Magnetic Resources (ASX:MAU) said it has received a waiver from the Australian Securities Exchange, allowing the cancellation of its options for cash consideration without shareholder approval, for its proposed scheme of arrangement with Genesis Minerals (ASX:GMD), according to a Wednesday Australian bourse filing.

The company said the scheme implementation deed requires Magnetic to procure that each holder of its options agrees to cancel them in exchange for AU$0.47 per option, to be paid by Genesis, with the cancellation subject to the scheme becoming effective, the filing added.

ASX granted the waiver on the conditions that full details of the cancellation and consideration are set out in the scheme booklet to ASX's satisfaction, and that the scheme becomes effective, the filing added.

Magnetic said all performance rights will vest in accordance with their terms before the scheme record date, with the terms of the performance rights providing for automatic vesting where a change of control event occurs or is deemed likely by the board, meaning no waiver is required for this process.

The company's shares fell 2% on market close.