The last sentence in the article posted by @fescue says it all. Gina has a blocking stake to ALB's SOA - 19.99% makes that blocking stake even higher. The SOA is based on who votes, so if only 75% of SHs vote, and Gina votes no, the SOA is blocked in its own right by Gina alone regardless of what the Board recommends. this leaves only two options:
1. Either ALB deals with Gina, noting the LTR BOD has stated it will recommend ALB's bid; or
2. The ALB deal fails, SP falls and Gina at some point in time before first production (i.e. read in 6 months time) launches her own bid.
Treat going to 19.99% as an insurance policy by Gina.
As per my previous posts on this, I do not believe Gina will settle for 19.99% and a BOD seat. She will either i.) strike a deal with ALB or ii.) do a full takeover herself down the road. My views remain as per Post #:70199869
All IMO
Ann: Change in substantial holding, page-18
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