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Rating:Lack of Shareholder Votes Holds Up a Fund Deal's Close Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, July 16, 2009

Lack of Shareholder Votes Holds Up a Fund Deal's Close

Reported by Armie Margaret Lee

The deal that would create Corridor Investors, LLC, a Minot, North Dakota firm with a dozen funds on its roster, is now expected to close July 31 if shareholders of five Integrity funds give their approval, said Laura Anderson, head of Integrity Mutual Funds.

As The MFWire reported in March, Integrity signed a deal to sell its mutual fund business to a group of employees from Integrity and Viking Fund Management, which, like Integrity, is based out of Minot. Those employees are forming Corridor Investors, which will purchase Integrity's fund business and Viking.

A vote was held June 29 for shareholders of 12 Integrity funds and four Viking funds. According to Anderson, there were not enough votes gathered from investors in five Integrity funds -- Oklahoma Municipal, New Hampshire Municipal, Growth & Income, High Income and Williston Basin/Mid-North America Stock Fund.

Had enough votes been gathered, the deal would have closed on June 30, Anderson said.

Integrity now hopes to secure shareholders' approval next Friday, July 24, and when it does, the deal is expected to close on July 31, she said.

Anderson will become chief operating officer of Corridor, while Viking president and CEO Shannon Radke will hold those same titles in the new firm.

Corridor will have a total of 26 employees, 22 of whom are from Integrity. The new firm will be housed in Integrity's current home on 1 Main Street in Minot.

Both Integrity and Viking have North Dakota and Montana funds, and the plan is to merge those Integrity funds into their Viking counterparts. Corridor will have a total of 14 funds on its product lineup.

Both the Integrity and Viking brands will remain, Anderson said.

Meanwhile, Integrity's parent company, Integrity Mutual Funds Inc., rechristened itself Capital Financial Holdings Inc. to reflect its focus on its broker-dealer subsidiary, Capital Financial Services. 

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