VANCOUVER, Aug. 24 /CNW/ - The Ethical Funds Company announced today that
it has made arrangements to divest its holdings of all third-party
Asset-Backed Commercial Paper (ABCP) in the Credential Money Market Fund.
Over the past week, Ethical Funds has been making arrangements to address
the ABCP issue. The transaction will be priced at par value plus accrued
interest. At last trade, the ABCP in the Credential Money Market Fund was
worth approximately $4 million CDN.
This move is in the best interest of investors and will protect investors
against uncertainty in the ABCP market. The transaction is subject to approval
by the regulatory authorities.
About The Ethical Funds Company
Launched in 1992, The Ethical Funds Company is Canada's leading manager
of socially responsible mutual funds with a family of 15 funds. In addition,
The Ethical Funds Company manufactures a family of investment solutions for
distribution by Credential Securities Inc., Credential Asset Management Inc.,
and Credential Financial Strategies Inc.
(R)Ethical Funds and The Ethical Funds Company are registered marks owned
by Ethical Funds Inc. (R)Credential is a registered mark owned by
Credential Financial Inc. and is used under licence.
For further information:
For further information: Jane Mitchell, Public Relations, The Ethical
Funds Company, Tel: (604) 714-3843, www.ethicalfunds.com