Wednesday, April 21, 2010

"Diligent Board Member" Hard to Understand. Why?

Diligent Board Member trades on the New Zealand Stock Exchange NZX under the symbol DIL. They caught my eye with a Business Wire press release announcing their 300th customer.

Congratulations. That sounds really good. I had to hit a few clicks to follow up.

DIL provides services for members of Board of Directors to keep their board books under control. I think. I’m still waiting for the brochure but after reading the web site this sounds right.

DIL provides terrible investor information. Cannot figure out who the board is, who the officers are, who are we getting into bed with? All this is buried in turgid SEC filings. Cannot figure out what their numbers are but they are supposedly publicly traded. The head office seems to be in both New Zealand and NYC. Some venture capital or was it hedge funds invested some money and took some board seats last year.

They are represented by BlissPR. BlissPR has a web site with a guy sitting in a chair floating and defying gravity. BlissPR claims a large list of clients in financial services. Hmmm

OK so to deal with this company you have strategic inside information and the DIL background information comes up in the “I find it hard to accept department”. But hey if you are the lawyer reading this calm down. I am not saying that you are a bad guy. But you sure do not present very well either. Hope to get my brochure and see what’s going on. Wonder what the liability insurance is for these guy’s?

Disclosure: No position in this stock