First Australia Prime Income Investment Company Limited - company performance highlighted.TORONTO--(BUSINESS WIRE)--June 24, 1997--First Australia Prime Income Investment Company Limited (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). FAP (language) FAP - The assembly language for Sperry-Rand 1103 and 1103A. [Listed in CACM 2(5):16 (May 1959)]. .), a closed-end investment company closed-end investment company: see mutual fund. trading on The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (TSE - FAP), announced the Company's cumulative total return from inception to May 31, 1997 was 352.53 percent, with an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. total return of 14.76 percent. In comparison, the cumulative performance of the Salomon Brothers
Salomon Brothers was a Wall Street investment bank. 7-10 year Canadian Government Bond Index, for the same time period, was 204.63 percent and the annualized total return was 10.74 percent. The Company's total return for various periods from its inception in June 1986 to may 31, 1997 are provided below. (All figures are based on distributions reinvested, including long-term capital gains Long-term capital gain A profit on the sale of a security or mutual fund share that has been held for more than one year. ): -0- __________________________________________________ Period Calculation NAV Return __________________________________________________ 5-year Cumulative 84.34 percent __________________________________________________ 5-year Annualized 13.01 percent __________________________________________________ 3-year Cumulative 38.03 percent __________________________________________________ 3-year Annualized 11.34 percent __________________________________________________ 1-year Cumulative 9.66 percent __________________________________________________ The Company continues to provide shareholders with a high level of income. Its dividend yield for the 12-month period ended May 31, 1997 was 7.7 percent, based on an ordinary share price of C$14.25. As of May 31, 1997, the average maturity of the portfolio was 5.25 years. The breakdown of the maturity of the portfolio as of May 31, 1997 is as follows: 8+ years, 23.1 percent; 5-8 years, 25.9 percent; 1-5 years, 38.9 percent; less than one year, 12.1 percent. The company currently has share purchase warrants outstanding which expire expire /ex·pire/ (ek-spi´er) 1. to exhale. 2. to die. ex·pire v. 1. To breathe one's last breath; die. 2. To exhale. on December 31, 1997. As of May 31, 1997, 6,880,025 warrants were exercised, out of the approximately 9,085,000 warrants issued by the Company. First Australia Prime Income Investment Company Limited, at the time of its offering in June 1986, was the first closed-end investment company listed on The Toronto Stock Exchange to invest in the securities of Australia and New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. . The Company is managed by EquitiLink International Management Limited and is advised by EquitiLink Australia Limited. CONTACT: First Australia Prime Income Investment Company Limited Brian Sherman, 011/612-9950-2888 or EquitiLink USA Richard Strickler, 800/992-6341 or Dewe Rogerson Inc. Marissa Moretti, 212/688-6840 800/323-9995 or First Australia Prime Income Investment Company Limited Judy Inosanto, 212/688-6840 800/323-9995 |
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