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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
Quinn Gerald I.
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(Last) (First) (Middle)
5210 Williams Circle, Ste 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)
November 4, 1997
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6. Relationship of Reporting Person to Issuer(check all applicable)
[X] Director [ ] 10% Owner
[X] Officer (give title below) [ ] Other (specify below)
President & Chief Executive Officer
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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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Common Stock 10/12/97 (1) A 12,648 A (2) D
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Common Stock 10/16/97 A 3,700 D $.468 D
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Common Stock 10/17/97 A 17,861 D $.468 D
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216,285 (4) (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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Convertible
Promissory Note $0.35 10/24/97 J(3) (3)
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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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(6) 4-24-98 Common Stock (3) (3) 800,000(5) D
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</TABLE>
Explanation of Responses:
(1) Represents the date of grant of deferred shares, deferral period expired
10/19/97 for the 12,648 shares.
(2) These shares were granted in exchange for this employee's services
rendered.
(3) Represents 12% promissory note issued in the original principal amount of
$115,335 made to Wavetech, Inc. as a short-term cash loan. Principal and
interest accruing under such note may be payable in lawful money of the
United States of America or at the option of the holder 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.
(4) Total amount includes: 203,637 shares held indirectly by a Canadian
Corporation controlled by Mr. Quinn, and 12,648 shares granted as deferred
shares under the Company's 1997 Stock Option Plan.
(5) Includes 800,000 options to purchase Common Stock. Excludes an
indeterminate number of additional shares issuable upon conversion of a
promissory note reported on this Form.
(6) Should the reporting person elect to receive shares of common stock in lieu
of cash for the purposes of repayment of the loans, a payoff value equal to
the aggregate amount of principal plus accrued and unpaid interest will be
payable on the Maturity Date of April 28, 1998 or, if the Company prepays
the loan, on such earlier date.
/s/ Gerald I. Quinn 11-17-97
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**Signature of Reporting Person Date
Gerald I. Quinn
**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.
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