Third delay for Diligent results

Last updated 16:59 04/12/2013

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Diligent shares have slid 22 per cent this afternoon after the troubled software firm delayed the release of its results for a third time.

The corporate governance software firm is having to go through its accounts line by line, after incorrectly recording revenues and certain costs all the way back to 2010.

While the latest deadline for releasing the accounts was December 12, the company advised the market it now expected to provide them by February 28.

Diligent's share price plummeted as low as $2.76 following the announcement, before recovering somewhat to $3.00.

Its stock is down 22 per cent today, and has more than halved in value since trading above $8 in June this year.

NZX listings rules required the company's preliminary half year announcement and half year report to be released by the end of August and September, respectively.

However, Diligent said NZX had indicated it did not intend to take action to place the company's shares in a trading halt, as long as it met the February 28 deadline.

Diligent said it expected to provide "selected operating highlights" for its fourth quarter results in mid-January.

President and chief executive Alessandro Sodi said "we are looking forward to providing investors information about the performance of our business and initiatives for future growth".

Some long-suffering shareholders, frustrated with the constant delays, are furious with being told to wait yet again.

"Something very wrong at DIL," wrote one user on a public message board.

"Dreadful stuff and as usual the directors will not be accountable for their incompetence."

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- Fairfax Media

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