It depends who the buyers is. In order to proceed with the deal, both companies must first make an official announcement.
Scenario 1 - Phoenix being a listed company:
If the buyer is an Australian company, shareholder approval is necessary, along with the potential requirement of two court hearings to sanction the scheme of arrangements.
Scenario 2 - Phoenix Private company: (our case)
If the buyer is an Australian company, shareholder approval may be necessary. Court approval is less common.
I think important is to get the deal done and not how fast money hits our account. We waited so long so some delay in payment isn't issue. I hope we should get some update next month if deal still incomplete.
