Educators Financial Group Inc.

Educators Financial Group Inc.

March 28, 2011 12:10 ET

Educators Financial Group Inc. Calls for Meeting of Educators Global Fund Unitholders

TORONTO, ONTARIO--(Marketwire - March 28, 2011) - Educators Financial Group Inc. (Educators), the manager and trustee of the Educators Global Fund (the Fund), today announced that a special meeting (the Meeting) of the unitholders of the Fund will be held on Wednesday, June 15, 2011. At the Meeting, unitholders of the Fund will be asked to approve a merger (the Merger) of the Fund into the Educators Balanced Fund (the Balanced Fund), another mutual fund for which Educators acts as trustee and manager. 

Educators has determined that it is appropriate at this time to recommend the Merger to unitholders as a result of the following factors and concerns:

  • the declining size of the Fund;
  • the lack of interest in the Fund;
  • the high cost of operating and managing the Fund;
  • the disappointing performance of the Fund; and
  • the availability of other, and better, investment options from third party fund companies for unitholders who want specialty equity funds.

The Manager believes that the proposed Merger is in the best interests of the unitholders of the Fund. Unitholders of record on April 18, 2011 will be entitled to receive notice of and to vote at the Meeting. 

The Notice of Meeting and Management Information Circular which provides details about the Balanced Fund, and the Merger, will be mailed to unitholders shortly after April 18, 2011. These details will also be available online at once the mailing has been sent out.

If the Merger is approved, units of the Fund will be exchanged for corresponding units of the Balanced Fund at an exchange ratio calculated by dividing the net asset value per unit of the relevant class of the Fund by the net asset value per unit of the relevant class of the Balanced Fund, as determined at the close of the business day prior to the effective date of the Merger.

If unitholders approve the Merger, and all necessary regulatory approvals are obtained, the Merger is anticipated to be completed on or about July 1, 2011.

Educators Financial Group has been providing free financial planning advice and services to active and retired educators for over 35 years.

Contact Information