Ann: ZOLEO Inc. Joint Venture Ownership, page-7

Value realization either way. Of course, a lot depends on price.

But my guess is something like Zoleo (full ownership) is worth more than double the current Beam EV at a minimum.

Thinking it through a bit more - the subscription numbers (and royalties) play out in RPs favor at the moment. So their 50% is worth more than 50% in reality. So full ownership (or no ownership) is a negative for them in both outcomes unless price is way out of line.

Either Beam buy half the JV and get the better half (US subs), or sell the 'worse' half of the JV.

Win/Win.


Also shows value realization is on the cards.