ARMZ has already paid a premium to minority shareholders to get its' majority share holding (control). I seriously doubt they will sell to the point of losing controlling interest. Dumping shares may well see them snapped up. Also, they would have to disclose such a sale.
Should a no vote succeed, I think they will either up their offer or withdraw. If you are a uranium bull, a withdrawal is probably the best case scenario. With higher uranium prices, the share price here would behave much like the House of Wong predicts for T.RSC--the coiled spring would let loose.