EZ, the way I read it is that once the JV is finalized and approved by shareholders then they negotiate for the permit and transfer of the MOC which is needed for the closing at the end of the 3rd qtr.

In the agreement it states once the A&F is executed then they negotiate. Not sure when they say "executed" if that includes the shareholder vote but I would imagine it would because that is the approval for the A&F IMO.