(November 17 – 11:30 ET) – Fidelity Investments is urging investors in any of its Toronto Stock Exchange-listed limited partnerships to seek advice before selling their units under a purchase offer made by Selkirk Capital Corporation. Selkirk is an arm of a California-based firm called Sierra Funds which has issued a “mini-tender” to purchase units of the following: Fidelity Limited Partnerships 1993 through 1996.

The price being offered by Selkirk, says Fidelity, is substantially below the current market prices of the units, based on their most recent closing values on the Toronto Stock Exchange.

In evaluating the mini-tender, investors and their financial advisors are urged by Fidelity to consider the following:
> Any investor wishing to sell their units can do so at any time via the Toronto Stock Exchange
> Fidelity does not endorse or support any of the actions being undertaken by Selkirk Capital Corporation;
> California-based Selkirk Capital Corporation is completely unrelated to Fidelity Investments;
> A December 1999 notice by the Canadian Securities Administrators

The mini-tender offer for units of some of Fidelity’s limited partnerships does not affect Fidelity mutual funds or unitholders of those funds in any way, says the company.
-IE Staff