I don't believe there is a risk around whether or not the deal is going through. From the announcement on Monday last week it is clear that the transactions were executed. Furthermore, from the announcement on Thursday last week it was stated that there are no conditions precedent and the consideration is cash.
Following the complaint to the ASX, I believe the ASX is reviewing the purchase and sale agreements to understand whether information was disseminated to the market in accordance with it's continuous disclosure obligations. (Presumably the purchase and sale agreements were not disclosed as they contained confidential information).
If this transaction doesn't go through as per the communications received, I'd say the CEO (JC) will find himself in some pretty hot water with the ASX.
The more important question is:
1. What tax rate applies to the proceeds of sale of a US oil asset?
AZZ Price at posting:
50.0¢ Sentiment: Buy Disclosure: Held