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FORM 4 OMB APPROVAL
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[ ] Check his box if no longer OMB Number 3235-0287
subject to Section 16. Form 4 Expires: September 30, 1998
or Form 5 obligations may Estimated average burden
continue. See Instruction 1(b). hours per response...............0.5
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section
17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the
Investment Company Act of 1940
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1. Name and Address of Reporting Person
Pocock Terrence H.
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(Last) (First) (Middle)
5210 Williams Circle, Suite 200
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(Street)
Tucson AZ 85711
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(City (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
Wavetech, Inc. (ITEL)
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3. IRS or Social Security
Number of Reporting
Person (Voluntary)
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4. Statement for Month/Year
October/1997
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5. If Amendment,
Date of Original
(Month/Year)
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6. Relationship of Reporting Person to Issuer(check all applicable)
[X] Director [ ] 10% Owner
[ ] Officer (give title below) [ ] Other (specify below)
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<PAGE>
Form 4 (continued)
<TABLE>
<CAPTION>
Table I -- Non-derivative Securities Acquired, Disposed of, or Beneficially Owned
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<S> <C> <C> <C> <C> <C> <C>
1. Title of 2. Trans- 3. Trans- 4. Securities Acquired (A) 5.Amount of 6. Ownership 7. Nature of
Security action action or Disposed of (D) Securities Form: Indirect
(Instr. 3) Date Code (Instr. 3, 4 and 5) Beneficially Direct(D) Beneficial
(Month/ (Instr.8) (A) or Owned at End or Ownership
Day Year) Code V Amount (D) Price of Month Indirect(I) (Instr.4)
(Instr.3 and 4) (Instr.4)
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Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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1. Title of 2. Conver- 3. Trans- 4. Transac- 5. Number of Deriv-
Derivative sion or action tion Code ative Securities Ac-
Security Exercise Date (Instr. 8) quired (A) or Dis-
(Instr. 3) Price of (Month/ posed of (D)
Deriv- Day/ (Instr. 3, 4, and 5)
ative Year) -----------------------------------
Security Code V (A) (D)
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Common Stock Warrants $.46 10-24-97 J 14,000
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Common Stock Warrants $.46 10-24-97 J 6,000
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Convertible Promissory
Note (2) 10-24-97 J (2)
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Convertible Promissory
Note (2) 10-24-97 J (2)
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6. Date Exer- 7. Title and Amount of 8. Price 9. Number 10.Owner- 11. Nature
cisable and Underlying Securities of of Deriv- ship of
Expiration Date (Instr. 3 and 4) Deriv- ative Form of Indirect
(Month/Day/Year) ative Securities Derivative Beneficial
---------------- ---------------------- Security Beneficially Security Ownership
Date Expira- Amount or (instr.5) Owned at End Direct(D) (Instr.4)
Exer- tion Title Number of of Month or Indirect(I)
cisable Date Shares Instr. 4) (Instr.4)
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Immed. 10-24-99 Common Stock 14,000 (4) I(1) By wife
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Immed. 10-24-99 Common Stock 6,000 (4) I(1) By son
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(2) 4-24-98 Common Stock (2) (2) I(1) By wife
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(2) 4-24-98 Common Stock (2) (2) I(1) By son
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70,000 (3)
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</TABLE>
Explanation of Responses:
See attached Exhibit "A" for footnotes
/s/ Terrence H. Pocock November 16, 1997
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**Signature of Reporting Person Date
Terrence H. Pocock
**Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
Page 2
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Exhibit A
(1) The reporting person disclaims beneficial ownership of these securities,
and this report shall not be deemed an admission that the reporting person
is the beneficial owner of such securities for purposes of Section 16 or
for any other purpose. These warrants and the convertible Promissory Notes
are held in the Reporting person wife's name and son's name respectively.
(2) Represents 12% promissory notes issued in the original principal amounts of
$70,000 and $30,000, respectively, made to Wavetech, Inc. as short-term
loans. Principal and interest accruing under such notes may be payable in
lawful money of the United States of America or at the option of the
holders may be payable in a number of shares of the Company's Common Stock
with an aggregate "Payoff Value" equal to the aggregate amount of principal
plus accrued interest thereon. "Payoff Value" means the lessor of $0.35 per
share or 80% of the closing bid price per share of the Common Stock on the
Nasdaq SmallCap Market on the repayment date.
(3) Represents 20,000 shares issued upon the exercise of warrants reported on
this form and 50,000 common stock options issued to the reporting person
directly. Excludes an indeterminate number of additional shares of common
stock issuable upon conversion of promissory notes reported on this form.
(4) These warrants were issued as consideration for the extension of a
short-term loan by the holder to Wavetech, Inc.
