Acting Business Editor for the NZ Herald

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 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.

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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.

- NZ Herald

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