For me it's a case by case basis and depends on the...

For me it's a case by case basis and depends on the fundamentals. As an investor I've enjoyed good returns by investing relatively large amounts (compared to daily market turnover) in illiquid but interesting companies that seem to be fundamentally under valued where I think I have enough information to support a higher price target. As an investor with very vanilla tax arrangements and bad trading abilities, that leads me to hold and rather than trade. Sometimes, but not as often as I should, I do exit when the price seems to be higher than is supportable (whether it's A. gone up too much or B. because it is falling due to the market starting to reflect that it had previously over valued the company.)

It's hard to answer what kind of figure might contribute to a re-evaluation of my buy-held sentiment on RAC, and despite your description that "it was a pretty straight forward question" I'm not even sure if do understand your question, but I'm going to have a crack at an analogy.

In 2011 I bought shares in Base Resources for 33 cents because they were constructing a project with an NPV of about 60 cents per share based on current mineral sands prices. At around 54 cents I didn't participate in the capital raise because they were too close to the NPV but I was still a hold. The project was completed, production commenced and operations were smooth and safe but prices for mineral sands were bad. I was very busy with work and young family, I held the shares as they drifted lower but began to focus when they got under 10 cents; thinking "I should check this out and salvage whatever I can before, knowing my luck, they go to zero". Looking deeper, Base had fairly big debts, but they were spitting out cash, and the likelihood was that if everything went OK mineral sands market wise they'd clear their debt within three years, and after that, with about 400 million shares on issue they could be generating 20 cents per share in cash. In February 2016 at 3.7 cents per share I started buying more shares and after a few weeks had 10 times as many shares as I'd initially bought. More people, who are far more important than me, realised that Base was going to be OK and things turned around. Within a year they were in the 30's again and it was happy days. Late 2017 to today are another chapter entirely but they are generating the envisioned cash, but now have more than 1 billion shares on issue!

These days, prices movements are a signal to re-evaluate holdings and I'm a little better at "cutting the losses and running the winners" as Dad advised me to do.

On RAC, the science and the market look pretty good and the likelihood of success multiplied by potential value seem to be many multiples of the current share price. Until that value proposition changes I'm "Buy, Held" regardless of price, but always checking about changing the answer.