Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Diligent sees no need to restate earnings, stock halt lifted

Diligent sees no need to restate earnings after review of executive options

Feb. 22 (BusinessDesk) – Diligent Board Member Services, whose shares have more than doubled in the past 12 months, sees no need to restate earnings after reviewing a report into executive options that may not have complied with its incentive schemes.

The shares, halted pending the report, will resume trading today.

“At this time, the Diligent Board, based on advice received from its advisors and the position of its auditors, does not consider that there is a need for Diligent to restate its financial statements,” it said.

“The amount of expense to be recognized in future periods as a result of the cancellation and any replacement of the previously disclosed affected options will be determined after resolution of such matters, the company said.

The company, whose Diligent Boardbooks software helps directors to manage corporate governance information flows, had its stock halted this week pending receipt of the report from an accounting firm. Diligent set up a special committee in December after being notified that some options and shares granted to executives may not have complied with the relevant incentive plans.

Last month Diligent said the committee had found that a 2009 award to chief executive Alessandro Sodi exceeded the cap in the 2007 Plan by 1.6 million shares and a 2011 award exceeded the cap in the 2010 Plan by 2.5 million shares. A 2011 award to another executive exceeded the cap in the 2010 Plan by 250,000 shares.

The committee also identified a number of instances where Diligent may not have been in compliance with New Zealand regulations such as granting stock options to employees in the absence of a prospective.

Shares of Diligent last traded at $5.35 on the NZX, valuing the company at $448 million. The stock traded at just 7 cents in March 2009.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Immigration: Increase In Seasonal Workers For RSE

The current cap will be increased by 1,000 from 9,500 to 10,500 RSE workers for the 2016-17 season. Mr Woodhouse says the horticulture and viticulture industry is New Zealand’s fourth largest export industry, producing almost $5 billion in exports. More>>

ALSO:

Hurunui: Crown Irrigation Invests Up To $3.4m In North Canterbury

Crown Irrigation Investments will invest up to $3.4m in the Hurunui Water Project, an irrigation scheme that will be capable of irrigating up to 21,000 hectares on the south side of the Hurunui River in North Canterbury. More>>

ALSO:

Not So Great:Butterfly Eradication Success

The invasive pest great white butterfly has been eradicated from New Zealand in a world-first achievement, Primary Industries Minister Nathan Guy and Conservation Minister Maggie Barry say. More>>

Gordon Campbell: On The Government’s Tax Cuts Fixation

Long before the earthquake hit, the dodginess of the government tax cuts programnme was evident in the language of its packaging. It is being touted as a “tax cuts and family care” package... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news