Ann: Notice of Beam 2024 AGM, Proxy Form and Annual Report, page-7

If the indication of valuation was positive...then the Board would have spun/presented it into a success story of "unlocking the value", unfortunately during the arbitration process something happened that indicated to them that the settlement will not go well for Beam. It is the reason why, despite the fact that Beam is selling their portion of JV (which was originally communicated as a scenario of favorable outcome), it has already been communicated to the market by the Board as "unsuccessful arbitration result" - the Board knows that they are about to be left with a dud valuation and dud settlement conditions (release over 3 years).

Beam is also cognisant that they have already spent $5.6M on this process (inc $2.4M portion of the legal fees of RoadPost) + massive amount of executive time and effort. The valuation that they will be given will be lucky to cover fraction of that outlay AND it will not all come at once (3+ years) AND the legal process for the release and settlement will also accrue significant costs.

There are many professionals out there with really solid models and methods for valuation of a JV like this, so I will leave it up to them to share their findings regarding the valuation, in the meantime I'll continue to embrace my realist pessimism.

Remember, Mr Market is very very very rarely wrong (i.e. when arbitration was announced -40% in first two days of trading). If Market was predicting that there is a high degree of certainty that the settlement will be positive for Beam we would have seen major SP rally / movement, did we? Market made its bet. The bet is that the settlement will be a drawn out process and will not be net positive for Beam.