Meritas Financial Inc. announced today that it intends to take actions that are designed to relieve investors of uncertainties related to the liquidity problems with the asset-backed commercial paper (ABCP) held within Meritas Mutual Funds.
Meritas says that it intends to buy all of the ABCP held within its mutual funds at 100% of the purchase price plus accrued interest to offer a solution to the current ABCP liquidity crisis. This will be done in an expeditious manner once all regulatory and other approvals, consents and authorizations have been obtained.
“We have had very few inquiries about our fund’s exposure to the ABCP market and most of our funds, including the Meritas Money Market Fund have experienced net sales over the past month,” says Gary Hawton, CEO of Meritas Financial Inc. “Our investors and their advisors have managed this market turbulence quite well and taken the events of the past month in stride.”
The total amount of ABCP that is anticipated to be purchased under this announcement is less than $2 million. These measures are being undertaken despite having no legal or contractual obligation to do so.
Meritas is devoted solely to creating and marketing socially responsible investments.
Meritas to relieve clients of asset-back commercial paper uncertainty
SRI-firm to buy all of the ABCP held within its mutual funds at 100% of the purchase price plus accrued interest
- By: IE Staff
- August 22, 2007 August 22, 2007
- 15:20