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THE FIRST AUSTRALIA FUND, INC. ANNOUNCES SUBSCRIPTION PRICE FOR RIGHTS OFFERING

 NEW YORK, July 26 /PRNewswire/ -- The First Australia Fund, Inc. (AMEX: IAF) today announced that a subscription price of $8.74 per share has been established for those shares subscribed for during its rights offering, which expired on Friday, July 23, 1993, at 5 p.m., New York City time. The aggregate number of shares subscribed for and the total net proceeds to the fund will be announced later.
 The terms of the offer stated that the subscription price per share would be 92.5 percent of the lower of (a) the average of the last reported sale prices of a share 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 per share as of the pricing date.
 As the fund traded at a discount during all of last week, the subscription price per share was calculated at 92.5 percent of $9.45, which was the average of the last reported sale prices of the fund on the pricing date and the four preceding business days. The fund's net asset value on the pricing date was $10.69.
 Individual confirmation of the number of shares subscribed for pursuant to the primary subscription and over-subscription privilege will be mailed out on July 30, 1993. Refund checks will be mailed out on or around Aug. 13, 1993.
 -0- 7/26/93
 /CONTACT: Marissa Moretti or Doug Myers of Dewe Rogerson, 212-688-6840, for the First Australia Fund/
 (IAF)


CO: The First Australia Fund, Inc. ST: New York IN: FIN SU:

GK-SM -- NY093 -- 5869 07/26/93 16:27 EDT
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Publication:PR Newswire
Date:Jul 26, 1993
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