Diligent note receivable paid in full by Service Share Holding
By Hannah Lynch
Aug. 28 (BusinessDesk) - Software company Diligent Board Member Services has received a cash payment plus interest for its US$3.2 million note receivable from Services Share Holding, ahead of the October deadline.
The payment from Services Share Holding satisfies all the conditions of the note under the October 2007 Promissory Note and Security Agreement. Diligent will release the remaining shares pledged as security of the note to shareholders.
"We are delighted to accept full payment and retire the Note in full ahead of the October deadline," chairman, David Liptak said in a statement. "There has been significant value accrued to the company and its shareholders over the course of the repayment of the Note, and we are very pleased with the end result."
The note had a principal balance of $US3.1 million and bore interest of 6.5 percent.
Diligent shares last traded at $3.70 and have gained 94 percent so far this year.