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THE FIRST AUSTRALIA PRIME INCOME FUND ANNOUNCES SUBSCRIPTION PRICE FOR RIGHTS OFFERING

 THE FIRST AUSTRALIA PRIME INCOME FUND ANNOUNCES
 SUBSCRIPTION PRICE FOR RIGHTS OFFERING
 NEW YORK, Oct. 12 /PRNewswire/ -- The First Australia Prime Income Fund, Inc. (AMEX, PSE: FAX) today announced that a subscription price of $9.75 per share has been established for those shares subscribed for during its rights offering, which expired on Friday, Oct. 9, 1992, at 5 p.m., New York City time.
 The terms of the offer stated that the subscription price per share would be 95 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 Oct. 9, 1992, (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 premium during all of last week, the subscription price per share was calculated at 95 percent of $10.26, which was the fund's net asset value on the pricing date.
 The aggregate number of shares subscribed for and the total net proceeds to the fund will be announced later this week. Individual confirmations of the number of shares subscribed for pursuant to the primary subscription and over-subscription privilege will be mailed to shareholders within the next five business days.
 -0- 10/12/92
 /CONTACT: Marissa Moretti or Doug Myers of Dewe Rogerson, Inc., 212-688-6840, for First Australia Prime Income Fund/
 (FAX) CO: First Australia Prime Income Fund, Inc. ST: IN: FIN SU: OFR


PS -- NY062 -- 8982 10/12/92 17:04 EDT
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Publication:PR Newswire
Date:Oct 12, 1992
Words:261
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