And now that I think on that further, that would mean SMS will...

And now that I think on that further, that would mean SMS will get (presumably) a 50/50 cut of the royalty revenues out of the TIVAN entity from the first plant. The revenue model out of the project unit might be as follows if it proceeds as we're conjecturing;

n% (as royalty) to the TIVAN business unit (and from there, 50% of that to the TNG parent, 50% to SMS)
70% - (70% of TIVAN royalty) to TNG Parent
30% - (30% of TIVAN royalty) to project equity partner

The loan repayments would come out of the TNG Parent, and the expenditure to upgrade the plant capacity would be paid 70/30 between the TNG parent and the project equity partner.

I guess