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

 THE FIRST AUSTRALIA PRIME INCOME FUND ANNOUNCES FILING
 FOR A RIGHTS OFFERING
 NEW YORK, July 24 /PRNewswire/ -- The First Australia 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 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 six rights 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 Prime Income Fund is a non-diversified, closed- end management company whose investment objective is current income through investment primarily in Australia 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 Merrill Lynch & Co. and 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- 7/24/92
 /CONTACT: Marissa Moretti or Corey Cutler of Dewe Rogerson, Inc., 212-688-6840, for First Australia Prime Income Fund/
 (FAX) CO: First Australia Prime Income Fund Inc. ST: New York IN: FIN SU: OFR


TS-KW -- NY039 -- 3038 07/24/92 12:49 EDT
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Publication:PR Newswire
Date:Jul 24, 1992
Words:368
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