RAC - Charts & Price Action, page-530

what they paid is irrelevant IMO (I suspect they might have paid ‘above market’ given it’s a limited opportunity to get a reasonable stake without slow accumulation or driving a higher price on market).

the more interesting point is the one you raised earlier... why exercise now? I can only see positive reasons for that... try to have 12 months holding for CGT impact, provide funds for company to accelerate plans in a way that accelerates progress/value.