In essence, the objective of this method is for all eligible investors to recover as high a percentage as possible of the capital they originally invested in the Funds.
The payments to be made to eligible investors will be only an approximation of the capital losses suffered by each investor, based on assumptions determined by the Commission. The use of general assumptions in arriving at a payment method was necessary, given that there are approximately 15,000 investors potentially eligible to share in the pool of settlement monies, each with differing personal circumstances, and each having already received differing payments or compensation relating to their investment in the Funds.
If you were an investor in the Funds on 13 March 2008, you may receive a further payment under the Commission Settlement. You will not receive a further payment if you have already received, could have received or will receive more than about 96 per cent of your capital back through a combination of the following steps:
- Receiving cash distributions from the Funds over the life of your investment;
- Acceptance of the ING Offer of 60c/62c per unit in the Funds;
- Accrued and future interest in an ANZ high interest on-call account;
- Receiving a compensation payment from ANZ directly or the Banking Ombudsman's Office; and
- By claiming, or being able to claim, tax rebates for capital losses in the Funds from the Inland Revenue Department. (If you were a non-de minimis investor you will have most probably claimed a tax rebate on your tax return).
The attached spreadsheet contains investor examples which set out a basic settlement calculation. Although the calculation appears simple, each of the inputs in the calculation is complex and reflect both the individual transaction analysis for an investor and the general assumptions the Commission has previously referred to. Therefore, the calculations are indicative only, and it is extremely unlikely that your circumstances will exactly replicate those that apply to the examples.
