Well you would hope under the scenario of a short payback period...

Well you would hope under the scenario of a short payback period you could do mostly debt financing. Like I say there may be some indirect vendor financing whereby if you don’t need to pay RP for 24 months, you recoup a lot of the cash just operating 100% of the venture over that time (>$14m+ pa Cashflow?). I think it would be a mix of using Beam cash on hand, debt, vendor financing and some smaller equity issuance as the last resort but hopefully the reward is worth that - and should be given what Beam stands to gain out of the USA share of Zoleo.

It is hard to predict precisely (and hence why the market has not responded here) as I have of course have not read the JV agreement, but these are my assumption based on what I’ve heard from others and what is somewhat common in agreements of such nature.

I would be curious to hear from those that feel this is negative or risky and explain what they think will happen as I still think no matter how you slice this, Beam wins - it’s just uncertain how much or how good a deal it is for Beam. At the moment no positivity is priced in so even the worst case scenario from here still suits the investment thesis for me?