Also a concern for me has always been RP have the better deal...

Also a concern for me has always been RP have the better deal reaping royalties from NA so they may not be as keen, RP would be crazy not to try and take over Beam also which is another discussion point.

My rationale would be that the entity is worth $200-$300 million by June 2022 so would be good to unlock this value for shareholders and also RP who may elect to then sell some of their shares and cash in. Once it is spun out not much has changed but it may be easier to fund when true value is at hand so you are not doing CR at 1/5 or 1/10 of true value? Plus we would have shares in the new entity which we can hold and watch grow all the same but with more transparency and less complex than the JV structure.

Not sure how it would work as the agreement may have clauses in there both would have to agree of course,

I tried to find info on RP but it was hard to get much or get any understanding of their size and so on.