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

 NEW YORK, Aug. 25 /PRNewswire/ -- The First Australia Prime Income Fund, Inc. (AMEX: FAX) 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 that is anticipated to commence in mid-September 1993.
 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 the last five reported closing sales prices or the net asset value of a share of common stock on the pricing date.
 No rights offering will be made until the fund announces its definitive terms which may differ from those currently proposed.
 The First Australia Prime Income Fund is a non-diversified closed- end management company whose investment objective is 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 Managers for the fund's offering are Prudential Securities Incorporated and Merrill Lynch, Pierce, Fenner & Smith 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- 8/25/93
 /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/
 (FAX)


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

TM-OS -- NY058 -- 5841 08/25/93 16:10 EDT
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Publication:PR Newswire
Date:Aug 25, 1993
Words:373
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