Ann: Waiver from ASX Listing Rule 6.18, page-3

Hi Kanetoad, here's my shot at it:-

An anti-dilution provision is a clause in an option, security, or merger agreement that gives the investor the right to maintain his or her percentage ownership of a company by buying a proportionate number of shares of any future issue of the security. https://www.investopedia.com/terms/a/anti-dilutionprovision.asp

Understanding Anti-Dilution Provision

An anti-dilution provision protects investors from the dilution of an equity position – something that occurs when an owner's percentage stake in a company decreases because of an increase in the total number of shares outstanding. Total shares outstanding may increase because of new shares being issued due to a round of equity financing or perhaps because existing option owners exercise their options. Sometimes, the company receives enough cash in exchange for the shares that the increase in value of the shares offsets the effects of dilution. Often, this is not the case. https://investinganswers.com/dictionary/a/anti-dilution-provision

So, in this case (according to my interpretation, which may not necessarily correct), IGO has the right to buy more shares to maintain their stake in the company if and when LEG issue more shares for whatever reason. Whether it be for capital raising, remuneration, exercising of options, etc in the future, IGO will have the option of purchasing more to offset the dilutionary effect. However, should IGO's percentage holding drops below 10% or exceeds 25%, then the waiver expires. It appears to favour both parties, IMHO. More than happy to get other opinions.