You are correct sir.
I acknowledge that i failed to see the obvious.
By RAW, speaking a few words in a round is a free action indeed.
.....Now, something VERY interesting is this:
Shrink Item
Transmutation
Level: Sor/Wiz 3
Components: V, S
Casting Time: 1 standard action
Range: Touch
Target: One touched object of up to 2 cu. ft./level
Duration: One day/level; see text
Saving Throw: Will negates (object)
Spell Resistance: Yes (object)
(D) Dismissible
If the Duration line ends with "(D)," you can dismiss the spell at will. You must be within range of the spell’s effect and must speak words of dismissal, which are usually a modified form of the spell’s verbal component. If the spell has no verbal component, you can dismiss the effect with a gesture. Dismissing a spell is a standard action that does not provoke attacks of opportunity.
Now, since shrink item does not abide to to (D), does this mean that i can speak the word from wherever I want?
...Or do I have to abide to (D) as far as range is concerned? In this case, the caster can undo the spell only when touching it?
Since (D) is nowhere to be mentioned, the caster can undo the spell even if there are hundreds of miles separating him from the item! Insane right!!