I would imagine that given CEL already under the hammer to do...

I would imagine that given CEL already under the hammer to do something or risk being delisted then the ASX would potentially view any diversion from the current business model as a material change and hence make them go through Chapter 1 and 2 - suspended whilst they restructure would be my view.
Would think at 1.2 cents and no cash it will be a deal whereby we give a bucket load of shares in return for some kind of assets and hold the SA asset as a bonus in the back ground for when it happens if ever.
Board has said it is looking at new business in the past so maybe they found one.