Gregory aims to oust Stroud from Wavenet

15/06/2007 - 13:48

Bookmark

Save articles for future reference.

The former chairman of Burswood-based wireless communication technology developer Wavenet International Ltd, Peter Gregory, is seeking to oust current chairman Mick Stroud and return to the company board.

The former chairman of Burswood-based wireless communication technology developer Wavenet International Ltd, Peter Gregory, is seeking to oust current chairman Mick Stroud and return to the company board.

Mr Gregory, who owns 17.46 per cent of Wavenet through associated companies Gibros Pty Ltd, First Rate Holdings Pty Ltd and Paper-Corp Pty Ltd , has been canvassing shareholder support since last year, according to reports.

Those reports indicated that Mr Gregory had complained the firm had no growth strategy, saying it had sat on "very large" amounts of money without doing anything with it.

Mr Stroud is currently attempting to raise $10 million from investors to back his Big Island Brewing Ltd business.

The prospectus for the brewery, which is yet to produce its beer, was scheduled to close on May 21 but has been extended in the hope that he can secure the funds.

Mr Gregory has requisitioned a Wavenet shareholders meeting for July 9.

Among the resolutions shareholders are due to consider are the removal of Mr Stroud from the board along with non-executive director Michael Hendriks.

In their place, the group nominates Murdoch University's executive dean of science and engineering Prof. Yianni Attikiouzel, RSM Bird Cameron corporate finance director Brenton James and former Wavenet director Leslie Innes, along with Mr Gregory.

Wavenet announced earlier this month the resignation of Richard Timms as chief executive officer, being replaced by chief financial officer Brett Roelofsen as acting general manager.

Shares in the company were trading at 20 cents at 1.40 today.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options