M&A Chatter...?, page-68

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.