Notably the DEG 2020 annual report shows the top 20 shareholders as of June 30 held 66.3% Since then KLA has sold its 2.8% but Jupiter has bought about 6% and DEG management reports that retail has been selling and institutions buying so the concentration of ownership would be greater now.
A scheme of arrangement (effectively a takeover, like what happened to BAL) requires 75% support from the targeted shares and a majority of the owners of targeted shares, so if the top owners conspired they could try to buy out retail investors if 75% of retail votes agreed to it. A small number of retail investors could block the scheme. A scheme of arrangement makes sense if less than 60% of DEG's ownership decides to buy out everyone else, then to block it the opponents need more than 40% x 25% = more than 10% (but need to get turn out at meeting which is hard to arrange sometimes), whereas a conventional takeover where a blocking stake is 10% may make sense if more than 60% of DEG's owners want to buy us out and say up their stakes proportionally and/or invite in a major gold miner. Regardless the price would have to be very attractive. Plus there are various other legal conditions. A scheme of arrangement usually leads to delisting but the owners would possibly want to retain the ability to sell on market.
https://www.allens.com.au/globalassets/pdfs/sectors-services/ma/takeovers-handbook.pdf
If institutions run out of naive retail shareholders to buy from on the ASX they may get more aggressive and push for a scheme or takeover.
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Last
$1.39 |
Change
0.020(1.46%) |
Mkt cap ! $3.331B |
Open | High | Low | Value | Volume |
$1.36 | $1.42 | $1.36 | $10.25M | 7.383M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
7 | 79543 | $1.39 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$1.40 | 16000 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 5755 | 1.390 |
1 | 10000 | 1.380 |
2 | 23186 | 1.375 |
2 | 9902 | 1.370 |
1 | 9402 | 1.365 |
Price($) | Vol. | No. |
---|---|---|
1.395 | 16000 | 1 |
1.405 | 9402 | 1 |
1.410 | 14402 | 2 |
1.415 | 109402 | 2 |
1.420 | 67974 | 3 |
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