Printer Friendly

FIRST AUSTRALIA PRIME INCOME FUND ANNOUNCES SPECIAL YEAR-END DIVIDEND

 NEW YORK, Dec. 16 /PRNewswire/ -- The First Australia Prime Income Fund, Inc. (AMEX, PSE: FAX), a close-end bond fund, announced today that in addition to the regular $0.09 monthly dividend declared earlier this week, the fund has also declared a special distribution of $0.081 per share.
 The special dividend will be payable on Jan. 29, 1993 to all shareholders of record on Dec. 31, 1992. The special dividend will be paid in shares of the fund's common stock unless a shareholder elects to receive cash. The special dividend will be in addition to the regular monthly cash dividend of $0.09 per share, payable on Jan. 15, 1993, to shareholders of record on Dec. 31, 1992.
 The fund has continued to pay a monthly dividend of $0.09 per share despite considerable interest rate declines in Australia and in the U.S., as well as significant currency movements. Unless there is a recovery in the Australian dollar, or an increase in interest rates, the fund may have to reduce the level of its monthly dividend in the future. However, consistent with its policy of providing a steady distribution level, the fund's board of directors has decided to facilitate maintaining the monthly dividend at $0.09 by drawing upon the fund's balance of distributable net income, which would otherwise have been paid as part of the special dividend.
 For the 12-month period ended Nov. 30, 1992, total dividends and distributions declared amounted to $1.386 per share. Qualifying U.S. taxpayers are entitled to a foreign withholding tax credit on a portion of this dividend.
 As of the close of the fund's most recent fiscal year, the fund was invested in high quality debt securities with approximately 83 percent of its assets invested in securities rated AA (or equivalent) or better.
 At the time of its offering in April 1986, The First Australia Prime Income Fund was the largest ever initial public offering on the American Stock Exchange. The fund has current assets in excess of $1.27 billion. The fund's policy is to invest at least 65 percent of its portfolio in Australian issuers or debt securities rated AA or better. The fund is managed by EquitiLink International Management Limited and advised by EquitiLink Australia Limited.
 -0- 12/16/92
 /CONTACT: Brian Sherman of the First Australia Prime Income Fund, 011-612-258-8222, or Marissa Moretti or Doug Myers of Dewe Rogerson, 212-688-6840, for the First Australia Prime Income Fund/
 (FAX)


CO: First Australia Prime Income Fund, Inc. ST: New York IN: FIN SU: DIV

SM-PS -- NY023 -- 7599 12/16/92 09:55 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 16, 1992
Words:434
Previous Article:CONSOLIDATED NAMES ROBERT M. SABLE, JR., SENIOR ASSISTANT TREASURER
Next Article:GLOBAL MARINE INC. ANNOUNCES RECAPITALIZATION
Topics:


Related Articles
FIRST AUSTRALIA PRIME INCOME FUND ANNOUNCES DIVIDEND
FIRST AUSTRALIA PRIME INCOME FUND ANNOUNCES DIVIDEND
The First Australia Funds Announce Performance Data
The First Australia Prime Income Fund Announces Distribution
The First Australia Prime Income Fund Announces Distribution
First Australia Prime Income Fund Announces Distribution
First Australia Prime Income Fund Announces Distribution
First Australia Prime Income Fund Announces Distribution
The First Australia Funds Announce Performance Data
First Australia Prime Income Fund Announces Distribution

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters