RAC - Charts & Price Action, page-3707

In terms of what value we might accept, if an offer was to come at any given time........

Here is a short story

2 years ago, i was invested in a small WA gold play. We had recd a takeover offer, which i thought looked a bit light on, and as such i wasnt keen on accepting it. However, my holding was small, and the decision would have been formed by the wider shareholder collective. Ie : had enough people considered the offer decent, my own decision / opinion would have counted for nothing.
Then one day, i recd an email form another shareholder, who had taken it upon himself to access a list of the shareholders contact details and as such , wrote a letter to us all explaining why the offer was low, and promoting the idea to hold out for a better offer. Activism at its finest i thought. His reasoning was sound and well explained. His message ..... to decline this low ball offer and wait for them to come back to the party with something more respectful and in line with fair value.

So, after a couple of months of back and forthing, and after realising that the shareholder collective had united and denied the initial bid, the suitor eventually offered a higher price,,,,,,we, the collective, were happy enough, and our shares were acquired.

This was in no small part due to the actions of the person who had originally sought to contact all holders to rally us together, with the intent of reaching an outcome that was closer to fair and reasonable value for us all.

So, in the event of an offer coming for rac, i would go back to that man, that sent me that email, and would be guided 100 % by his judgement on what he considered fair and reasonable value for rac

He was a good judge then, and id expect him to be a better judge when applying fair and reasonable market value to my rac shares.

His name was Dr Daniel Tillett.