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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 6)*
The First Australia Fund, Inc.
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(Name of Issuer)
Common Stock ($.01 par value)
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(Title of Class of Securities)
318652104
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(CUSIP Number)
Meredith M. Brown, Esq.
Debevoise & Plimpton
875 Third Avenue
New York, NY 10022
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(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
December 7, 1999
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Section 240.13d-1(e), (f) or (g), check the following
box [].
Note: Schedules filed in paper format shall include a signed original and five
copies of the Schedule, including all exhibits. See Section 240.13d-7(b) for
other parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purposes of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
(Continued on the following pages)
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CUSIP No. 318652104 13D
<TABLE>
<S> <C>
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Laurence Freedman
I.R.S. No.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
AF,PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Australia
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7 SOLE VOTING POWER
None
NUMBER OF --------------------------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY
EACH 2,575,962
REPORTING --------------------------------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
None
--------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,575,962
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,575,962
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
- ------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
15.0%
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14 TYPE OF REPORTING PERSON
IN
- ------------------------------------------------------------------------------------------------------------
</TABLE>
2
(Continued on the following pages)
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CUSIP No. 318652104 13D
<TABLE>
<S> <C>
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Brian Sherman
I.R.S. No.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
AF,PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Australia
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7 SOLE VOTING POWER
NUMBER OF None
SHARES --------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH
REPORTING 2,575,962
PERSON --------------------------------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
None
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10 SHARED DISPOSITIVE POWER
2,575,962
- ------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,575,962
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
- ------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
15.0%
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14 TYPE OF REPORTING PERSON
IN
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</TABLE>
3
(Continued on the following pages)
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CUSIP No. 318652104 13D
<TABLE>
<S> <C>
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
EquitiLink Limited
I.R.S. No.
- ------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
WC,BK
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
- ------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New South Wales, Australia
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7 SOLE VOTING POWER
NUMBER OF None
SHARES --------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH
REPORTING 898,450
PERSON --------------------------------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
None
--------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
898,450
- ------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
898,450
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
- ------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.2%
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14 TYPE OF REPORTING PERSON
HC, CO
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</TABLE>
4
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CUSIP No. 318652104 13D
<TABLE>
<S> <C>
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
EquitiLink U.S.A., Inc.
I.R.S. No. 521635331
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
NUMBER OF None
SHARES ---------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH
REPORTING 1,624,627
PERSON ---------------------------------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
None
---------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,624,627
- -------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,624,627
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
- -------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.5%
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14 TYPE OF REPORTING PERSON
CO
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</TABLE>
5
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CUSIP No. 318652104 13D
Statement on Schedule 13D
This Amendment No. 6 amends and supplements Items 3 and 5 of the
Schedule 13D of the Reporting Persons with respect to the shares of common
stock, par value $.01 per share, of The First Australia Fund, Inc. (the "Fund")
as originally filed on April 1, 1999 and as amended by Amendment No. 1 thereto
filed on July 9, 1999, Amendment No. 2 thereto filed on August 27, 1999,
Amendment No. 3 thereto filed on September 30, 1999, Amendment No. 4 thereto
filed on October 21, 1999 and Amendment No. 5 thereto filed on November 4, 1999.
Item 3 of the Schedule 13D, "Source and Amount of Funds or Other
Consideration," is hereby amended to add the following information:
The shares of Common Stock acquired by EquitiLink Limited and
reported in this Amendment No. 6 were acquired for an aggregate
purchase price of approximately $1.37 million, which was borrowed
pursuant to a Loan Agreement, dated October 25, 1999, between EquitLink
Limited and HSBC Bank Australia Limited (the "Loan Agreement"). Funds
borrowed pursuant to the Loan Agreement bear interest at an adjustable
rate currently equal to 6.39% per annum, after being adjusted down
from 7.01% on November 20, 1999. A copy of the Loan Agreement
is filed as Exhibit 5 hereto and is incorporated herein by reference.
Item 5 of the Schedule 13D, "Interest in Securities of the Issuer," is
hereby restated in its entirety as set forth below:
Item 5. Interest in Securities of the Fund.
(a) The Reporting Persons beneficially own an aggregate of
2,579,962 shares of Common Stock, constituting approximately 15.0% of
the outstanding shares of Common Stock (computed on the basis of
17,189,998 shares of Common Stock outstanding as of April 30, 1999 as
reported in the Fund's Semi-Annual Report to the SEC on Form N-30D for
the six months ended April 30, 1999). In the aggregate, all persons
named in Item 2 and Annex A to the Schedule 13D as originally filed on
April 1, 1999, which is incorporated herein by reference, beneficially
own 2,580,586 shares of Common Stock, which represents approximately
15.0% of the outstanding shares of Common Stock.
(b) Each of Laurence Freedman, Brian Sherman and Richard
Strickler owns 4,000, 4,000 and 624 shares of Common Stock,
respectively, with sole voting and dispositive power for all such
shares. Messrs. Freedman and Sherman each share voting and dispositive
power
6
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CUSIP No. 318652104 13D
with each of EquitiLink U.S.A., EIML and EquitiLink Limited, with
respect to 1,624,627, 48,885 and 898,450 shares of Common
Stock, respectively.
(c) During the past sixty days (other than as reported in
Amendments No. 4 and 5 to the Schedule 13D of the Reporting Persons
filed on October 21, 1999 and November 4, 1999, respectively),
EquitiLink Limited has purchased a total of 173,750 shares of Common
Stock in open-market transactions on the American Stock Exchange, as
set forth below:
<TABLE>
<CAPTION>
Date Number of Shares Price per Share
---- ---------------- ---------------
<S> <C> <C>
November 3 1999 40,000 $7.7656
November 8, 1999 12,500 $7.6275
November 9, 1999 1,800 $7.8125
November 10, 1999 2,000 $7.8125
November 15, 1999 41,900 $7.9655
November 16, 1999 1,700 $7.9375
November 17, 1999 16,600 $7.9375
November 18, 1999 2,300 $7.9375
November 19, 1999 1,100 $7.9375
November 22, 1999 10,200 $7.9877
November 24, 1999 2,350 $7.9375
November 30, 1999 10,000 $7.6875
December 1, 1999 7,400 $7.7483
December 2, 1999 2,000 $7.7483
December 3, 1999 8,100 $7.831
December 6, 1999 2,300 $7.750
December 7, 1999 11,500 $7.750
</TABLE>
7
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CUSIP No. 318652104 13D
(d) Not applicable.
(e) Not applicable.
8
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CUSIP No. 318652104 13D
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement with respect to the undersigned
is true, complete and correct.
Date: December 8, 1999
Laurence Freedman
/s/ Laurence Freedman
----------------------------------
Brian Sherman
/s/ Brian Sherman
----------------------------------
EQUITILINK LIMITED
By: /s/ Barry Sechos
---------------------------
Name: Barry Sechos
Title: Director
EQUITILINK U.S.A., INC.
By: /s/ Richard P. Strickler
---------------------------
Name: Richard P. Strickler
Title: Managing Director
