[sjh]

I presume he means that you should have up-to-date contact details for all existing investors, and that they should be contactable - e.g. they don't throw down the phone when you ring them - and ready to sell.

I know of a mid-sized company which sold to a multinational a few years ago, and it took them a few weeks to round up all the shareholders and get written consent to the deal, even though all the shareholders were in the same country, on good terms and none of them objected to the take over.