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C backers ready to beats headphones storm the barricades Cable wireless' shareholders were close to revolt yesterday, demanding that the struggling telecoms giant speed up its acquisition programme or else return some of its billion cash pile to investors. The news comes less than a week after the company released a shock profits warning which sent its shares reeling.Yesterday cable wireless shares fell 1.5 to 454p, their lowest level since December 1996. David manning, at shareholder foreign colonial, told reuters: "Any company with large amounts of cash has to put forward a compelling case that it can do more with the money than the shareholders. " Iain brown, of morley investment managers, another shareholder, said: "So far, c have done broadly the right things, and bought businesses in which they see longterm returns.However, if they don't see anything that gives a return, we would expect them to give us money back. " City analysts joined the chorus of disapproval.Chris godsmark at investec henderson crosthwaite, said: "The company should give shareholders their money back.The reality is that the company's implementation of the strategy hasn't worked and it is not clear it is going to. " Last november, at cable wireless' interim results, chief executive graham wallace indicated he would be prepared to return cash to investors if they demanded it.However, he then said that the money would be better invested in new businesses. Pressure is now greater than ever on the previously highlyregarded wallace, however, because of the profits warning and subsequent reports that the company is planning to postpone some of its major investments, including the construction of a $1.4 billion fibreoptic network in Japan. The group is also expected to get a hefty cash windfall from the sale of cable wireless optus, the australian business of which it owns 52.5pc.The sale is close to completion, with vodafone and singapore telecom among the bidders. Cable wireless could return its cash by a special dividend or by a share buyback.Yesterday, one fund manager was also reported to be calling for the company to be broken up completely. "We need to have a long, indepth chat with management about growth projects they want to spend money on,"The fund manager said. "If they don't have a clear plan, we would expect all our money back, and a winding beats by dre uk up of the company. " In contrast with most large telecoms companies, who are deeply in debt a result of spending billions on Beats By Dr Dre Pro - Various Style And Top Quality Monster Dr Dre Beats Headphones Online Sale third generation mobile licences, c has a strong cash position. The company sold its stake in one2one to deutsche telekom and was thus spared the billion uk auction for high speed mobile internet licences.It has sold other noncore assets, such as a majority stake in hong kong telecom, as part of wallace's strategy to focus solely on business customers.