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In Brief: Wavenet joins coal rush

FORMER technology company, Wavenet International Ltd, has joined the rush by local investors seeking to exploit booming coal prices, agreeing to buy a stake in four coal tenements in Queensland. The company has entered into an agreement to acquire a 50 per cent interest in the projects, which consist of one granted exploration permit and four applications. The most advanced tenement is the Monto project, located south of Macarthur Coal Ltd’s Monto thermal coal project, a joint venture with Hong Kong-based commodity trading house Noble Group. Wavenet will equally own and jointly explore the tenements with Terence Byrt and his company, Ansett Resources and Industries Pty Ltd. Wavenet will pay a $3 million purchase consideration fee and chip in $1 million to exploration costs. The expenses will be funded from Wavenet’s existing cash reserves, which, along with liquid assets, is currently at $4 million. The purchase is subject to shareholder approval.

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Share Price

Closing price for the last 90 trading days
Source: Morningstar

Share Transactions

13/03/15
$382k Issued
24/08/12
$19k Bought
25/07/12
$240 Bought
Total value as at the date of the transaction
Source: Morningstar

Revenue

171st↓Wavenet International$239k
191st↓MMJ PhytoTech$76k
192nd↓Queste Communications$76k
194th↓4DS Memory$58k
195th↓BARD1 Life Sciences$54k
239 listed industrial companies ranked by revenue.
Source: Morningstar

Remuneration from Wavenet International

309thMick Stroud$371k
1472ndGregg Freemantle$7k
1487thStuart Becker$2k
Ranked by total remuneration from all listed WA companies

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