). They are aligned with you and I. And, as much as I dislike seeing Director's given preferential treatment, a modest placement for Pete, Serge and co would align the interests of the entire board with shareholders, and also validate the upside opportunity at the current market cap.
The point is, I suspect the calculated strike price of the options will look a little different come 1-Dec. This will only be apparent in hindsight.
RAC Price at posting:
$1.53 Sentiment: Buy Disclosure: Held
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