26 Jun 2013

Diligent considers NZ de-list

7:01 am on 26 June 2013

Diligent Board Member Services is not ruling out de-listing from the New Zealand Stock Exchange as it reviews its listing options.

The New York-based firm, which has faced a number of governance problems in the past year, told shareholders at the annual meeting in Auckland that a review of its listing options is a priority.

The company has appointed a special committee which includes a new director, former NZX chief executive Mark Weldon, to look at the options.

They include a dual or secondary listing as well as other markets in the US and New Zealand.

Diligent chairman David Liptak said that shareholders may not fully appreciate how complex operating in dual jurisdictions is.

"We didn't appreciate the complexity of being regulated by two completely different authorities," he said.

He sayidon occasions it was almost impossible for the company to comply with the two countries' reporting protocols which he described as "fairly complex stuff."

Diligent will not pay a dividend this year.