The announcements relating to the JV have been ambiguous on the...

The announcements relating to the JV have been ambiguous on the equity contribution. I initially read it as a buy in to the JV prior to equity contribution but it can be read either way. If the buy-in price covers their capital contribution then TT face no development cost risk which might seem a little inequitable but on the other hand it would also suggest the NPV has been overstated and they have overpaid.

I am confortable with the deal whichever way the fine print has been worded. There should be change left over following TTs buy-in.