Given the board has indicated they believe the stock is undervalued, the capital strategy is very likely to be in the form of an on market buyback in my opinion. My guess would be a $30m buyback, with $20m distributed as a tax free capital return on top.
The dividend will also be reinstated, with forecast future dividends giving a yield of minimum 8% at current prices.
Only risk I see is whether the property has closed. I presume they would have had the unconditional date as 5pm today to allow the capital strategy to be presented. Worst case the deal as fallen through and it goes to the next bidder for slightly less, delaying things by a month or two.
On the technical front, $2.75 is the key resistance we need to break through (current double top). A breakout would confirm a monthly bull flag, with a traditionally measured price target of $3.30-3.40. Resistance wise there is a very small amount at $3, but then it's clear all the way up to $4. That $2.75 break should result in an explosive move in my opinion.
Watch for commentary around corporate activity as the wildcard.