History and Outlook, page-99

Damascus,

That is not correct. However they choose to skin it NS is considered a material asset.
Whether or not they package and sell it or individually sell it, it will require shareholder approval which requires 28 days notice.

Snap back to reality oops there goes gravity (share price).

Comparable Permian Basin transactions have 45 day settlement.
28 days is required for the sale of Northern Star.

US $46M + operating costs (as AZZ runs out of cash this quarter based on its operating cash burn) + net payment to creditors US $2M is what is required prior to 31st March.

No equity raising as in suspension,
No debt available (Maquarie facility is conditional and for drilling)
Hard to see debt funding being sourced given the current distressed financial position.

Truth of the matter is however you skin this cat, without these deals going through by 31st March cash in bank (17th January closing date)....its likely that AZZ will go into administration.