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OMB APPROVAL
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OMB Number 3235-0287
Expires: April 30, 1997
Estimated average burden
hours per response..............0.5
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 4
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STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
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
November/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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<TABLE>
<CAPTION>
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TABLE I--NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
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1. Title of Security 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Owner- 7. Nature
(Instr. 3) action action or Disposed of (D) Securities ship of In-
Date Code (Instr. 3, 4 and 5) Beneficially Form: direct
(Month/ (Instr. 8) Owned at Direct Bene-
Day ---------- ------------------------------- End of (D) or ficial
Year) (A) or Month Indirect Owner-
Code V Amount (D) Price (Instr. 3 and 4) (I) ship
(Instr. 4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock 11-30-97 C 201,667 (1) A (1) 201,667 I (2) By wife.
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Common Stock 11-30-97 C 86,429 (1) A (1) 86,429 I (2) By son.
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288,096 (2) I (2)
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</TABLE>
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Reminder: Report on a separate line for each class of securities
beneficially owned directly or indirectly.
<PAGE>
Form 4 (continued)
<TABLE>
<CAPTION>
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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 Derivative Security 2. Conver- 3. Trans- 4. Transac- 5. Number of Deriv-
(Instr. 3) sion or action tion Code ative Securities Ac-
Exercise Date (Instr. 8) quired (A) or Dis-
Price of (Month/ posed of (D)
Deriv- Day/ (Instr. 3,4, and 5)
ative Year) ----------- ---------------------
Security Code V (A) (D)
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<S> <C> <C> <C> <C> <C> <C>
Convertible Promissory
Note (1) 11-30-97 C (1)
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Convertible Promissory
Note (1) 11-30-97 C (1)
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<CAPTION>
6. Date Exer- 7. Title and Amount of Under- 8. Price 9. Number 10. Owner- 11. Na-
cisable and Ex- lying Securities of of Deriv- ship ture
piration Date (Instr. 3 and 4) Deriv- ative Form of In-
(Month/Day/ ative Secur- of De- direct
Year) Secur- ities rivative Bene-
---------------- -------------------------- ity Bene- Secu- ficial
Date Expira- Amount or (Instr. ficially rity: Own-
Exer- tion Title Number of 5) Owned Direct ership
cisable Date Shares at End (D) or (Instr. 4)
of Indi-
Month rect (I)
(Instr. 4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C>
(1) 4-24-98 Common Stock 201,667 (1) (1) 0 I(2) By wife
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(1) 4-24-98 Common Stock 86,429 (1) (1) 0 I(2) By son
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70,000 (3)
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</TABLE>
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Explanation of Responses:
See Exhibit A attached hereto.
**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.
/s/ Terrence H. Pocock December 10, 1997
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**Signature of Reporting Person Date
Terrence H. Pocock
Page 2
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Exhibit A
(1) 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, which were converted into shares of Common Stock on November 30,
1997. The amount of principal and interest accruing on the notes was
$70,583 and $30,250, respectively. Holders of the notes converted both
principal and interest into common stock at $0.35 per share.
(2) 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. The convertible Promissory Notes are held in the
reporting person's wife's name and son's name, respectively.
(3) Represents 14,000 shares of common stock issuable upon exercise of Common
Stock Warrants held by the reporting person's wife, 6,000 shares of
common stock issuable upon exercise of Common Stock Warrants held by the
reporting person's son, and 50,000 shares of common stock issuable upon
exercise of Non-Employee Director Stock Options issued to the reporting
person directly, as previously reported. The reporting person disclaims
beneficial ownership of the warrants and convertible Promissory Notes, and
the underlying shares of common stock, 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. The
warrants and convertible Promissory Notes are held in the reporting
person's wife's name and son's name, respectively.
