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THE FIRST AUSTRALIA PRIME INCOME FUND ANNOUNCES FINAL TERMS OF ITS RIGHTS OFFERING

 THE FIRST AUSTRALIA PRIME INCOME FUND ANNOUNCES
 FINAL TERMS OF ITS RIGHTS OFFERING
 NEW YORK, Aug. 28 /PRNewswire/ -- The First Australia Prime Income Fund, Inc. (AMEX: FAX) today announced the final terms of its rights offering entitling shareholders to subscribe for an aggregate of 14,729,753 shares of common stock of the Fund.
 The Fund will issue one-sixth of a non-transferable right for each full share of common stock owned of record on Set. 9, 1992 (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 him (other then 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.
 The rights may be exercised at any time during the period from Wednesday, Sept. 9, 1992 to Friday, Oct. 9, 1992 at 5:00 p.m., New York time (the "subscription period").
 The subscription price per share will be 95 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 Oct. 9, 1992 ("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 expected to be mailed to shareholders on or about Sept. 12, 1992.
 The First Australia Prime Income Fund is a non-diversified, closed- end management company whose investment objective is currently 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 if 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 and has been declared effective.
 -0- 8/28/92
 /CONTACT: Marissa Moretti or Corey Cutler both of Dewe Rogerson, 212-688-6840, for First Australia Prime Income Fund Inc./
 (FAX) CO: First Australia Prime Income Fund, Inc. ST: New York IN: FIN SU: OFR


LD-TM -- NY061 -- 4603 08/28/92 16:58 EDT
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Publication:PR Newswire
Date:Aug 28, 1992
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