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Aberdeen Asia-Pacific Income Fu Message Board

  • CajunJoe_ CajunJoe_ Mar 12, 1999 7:06 AM Flag

    Tender offer for FAX

    02/25 12:17 First Australia Prime Income Fund
    Responds to Mini-Tender Offer
    FAX.A>

    First
    Australia Prime Income Fund Responds to Mini-Tender Offer
    NEW YORK, Feb. 25 /PRNewswire/ -- The First Australia
    Prime Income Fund, Inc. (Amex: FAX; PCX), said today it
    had been made aware of an unsolicited tender offer
    for 2% of the outstanding shares of the Fund's common
    stock by an offerer identified as "KPartners." The Fund
    strongly recommends that its shareholders reject this
    offer. The price being offered by "KPartners", based on
    current market prices, is well below the amount a
    shareholder could receive by selling in the public market.
    "KPartners" offering price of $4.75 is 16% lower than the
    lowest price of the Fund in 1999. "KPartners" has not
    informed the Fund of its offer, and the Fund has no
    information at all as to their identity. According to
    Laurence Freedman, Chairman of the Fund, the offer is one
    of a recent flurry of offers intended to acquire
    shares from unsuspecting shareholders at prices well
    below current market values. The Fund's Investment
    Manager is EquitiLink International Management Limited
    and its Investment Advisor is EquitiLink Australia
    Limited. SOURCE First Australia Prime Income Fund, Inc.
    -0- 02/25/99 /CONTACT: Laurence Freedman or Brian
    Sherman of The First Australia Prime Income Fund, Inc.,
    011-612-9950-2888; or Richard Strickler of EquitiLink USA,
    800-522-5465; or Judy Inosanto or Ralph Richardson of Dewe
    Rogerson Inc., 800-626-0993, for First Australia/ /Web
    site: http://www.dewerogerson.com/ /Web site:
    http://www.equitilink.com -- NYTH064 -- 8235 02/25/99 12:02 EST
    http://www.prnewswire.com Copyright PR Newswire 1998. All rights
    reserved.



    Copyright 1999 Reuters Limited. All
    Rights Reserved.

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    • Hoping to pick off confused investors thinking
      they must give up their shares. I've been reading
      about other tenders they have done on other firms at
      10-20% discounts from the share price.

      THROW THE
      STUFF AWAY.

    • 02/18 16:08 First Australia Prime Income Fund
      Announces Performance Data and
      <FAX.A>


      First Australia Prime Income Fund Announces Performance
      Data and Portfolio Composition NEW YORK, Feb. 18
      /PRNewswire/ -- First Australia Prime Income Fund, a
      closed-end bond fund (Amex: FAX; PCX), today announced
      performance data for the periods ended December 31, 1998 and
      the portfolio composition details as at January 31,
      1999. First Australia Prime Income Fund's total return
      for various periods from its inception in April 1986
      to December 31, 1998 are provided below. (All
      figures are based on distributions reinvested, including
      long-term capital gains): NAV Return Market Price Return
      Period Cumulative Annualized Cumulative Annualized Since
      inception (April 1986) 199.6% 9.0% p.a. 159.3% 7.8% p.a.
      10-Year 87.6% 6.5% p.a. 89.8% 6.6% p.a. 5-year 8.0% 1.5%
      p.a. -11.8% -2.5% p.a. 3-year -6.0% -2.0% p.a. -18.3%
      -6.5% p.a. 1-year -7.7% -13.5% As of January 31, 1999,
      the average maturity of the portfolio was 6.0 years
      and the breakdown of the maturity and credit quality
      of the portfolio was as follows: Maturity 1 Year 1-5
      Years 5-10 Years 10 Years 9.9% 37.1% 43.0% 10.0% Credit
      Quality AAA/Aaa AA/Aa A BBB/Baa BB/Ba 56.9% 23.2% 3.4%
      4.0% 12.5% As of January 31, 1999, the portfolio was
      invested as follows: Country Currency Australia 82.2%
      82.2% South Korea 9.0% 0.6% Philippines 3.7% 0.9%
      Thailand 3.0% 1.6% China 2.5% 0.1% Hong Kong 0.3% 0.3% New
      Zealand 0.6% 0.6% United States -1.3% 13.7% The Fund's
      cash distribution rate for the 12-month period ended
      January 31, 1999 was 12.3%, based on a share price of
      $5.88. As of January 31, 1999 the Fund's Net Asset Value
      was $6.75 per share. First Australia Prime Income
      Fund, Inc. is managed by EquitiLink International
      Management Limited and is advised by EquitiLink Australia
      Limited. The Manager has prepared this report based on
      information sources believed to be accurate and reliable.
      However, the figures are unaudited and neither the Fund,
      the Manager, the Investment Advisor nor any other
      person guarantees their accuracy. Investors should seek
      their own professional advice before acting on this
      information. EXPLORE EQUITILINK'S WEBSITE:
      http://www.equitilink.com Would you like to receive this information
      electronically? Contact pbaronow@dewerogerson.com. SOURCE The
      First Australia Prime Income Fund, Inc. -0- 02/18/99
      /CONTACT: Brian Sherman of The First Australia Prime Income
      Fund, 011-612-9950-2888; or Richard Strickler of
      EquitiLink USA, 800-522-5465; or Ralph Richardson or Patty
      Baronowski of Dewe Rogerson Inc., 800-323-9995, for First
      Australia Prime Income Fund/ /Web site:
      http://www.equitilink.com/ -- NYTH111 -- 7897 02/18/99 15:53 EST
      http://www.prnewswire.com Copyright PR Newswire 1998. All rights reserved.

      • 1 Reply to CajunJoe_
      • do you think all of those statistics really say?
        We both know one thing to be a fact; FAX's market
        value decreased from approximately $10 to $5.30 and its
        NAV didn't fare much better. Please explain in your
        own words what kind of a future that you think FAX
        has based on what you posted.

        I think FAX is a
        good buy at these levels. I feel that way because the
        AUS Dollar is closer to its lows than to its highs
        compared to the US Dollar. It's selling at a healthy
        discount to its underlying NAV. There are several other
        compelling reasons, but I've been wrong before. I'm
        interested in what you think. Please share.

 
FAX
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