market cap 10mil WAVENET (WAL), which floated at $1 several...

market cap 10mil WAVENET (WAL), which floated at $1 several years ago and these
days flips and flops around 17c, is under attack by former director and
chairman Peter Gregory, who has a 13.3 per cent stake in the company and
complains that there is no growth strategy.
He claims the company has been sitting on "very large" amounts
of money for some years and that it has done nothing with the money,
except to leave it in low interest earning accounts at the bank.
At June 30 last it had $7 million in cash, yet raised a further
$1.2 million with the placement of 7.7 million shares to a UK-based
investment group at just 15.5c.
Mr Gregory is canvassing shareholder support to get re-elected.
Wavenet develops innovative wireless devices and modules for
fixed, mobile and handheld computing.