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Diligent to launch Boardbook app on Windows 8.1

Shares in Diligent Board Member Services [NZX:DIL] gained in price this morning after the software service provider said it will launch its Boardbooks app on Windows 8.1 devices later this week.

While this is not the much-talked-about "new product" Diligent has hinted it is working on, the development is a positive step for the company, which has been hampered by having to restate its accounts due to revenue recognition issues.

Diligent says Boardbooks for Windows 8.1 allows directors to sync and view board materials by board or committee; access annotation and voting items, and have the control to manage their own materials or annotations after meetings.

“I am excited to have the Diligent Boardbooks application available on our Windows 8.1 platform,” said Kevin Turner, chief operating officer, Microsoft Corporation.

"As a board member myself, I am excited that I can now access my board materials with Diligent’s world-class application on my Surface Pro,” he said.

Diligent shares initially rose 8c on the news and just after 11am were trading up 4c at $4.20 on thin volume.

Diligent has hired Deloitte & Touche to audit its restated financial statements for 2010, 2011 and 2012 and to audit its 2013 statements. While that allowed the company to report its preliminary full-year results on Feb. 28, Deloitte still needs to complete both the audit of those financial statements and the audit of the restated financial statements for prior years, before Diligent can file its annual report.

Chief executive Alex Sodi said the Windows endorsement is an exciting opportunity for Diligent.

“We see a major market opportunity ahead for Microsoft’s latest Windows operating system with the combination of Windows 8.1 tablets and business apps driving user adoption,” he said.

“The development of our board portal app drove the first wave of digital adoption in the boardroom. Now, with the new Windows devices, the possibilities become even more exciting.”

Comments and questions

Well if you believe latest SSH announcement this morning (and no mistake was made), it would appear Wasatch International Growth just bought c.6% of the company for NZ$6.27 a share.

I do wonder if this is right because they made a SSH yesterday, which implied a purchase price of like 30 cents or something. The implied purchase price from this is a 50% premium to the spot price. But maybe that is the going rate for a 6% stake in the company?

Wasatch bought 3,161,599 shares of Diligent Board Member Services Inc. for a total value of $16.5 million in June 2013.

If you go tho the link you will find that their own calculator has a Fair Value of $1.03 at that time. hmmmm

Given their holding is up to 4,379,359 they have added a few more to take them over 5%.