Wavenet in bid to recover $2m

Subiaco-based Wavenet International says it will pursue all avenues, including legal proceedings, to recover some $2.2 million after terminating a coal acquisition deal in Queensland.

The company said vendors of the tenement, Terence Byrt and Ansett Resources & Industries, had agreed to repay funds by the February 2 deadline.

The funds consist of $1.3 million in advances, a $700,000 deposit plus accrued interests and costs of $204,597.

"Wavenet advises that these funds have not been received and will now vigorously pursue all avenues to recover funds owing, including commencing proceedings against Mr Byrt, Ansett Resources & Industries Pty Ltd and Trident Capital Pty Ltd," Wavenet said.