Stefano's Tweets, page-294

Hard to do by stealth, over 5% and they would need to disclose to the market.

Also, the 20% rule provides that a person cannot acquire voting securities if that acquisition would result in that person's voting power in the company exceeding 20%. This is unless the acquisition is through one of the exceptions.

The three usual exceptions to the 20% rule that are relied on by companies that want to get control of a company are an on-market takeover bid, off-market takeover bid and scheme of arrangement.

These all have different features (some are self explanatory), but the bottom line is it is not something that can be a ‘tada’ magic hat where several top holders sold their shares off in a back room deal for a premium which blindsides everyone else.

I am not sure about JSE as this is dual listed though.

Aside from these protections I am pretty confident that the tightly held register will continue for the meantime given fundamental upside.

I hope that helps.