I'm not a fan of this deal, even if it is to help a related...

I'm not a fan of this deal, even if it is to help a related failing company.
Listed companies should be independent of each other irrespective of who is on the board.
However given the common directorship and the fact this is clearly a related party transaction Not only does it require shareholder approval, i believe it requires the approval of ASIC before hand. It also needs to include independent experts reports etc.
Im assuming ASIC will be all over this.
Just remember the deal isn't done until all approvals have been obtained.