AZZ doesn't have much cash available at the end of Sept (only $1,619,000 as per the quaterly report). The buy-back notice on 20/12/2010 indicates that they have spent $1,435,000 so far. If AZZ has not received the sale proceedings, what source of money to support the buy-back? So IMO, AZZ has banked the $156M.
show me the info, page-2
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