Ann: Corporate Update - Grange Strategic Developments, page-32

Thanks for the trouble in posting Michelle's reply - interesting but predictable in what she has said.
You can already predict which JV partner will come out of this better.
It really is a totally insane move IMO and for every dollar invested it will decrease free cash flow by that amount and take away from shareholders' dividends a quarter of the amount invested. So if they invest $40mil then $10mil(or 1c/share) will be deducted from the dividend pool that shareholders were expecting/entitled to under their dividend policy.
It stinks to high heaven.