ING talk fails to impress investors

Signs of satisfaction at ING and ANZ's efforts to sell the merits of their offer to investors in ING's two frozen funds were scarce among the crowd filing out of a meeting in Wellington yesterday.

One man said investors at the meeting, chaired by media trainer Brian Edwards, were not "certainly not happy" with what they'd been told.

One was impressed at Edwards' presentation. "But I don't think it's changed anyone's mind."

"I guess in one sense everyone's just as confused when we leave as when we started. On the other hand everyone's made their feelings clear. Most people are upset and feel they've been [badly advised]."

That was the view of a number of investors the Business Herald spoke to.

"You can see by the type of people that were in the room, no one was gambling, no one was being super-greedy, nobody thought they were buying a high-risk product to make a lot of money, it was mostly retired or pre-retirement people," said one man.

Another grudgingly appreciated the fact that ING and ANZ had held the meetings.

"I didn't understand half of it but they did front up which was appreciated. Not many people do front up these days."

Many simply expressed a sense of resignation.

"I don't know where one goes. Older people have no choice. If you don't accept the offer what happens?" commented one woman.

Another investor said it was a better outcome than other investments such as Bridgecorp.

"That has been a disaster from beginning to end."

"From a retired investor's point of view who has taken a beating on, say, three or four fronts, ING has come best out of the whole lot at this stage and I have a lot more time for ING and their integrity - but I won't be investing with them again."

The meeting was one of a series being held by the company throughout the country to explain the final offer to investors in two funds frozen in March last year which contained money from more than 13,000 people.

At their peak the Diversified Yield Fund and the Regular Income Fund were worth about $800 million, but ING now values them at about $143 million.

Investors have been offered 60c a unit or 62c depending on the fund they are in.

They can take the money or invest it in an on-call savings account at ANZ at a guaranteed interest rate of 8.3 per cent.