(September 19 – 17:15 ET) – Grenadier 2000 Equity Fund and First Capital Income and Growth Fund are proposing to merge.

Management of the funds believe that the merger will be beneficial to the unitholders of both Grenadier and First Capital since the continuing fund will have a greater level of assets, increased economies of scale and increased portfolio diversification opportunities.

Grenadier and First Capital will be seeking the approval of unitholders for the merger at special meetings to be held on November 15 in Toronto. Subject to such approval, the merger will take effect on or about December 31, 2000.

Grenadier also announced that Harry Bregman has resigned as president and director of First Grenadier Fund Management Inc., the manager of Grenadier. The company has appointed Gordon Wilton as president and a director, effective August 30, 2000.
-IE Staff