best time to sell?

Hi guys,been in this one for a year or so now.

Hopefully a bidding war will start for AOE,and with NHC a 18% holder,there should be a nice spike in SP while AOE is being sort by the big players,i hope :)

When will be the best time,to sell to maximise profits from a NHC.

1) When a final bid/price is clarified.

OR

2) When the cash actually hits the NHC bank account?

I know there is a possibility that other deals may be done eg a scrip offer instead of cash.
I know in the case recently of HGO selling off a large holding of ESG to STO that their SP spiked when the cash actually hit their account.

Thoughts??