Ann: SSH: DIL: Disclosure of ceasing to have subs

• Release Date: 05/03/13 16:37
• Summary: SSH: DIL: Disclosure of ceasing to have substantial holding
• Price Sensitive: No
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DIL
05/03/2013 14:36
SSH

REL: 1436 HRS Diligent Board Member Services INC (NS)

SSH: DIL: Disclosure of ceasing to have substantial holding

Disclosure of ceasing to have substantial holding

Section 25, Securities Markets Act 1988

To NZX

And Diligent Board Member Services, Inc.

Date this disclosure made: March 5, 2013

Date last disclosure made: February 19, 2010

Substantial security holder(s) giving disclosure

Name(s): Spring Street Partners L.P.

Contact details: David Liptak, telephone number +1917-603-3314, email
[email protected]

Date on which substantial security holder(s) ceased to have substantial
holding:  December 21, 2012

Summary of previous substantial holding to which disclosure relates

Class of listed voting securities: ordinary shares

Summary for Spring Street Partners, L.P.

For last disclosure,

(a) total number held in class: 5,507,403

(b) total in class: 90,440,000

(c) total percentage held in class: 6.090%

For current holding after ceasing to have substantial holding:

(a) total number held in class:  4,172,403

(b) total in class:  83,586,155

(c) total percentage held in class:  4.992%

Details of transactions and events giving rise to person ceasing to have
substantial holding

Details of the transactions or other events requiring disclosure under the
instructions to this form:

On August 24, 2012, Spring Street L.P. transferred for NIL consideration
320,000 shares of Diligent common stock to David Liptak.  (As set out in the
on-going disclosure notice filed by David Liptak with NZX on 30 August 2012
under section 19T(2) of the Securities Markets Act 1988, on 24 August 2012
David Liptak then transferred those 320,000 shares of Diligent common stock
for NIL consideration to Etta Brandman and Janet Taylor as the co-trustees of
the Liptak 2012 Family Agreement, a trust for the benefit of David Liptak's
children.  Accordingly, David Liptak ceased to have a relevant interest in
those shares on 24 August 2012.)

On September 19, 2012 Spring Street Partners L.P. transferred for NIL
consideration 315,000 shares of Diligent common stock to Browning School.

On December 21, 2012, Spring Street Partners L.P. transferred for NIL
consideration 700,000 shares of Diligent common stock to David Liptak. (As
set out in the on-going disclosure notice filed by David Liptak with NZX on
24 December 2012 under section 19T(2) of the Securities Markets Act 1988, on
21 December 2012 David Liptak then transferred those 700,000 shares of
Diligent common stock for NIL consideration to Etta Brandman and Janet Taylor
as the co-trustees of the Liptak 2012 Family Agreement, a trust for the
benefit of David Liptak's children. Accordingly, David Liptak ceased to have
a relevant interest in those shares on 21 December 2012.)

Additional information

Nature of connection between substantial security holders:  N/A
Address(es) of substantial security holder(s): 488 Madison Avenue, 21st
Floor, New York, NY 10022

Name of any other person believed to have given, or believed to be required
to give, a disclosure under the Act in relation to the securities to which
this disclosure relates:  David Liptak (see the on-going disclosure notices
filed by David Liptak with NZX on 30 August 2012, 21 September 2012 and 24
December 2012 under section 19T(2) of the Securities Markets Act 1988).

Declaration

I, David Liptak, declare that, to the best of my knowledge and belief, the
information contained in this disclosure is correct and that I am duly
authorised to make this disclosure by all persons for whom it is made.
End CA:00233798 For:DIL    Type:SSH        Time:2013-03-05 14:37:00