I believe cash distribution is only possible if the Joint Venture agreement allows for 50% cash distributions to Phoenix shareholders.
Say Phoenix is valued at $2bn and enters into a 50:50 JV, assuming the JV partner will infuse $2bn in cash. Then, $1.5bn of that amount would go towards building the plant.
In case, If the JV partner is a PE fund, they will infuse capital in tranches with conditions of no additional dilution and a certain IPO deadline.
Some notable JV IPO examples:
- Forums
- IPOs
- Phoenix Water - PXW - Lithium - 100x
Phoenix Water - PXW - Lithium - 100x, page-1670
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