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THE FIRST AUSTRALIA FUND, INC. ANNOUNCES FILING FOR A RIGHTS OFFERING

 NEW YORK, April 30 /PRNewswire/ -- The First Australia Fund, Inc. (AMEX: IAF) announced today that it has filed a registration with the Securities and Exchange Commission relating to the offering of additional shares of its common stock pursuant to a proposed rights offering.
 The registration statement contemplates that the fund would issue one-half of a non-transferable right for each full share of common stock owned of record on a record date to be determined. As currently formulated, common shareholders would be entitled to acquire one share of common stock for each whole right held at a formula price which would be 95 percent of the lower of an average of last reported sales prices or the net asset value of a share of common stock on a given date.
 No rights offering will be made until the fund announces its definitive terms which may differ from those currently proposed.
 The First Australia Fund is a diversified, closed-end management investment company whose principal investment objective is long-term capital appreciation through investment primarily in equity securities of Australian companies listed on Australian stock exchanges. The Fund's secondary investment objective is current income.
 The fund's investment manager is EquitiLink International Management Limited and its investment adviser is EquitiLink Australia Limited.
 The Dealer-Manager and financial adviser for the fund's offering is Merrill Lynch & Co.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there by any sales of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 4/30/93
 /CONTACT: Brian Sherman of the First Australia Fund, Inc., 011-612-258-8222; or Marissa Moretti or Doug Myers of Dewe Rogerson, 212-688-6840, for The First Australia Fund, Inc./
 (IAF)


CO: First Australia Fund, Inc. ST: IN: FIN SU: OFR

AH-LR -- NY080 -- 3374 04/30/93 16:12 EDT
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Publication:PR Newswire
Date:Apr 30, 1993
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