I think that statement probably needed qualification - DT can...

I think that statement probably needed qualification - DT can sell on market, but not without significantly impacting RAC sentiment and share price, and thereby heavily reducing the value of his (and everyone else's in turn) investment.

Daniel alone has 13.5 million shares and over 5 million options. In the absence of momentously positive news (e.g. a takeover offer), if he started selling, it would also initiate a lot of other selling. Regardless of his reasons for selling, people would assume (rightly or wrongly) that RAC's plans had not gone well and/or that a buyout at a significantly higher price was not going to be achievable. Look at the fuss when JC offloaded a small portion of his holding, for what appeared to be valid reasons (taxes), at the start of the year. And also the time taken for BG try to clear his holding (similar to Daniel's at the start) of which he still has somewhere between 4 million and 5 million shares remaining.

Clearing such a large volume of shares would no doubt require (and result in) a significantly lower RAC share price. This would be due to both the volume of shares becoming available for sale and also the reluctance of buyers to pay up when the biggest insider is exiting, even if he did have legitimate reasons for doing so that were nothing to do with the RAC's likelihood of success.

Bottom line - DT needs a transaction to successfully exit his position in RAC.