News: AJM Ningbo Shanshan's Unit To Invest A$22.4 Mln In Altura Mining, page-147

Well you're assuming that Ningbo will just sit still and do nothing. They can easily acquire 3% every 6 months without having to make bid.
This is all hypothetical because likely to never happen but either way, giving a party 19% stake without them having to pay a premium is not a good outcome for existing shareholders.
If AJM board was not desperate for cash, they should have told Ningbo to buy some of the shares on market in order to get to 19% but instead they issued them cheap shares for the whole lot.
Ningbo is in the drivers seat, other AJM holders are just there for the ride, wherever Ningbo decides to take it.