UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington , D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. _________)*
WaveRider Communications, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
943750101
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(CUSIP Number)
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CUSIP NO. 943750101 13G Page 2 of 5 Pages
1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Sovereign Partners, L.P.
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2 CHECK APPROPRIATE BOX IF A MEMBER OF A GROUP (a)
(b)
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 5 SOLE VOTING POWER
SHARES 2,978,473 (See Note A)
BENFICIALLY -----------------------------------------------------
OWNED BY
EACH 6 SHARED VOTING POWER
REPORTING NA
PERSON -----------------------------------------------------
WITH
7 SOLE DISPOSITIVE POWER
2,978,473 (See Note A)
-----------------------------------------------------
8 SHARED DISPOSITIVE POWER
NA
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9 AGGREGATE AMOUNT BENFICIALLY OWNED BY EACH REPORTING PERSON
2,978,473 (See Note A)
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES CERTAIN SHARES *
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.66%
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12 TYPE OF REPORTING PERSON
PN
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CUSIP NO. 943750101 13G Page 3 of 5 Pages
Item 1.
a) Name of Issuer: WaveRider Communications, Inc.
b) Address: WaveRider Communications, Inc.
235 Yorkland Blvd., Suite 1101
Toronto Ontario
Canada M2J 4Y8
ITEM 2.
a) Name of Filer: Sovereign Partners, L.P.
b) Address of Filer: 90 Grove Street, Suite #01
Ridgefield, CT 06877
c) Citizenship: Delaware
d) Title of Class of Securities: Common Stock
e) CUSIP Number: 943750101
ITEM 3. IF 13D FILING: N/A
ITEM 4. OWNERSHIP
A) AMOUNT BENEFICIALLY OWNED: 2,978,473 (SEE NOTE A)
B) PERCENT OF CLASS: 6.66%
C) NUMBER OF SHARES:
(I) SOLE VOTING POWER -- 2,978,473 (SEE NOTE A)
(II) SHARED VOTING POWER -- NA
(III) SOLE DISPOSAL POWER -- 2,978,473 (SEE NOTE A)
(IV) SHARED DISPOSAL POWER - NA
ITEM 5. LESS THAN 5% BENEFICIAL OWNERSHIP NA
ITEM 6. MORE THAN 5% ON BEHALF OF ANOTHER NA
ITEM 7. SUBSIDIARY NA
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CUSIP NO. 943750101 13G Page 4 of 5 Pages
ITEM 8. IF GROUP NA
ITEM 9. NOTICE OF DISSOLUTION NA
ITEM 10. CERTIFICATION
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were acquired in the ordinary
course of business and were not acquired for the purpose of and do not have the
effect of changing or influencing the control of the issuer of such securities
and were not acquired in connection with or as a participant in any transaction
having such purposes or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
August 20, 1999
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Date
Sovereign Partners LP
By: Southridge Capital Management LLC, GP
By: /s/ STEPHEN HICKS
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Stephen Hicks, President
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CUSIP NO. 943750101 13G Page 5 of 5 Pages
NOTE A
------
The shares of common stock referred to in this Form 13G are based on
the reporting person's right to receive shares of Common Stock of the Issuer as
of June 14, 1999, pursuant to the terms of a Common Stock Purchase Agreement
dated December 29, 1998 (the "Purchase Agreement") and an Amendment and
Agreement dated on or about June 14, 1999 (the "Amendment"), and to exercise
Warrants to purchase shares of Common Stock of the Issuer held by the reporting
person.
As of June 14, 1999 the reporting person held 579,791 shares of Common
Stock and Warrants to acquire 573,748 shares of Common Stock pursuant to the
Purchase Agreement. On June 14, 1999 the reporting person purchased 1,107,297
shares of Common Stock pursuant to the Amendment.
Pursuant to the Purchase Agreement, under certain circumstances based
upon the price of the Common Stock, the Issuer was to issue additional shares of
Common Stock to the reporting person. On June 6, 1999 the Issuer issued 164,897
shares of Common Stock to the reporting person. Additional shares, if any, would
be issued on or about July 9, 1999 and August 9, 1999, depending on the price of
the Common Stock of the Issuer during those respective time periods. As of June
14, 1999 the exact number of additional shares of Common Stock, if any, issuable
to the reporting person could not be specified. Based on the price of the Common
Stock at or about the June 14, 1999 the reporting person would be entitled to
receive 552,740 of additional shares of Common Stock.
