<PAGE> 1
CUSIP No. 31865210413D
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
The First Australia Fund, Inc.
(Name of Issuer)
Common Stock ($.01 par value)
(Title of Class of Securities)
318652104
(CUSIP Number)
Meredith M. Brown, Esq.
Debevoise & Plimpton
875 Third Avenue
New York, NY 10022
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
September 28, 1999
(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.
(Continued on the following pages)
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CUSIP No. 31865210413D
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 following pages)
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CUSIP No. 31865210413D
<TABLE>
<S> <C>
- -------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Laurence Freedman
I.R.S. No.
- -------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
- -------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF, PF
- -------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
- -------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Australia
- -------------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES None
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 2,053,654
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH None
10 SHARED DISPOSITIVE POWER
2,053,654
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,053,654
- -------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
- -------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.9%
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
(continued on the following pages)
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CUSIP No. 31865210413D
<TABLE>
<S> <C>
14 TYPE OF REPORTING PERSON
IN
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
(Continued on the following pages)
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CUSIP No. 31865210413D
<TABLE>
<S> <C>
- -------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Brian Sherman
I.R.S. No.
- -------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
- -------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF, PF
- -------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
- -------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Australia
- -------------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES None
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 2,053,654
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH None
10 SHARED DISPOSITIVE POWER
2,053,654
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,053,654
- -------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
- -------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.9%
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
(continued on the following pages)
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CUSIP No. 31865210413D
<TABLE>
<S> <C>
14 TYPE OF REPORTING PERSON
IN
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
(Continued on the following pages)
<PAGE> 7
CUSIP No. 31865210413D
<TABLE>
<S> <C>
- -------------------------------------------------------------------------------------------------------------------
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) [ ]
- -------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
- -------------------------------------------------------------------------------------------------------------------
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
- -------------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES None
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 377,900
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH None
10 SHARED DISPOSITIVE POWER
377,900
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2.2%
- -------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
- -------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.2%
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
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CUSIP No. 31865210413D
<TABLE>
<S> <C>
14 TYPE OF REPORTING PERSON
HC, CO
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
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CUSIP No. 31865210413D
<TABLE>
<S> <C>
- -------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
EquitiLink U.S.A., Inc.
I.R.S. No. 521635331
- -------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
- -------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF
- -------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
- -------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -------------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES None
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 1,624,627
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH None
10 SHARED DISPOSITIVE POWER
1,624,627
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,624,627
- -------------------------------------------------------------------------------------------------------------------
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%
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
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CUSIP No. 31865210413D
<TABLE>
<S> <C>
14 TYPE OF REPORTING PERSON
CO
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 11
CUSIP No. 31865210413D
Statement on Schedule 13D
This Amendment No. 3 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 and Amendment No. 2 thereto filed on August 27, 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. 3 were acquired for an aggregate
purchase price of approximately $1.5 million, all of which came from
working capital of EquitiLink Limited.
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
2,058,219 shares of Common Stock, constituting approximately 12.0% 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 hereto, which is incorporated
herein by reference, beneficially own 2,058,219 shares of Common
Stock, which represents 12.0% of the outstanding shares of Common
Stock.
(b) Each of Laurence Freedman, Brian Sherman and Richard
Strickler owns 4,000, 4,000 and 565 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 with each of EquitiLink U.S.A., EIML and EquitiLink
Limited, with respect to 1,624,627, 47,127 and 377,900 shares of
Common Stock, respectively.
(c) During the past sixty days, EquitiLink Limited has
purchased a total of 185,200 shares of Common Stock in open-market
transactions on the American Stock Exchange, as set forth below:
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CUSIP No. 31865210413D
<TABLE>
<CAPTION>
Date Number of Shares Price per Share
---- ---------------- ---------------
<S> <C> <C>
August 27, 1999 20,000 $7.8731
August 30, 1999 32,000 $7.8320
September 8, 1999 5,400 $7.8750
September 9, 1999 16,500 $7.9375
September 10, 1999 3,000 $7.9375
September 14, 1999 5,800 $7.9267
September 15, 1999 6,900 $7.9022
September 16, 1999 17,200 $7.8750
September 17, 1999 10,000 $7.8750
September 20, 1999 13,800 $7.8125
September 21, 1999 7,900 $7.8710
September 22, 1999 11,000 $7.8693
September 23, 1999 6,400 $7.8584
September 24, 1999 400 $7.8125
September 27, 1999 6,700 $7.8125
September 28, 1999 22,200 $7.6250
</TABLE>
(d) Not applicable.
(e) Not applicable.
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CUSIP No. 31865210413D
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: September 30, 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
