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THE FIRST AUSTRALIA FUND, INC. ANNOUNCES FINAL TERMS OF ITS RIGHTS OFFERING

 NEW YORK, June 15 /PRNewswire/ -- The First Australia Fund, Inc. (AMEX: IAF) today announced the final terms of its rights offering entitling shareholders to subscribe for an aggregate of up to 3,762,000 shares of common stock of the fund.
 The fund will issue one-half of a non-transferable right for each full share of common stock owned of record on June 25, 1993 (the "record date"). The rights entitle the shareholder to acquire one share for each full right held. In addition, any shareholder who exercises all rights issued to them (other than those rights which cannot be exercised because they represent the right to acquire less than one share) is entitled to subscribe for shares which are not otherwise subscribed for by others in the primary subscription. If sufficient shares are not available to honor all over-subscriptions, the fund may, at its discretion, issue up to an additional 25 percent of the shares available pursuant to the offer in order to honor such over-subscriptions.
 The rights may be exercised at any time during the period from Friday, June 25, 1993 to Friday, July 23, 1993 at 5 p.m., New York tine (the "subscription period").
 The subscription price per share will be 92.5 percent of the lower of (a) an average of last reported sales prices of the fund's common stock on the American Stock Exchange on July 23, 1993 (the "pricing date") and the four preceding business days or (b) the net asset value of a share of common stock on the pricing date.
 Rights are non-transferable and will not be admitted for trading on the American Stock Exchange. The rights offering described above will be made only by means of a prospectus which, along with an exercise form, is being mailed to shareholders.
 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 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 advisor is EquitiLink Australia Limited.
 The dealer-manager 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 and has been declared effective.
 -0- 6/15/93
 /CONTACT: Marissa Moretti or Doug Myers of Dewe Rogerson, Inc., 212-688-6840, for First Australia Fund, Inc./
 (IAF)


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

TM-SM -- NY103 -- 2352 06/15/93 17:10 EDT
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Publication:PR Newswire
Date:Jun 15, 1993
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