Bettle quits Diligent board

TIM HUNTER
Last updated 10:39 20/06/2013

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Rick Bettle has resigned from the board of NZX-listed software company Diligent, two weeks before he is due to stand trial on charges of misleading investors in Dominion Finance.

The company said his resignation was effective immediately and his board nomination would be withdrawn from the forthcoming annual meeting on June 25.

''Mr Bettle did not resign from the Board due to any disagreement with the company on any matter relating to the Company's operations, policies or practices,'' the company said, but gave no reason for his departure.

No replacement is planned for his board seat.

Bettle was a member of Diligent's remuneration and nominations committees. In February Diligent revealed it had awarded stock options to some executives in excess of limits in their incentive plans. The options were cancelled.

Three Dominion Finance directors, Bettle, Vance Arkinstall and Paul Forsyth, face Securities Act charges laid by the Financial Markets Authority relating to allegedly false statements in prospectus documents. The trial is due to begin on July 1.

Former Dominion directors Ann Butler and  Barry Whale have already pleaded guilty to the charges and were this month sentenced to nine and 12 months home detention respectively.

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- BusinessDay.co.nz

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