One small positive is that lower prices should help to increase...

One small positive is that lower prices should help to increase the pace at which BG is flushed out. At lower prices the same dollar value can turn over more shares. Many millions of shares, including ex-insiders were easily sold when RAC was trading under $1 back in 2019 and 2020.

Six weeks ago, BG's holding was worth close to $15 million (5 million shares at $3). A month ago that had dropped to approximately $11 million (4.5 million shares at $2.50). He's probably offloaded close to a million shares since then, so the value of his holding would have almost halved again to $5.7 million (3.5 million shares at $1.65).

I agree with whoever suggested RAC could consider diverting some of the capital raise and doing a buy-back of BG's shares at current prices. It would put a dent in the reserves but it would only be around 15% of the current bank balance, so it's not ridiculous. It would provide a significant boost to sentiment and would also benefit all shareholders via reducing the SOI. At the rate that BG's holding is dropping in value, he may even accept a discounted offer. From memory they did a buy-back of some of Peter Molloy's shares in 2020, so it wouldn't be without precedent.

Assuming that the share price is higher in a year, re-raising that capital could be done with less dilution then if required. Definitely something for the board to consider.