Ann: Dates for First Half FY24 Results & Investor Webinar, page-47

What a fascinating read.

My opinion is that the arbitration is only a win if BCC get paid out for their 50% equity share, since they're getting only a fraction of the revenue share. It's a lose for BCC if they have to purchase the JV, because 1) a cap raise is required which will massively dilute existing SH and 2) it is a highly unlikely they will sustain the same growth momentum since they do not have the experience of the distribution network of their JV partner, this is not BCC's strength. The fact that the revenue split has gone massively in the way of their JV partner demonstrates who have the upper hand in this JV.