An attempt from the former chairman of Burswood-based Wavenet International Ltd, Peter Gregory, to oust the current board has failed, with shareholders voting down all proposed board changes at today's general meeting.
An attempt from the former chairman of Burswood-based Wavenet International Ltd, Peter Gregory, to oust the current board has failed, with shareholders voting down all proposed board changes at today's general meeting.
WA Business News reported in June 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, according to reports.
Mr Gregory owns 17.46 per cent of Wavenet, a wireless communication technology developer, through associated companies Gibros Pty Ltd, First Rate Holdings Pty Ltd and Paper-Corp Pty Ltd ,
Mr Gregory's group had nominated 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, to replace current chairman Mick Stroud and director Michael Hendriks.
But the move was voted down, with 23 million votes for, 27 million against the Gregory-brought resolutions.
Earlier today, Wavenet announced the United States network of wireless data system Mobitex had been acquired by a subsidiary of the creator of the technology, which Wavenet said will bolster the technology's future overseas.
The full text of a company announcement is pasted below
As foreshadowed in our recent shareholder newsletter Wavenet International Ltd (ASX: WAL), is pleased to announce that the Mobitex network in the USA has been acquired by United Wireless Holdings Inc., an associate of Mobitex Technology AB in Sweden.
"Previously owned by Velocita Wireless but purchased by Sprint-Nextel in early 2006, this acquisition by United Wireless provides significant reassurance to the user and developer community regarding the future of the Mobitex network in the USA." said Brett Roelofsen, General Manager of Wavenet Technology.
United Wireless has publicly stated they intend to invest in the network to further improve services and will be targeting specific markets where the Mobitex technology offers clear value.
In addition to the recent deliveries to a number of European customers, Wavenet has shipped almost 100,000 units of the Boomer-III OEM Mobitex modem into the USA so far and is very well positioned with a reliable product and volume manufacturer to continue such supply.
"We are looking forward to working closely with United Wireless and the developer community in general to provide real customer value through the Mobitex network" said Mr Roelofsen.
About Wavenet
Wavenet is a leading edge telecommunications company that develops and markets innovative wireless solutions and modem products. The Company is publicly listed on the Australian Stock Exchange (WAL) and is based in Perth, Western Australia.
For further information about Wavenet visit our website at www.wavenet.com.au .
