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NET PROCEEDS OF FIRST AUSTRALIA FUND RIGHTS OFFERING INCLUDED IN CALCULATION OF NAV

 NEW YORK, Aug. 13 /PRNewswire/ -- The First Australia Fund (AMEX: IAF) today announced that the net proceeds from its oversubscribed rights offering, which expired on July 23, 1993, are included in the calculation of the Fund's net asset value per share, after the market's close on Friday, Aug. 13, 1993.
 The Fund's new net asset value per share is $10.24. This value will be reflected in this week's edition of BARRON'S and the Monday, Aug. 16 edition of THE WALL STREET JOURNAL.
 -0- 8/13/93
 /CONTACT: Brian Sherman or Laurence Freedman of The First Australia Fund, 011 612 258 8222, or Marissa Moretti or Doug Meyers, both of Dewe Rogerson, 212-688-6840/
 (IAF)


CO: First Australia Fund ST: New York IN: FIN SU:

TM-MG -- NY085 -- 2739 08/13/93 17:28 EDT
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Publication:PR Newswire
Date:Aug 13, 1993
Words:133
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