ING says 95% accept offer for units in 2 frozen funds

ING New Zealand, the fund manager owned by ANZ and Dutch group ING, has announced that 95% of unit holders had so far accepted ING NZ's offer to buy back units in its Diversified Yield Fund (DYF) and Regular Income Funds (RIF). As at 3pm, 95% of unit holders had accepted the offer of 60 cents per $1 unit in the DYF fund and 62 cents per unit in the RIF, with 85% opting to put that money into a special ANZ account offering 8.3% per annum for the next 5 years. The offer closes at 5pm, but ING says it will take late acceptances on a case by case basis over the next week. "Although take-up of the offer has been strong, we have received several queries from investors asking for a bit more time for various reasons, such as they had been away overseas on holiday, or they couldn't track down an essential signatory for a family trust, etc," an ING spokeswoman said. "It has always been our intention that all investors who wanted to accept the offer would be able to do so. We will therefore sympathetically consider any late acceptances, received over the coming week, on a case by case basis." Here is more detail on the offers in a May 28 release from ING NZ. 090528_ING DYF_RIF_280509 We welcome your comments and insights on the article and the details in the documents above.