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

 NEW YORK, July 30 /PRNewswire/ -- The First Australian Prime Income Fund, Inc. (AMEX: FAX) announced today that it has filed a registration statement 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-sixth 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 Australian Prime Income Fund is a non-diversified closed- end management company whose investment objective in current income through investment primarily in Australian debt securities. The Fund may also achieve incidental capital appreciation.
 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 Prudential Securities Incorporated.
 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 be 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- 7/30/93
 /CONTACT: Brian Sherman of The First Australia Prime Income Fund, Inc., 011-612-258-8222, or Marissa Moretti, or Doug Myers of Dewe Rogerson, Inc., 212-688-6840, for The First Australia Prime Income Fund, Inc./
 (FAX)


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

LD-MG -- NY084 -- 7983 07/30/93 17:49 EDT
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Publication:PR Newswire
Date:Jul 30, 1993
Words:366
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