Rich lister-linked entities in line for $26 million

Businessman Peter Huljich plans to sell shares worth millions if the takeover of Diligent goes ahead.

Businessman Peter Huljich and entities linked to him are set for a $26 million pay out if the Diligent Board Member Services takeover goes ahead.

"We'll be selling," Huljich told the Herald yesterday.

"Obviously, it's been a bit of a roller-coaster ride and we're quite happy to get off here."

Huljich-linked entities own about 4 per cent of Diligent, he confirmed yesterday.

Given New York-based Insight Venture Partners' offer of US$4.90 ($7.39) a share, that stake would be worth about $26 million.

The deal, endorsed by the company's board, still requires shareholder approval.

"We were the sole provider of the pre-IPO funding, we funded the company into listing. We've been in there from [the listing price of] $1 all the way down to 7c at one stage and then all the way back up to $8.20 and now US$4.90, which is $7.40 or thereabouts," Huljich said.

Huljich is a former director of Diligent, which develops software used by board directors to access documents.

The Huljich family is valued at $165 million on the National Business Review's rich list.