wavenet gains $14 million settlement

http://www.wabusinessnews.com.au/en-story/1/86001/Wavenet-gains-14-million-settlement

Wavenet gains $14 million settlement
6-January-11 by


Technology player Wavenet International has netted more than $14 million in a settlement resulting from the downfall of Ansett Resources.

Wavenet has received 11.1 million shares in newly-listed coal explorer Carabella Resources, worth $12.9 million, and a $1.18 cash payment.

In early December, Wavenet announced it would receive the shares as part of its settlement from Terence Byrt and the in-liquidation Ansett Resources.

Ansett and Mr Byrt are major shareholders in Carabella, and named as vendors in its prospectus.

Those shares have now almost trebled in value since the junior coal company first listed on the Australian Securities Exchange on December 17.

Carabella's shares have rocketed from 40c to $1.16 in just three weeks.