INDEPENDENT NEWS

ING New Zealand proposes wind-up of four funds

Published: Wed 10 Dec 2008 03:07 PM
ING New Zealand proposes wind-up of four funds
Dec. 10 – ING New Zealand, which froze its Diversified Yield and Regular Income funds in March, proposed winding up the funds with some NZ$100 million of cash available for investors.
Some 8,000 investors with NZ$521 million were caught in the frozen funds. Separately, ING said it will wind up its NZ$27 million Enhanced Yield Fund and NZ$8 million Credit Opportunities Fund.
“The financial world has changed dramatically for all of us,” chief executive Helen Troup said in a statement.
ING is recommending to the trustee that the DYF and RIF should be wound up over an extended period of time, according to a statement. The NZ$100 million would be a non-recourse loan that has to be paid back before the cash generated through the wind up would be returned to investors.
The DYF fund fell 25.16% in November and had dropped a further 6.22% in the first few days of December to have a unit price of 41 cents, according to the www.goodreturns.co.nz web site. The RIF fell about 28% last month and a further 6.3% in the first three days of December to a unit price of around 34 cents.
The unit prices were 81.05 cents and 70.5 cents respectively when the two funds were frozen, down from the issue price of NZ$1.
(Businesswire)
ENDS

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