19 Jun 2009

Take advice over ING offer, advises commission

9:25 am on 19 June 2009

The Securities Commission wants investors who have money in two frozen ING frozen funds to get independent advice before deciding whether to accept the insurance giant's $400 million payout offer.

Investors are being offered 60 cents per unit for ING's Diversified Yield Fund, and 62 cents per unit for its Regular Income Fund. Alternatively, they can transfer their money to a special on-call ANZ account, paying 8.3% over 5 years.

As a condition of the offer, investors must waive or end any legal action - a requirement that has upset investors at a series of roadshows.

ING commissioned independent advice from Grant Samuel, which said the offer was fair and reasonable.

The Securities Commission says so far it does not consider the offer to be misleading or deceptive, but will continue to monitor the deal.