As a Literature Sharing session, I would cover all the text (blue tack and pieces of card work wonders). I would then hold each page up to the class, and have them tell me what is happening from the story, trying to use as many visual clues as possible.
From there (if the class if capable), the students form groups and re-tell the story having a narrator and the others create the scenes. Aim for about 5 scenes.
Another option is to read the book to the class, without showing the pictures. In groups, they then create a Comic Strip Impro consisting of 5 tableaux (freezeframes) that recount the story as best as they can in visual form. For each freezframe they are to have one word that sums up what is happening. Order is important here.
This helps promote the visuals in helping read picture books.