First Australia Prime Income Fund?

From: "Charles A. Wilmot" <cwilmot@azstarnet.com>
Subject: First Australia Prime Income Fund?
Date: Mon, 12 Oct 1998 10:32:57 -0700

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Is anyone in this group familiar with First Australia Prime Income Fund?
It is a closed end mutual fund.   The NAV has dropped from a high of
$12+/-, back in the late '80's, to about $5.50 right now.    I believe it's
downward trend over the past couple of years is due, in large part, to the
generally depressed economy of the whole Pacific area.   I have owned this
"stock", which is listed on the AMEX, for 10 or more years and, having
taken my dividends (which have been excellent) in the form of additional
shares, now have a fair amount of it.   They have recently announced a
Rights offering of 1 share for each 3 owned.   This offer expires on 10/22.
  If anyone out there is also a current owner, like myself,  I would
appreciate hearing from him/her as to what their thinking is as to the
advisability of taking advantage of this Rights offering.   Thank you.
Chuck Wilmot
Charles A. Wilmot 
cwilmot@azstarnet.com



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