from the bits and pieces information that has been disclosed,...

from the bits and pieces information that has been disclosed, this is all connected. The distribution, marketing etc incurred by the partners is all charged to the JV based on directly attributable costs + for Beam its supplying the HW. RP did provide seed funding and fast path into the Americas market. The Royalty is the cream - this is based on sales/sub revenue and where the GEO based splits come into play (and a bone of contention for anyone on this side of the house).

Now, if the JV comes wholly under either party, it’s likely both will still continue to play some role. RP with its distribution network and BCC with its distribution + the HW. No doubt there would be some changes between the parties in what they charge each other outside of any JV arrangement irrespective of which way it goes - whether part of any arbitration decision or otherwise

This is admittedly a big unknown (among others around the JV arrangement and potential outcomes), and should play into any valuation and investment decisions.