It certainly looks like a legitimate deal agreed to by the...

It certainly looks like a legitimate deal agreed to by the BOD.

We still have an operating asset until shareholders approve a sale.

If the company fulfils all of its reporting requirements and listing obligations there is no reason why the company cannot trade until a vote takes place. There will then be a period that the company can still trade / remain listed with no asset.

Plenty of cases where this has occurred.

The company can distribute assets (cash if agreed by shareholders) as and when funds become available. The first tranche can be distributed when paid and the 2nd plus interest when paid at a later date if thats what shareholders appprove.