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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. 2)*
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)
August 26, 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 Page 2 of 8
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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
NUMBER OF
SHARES None
BENEFICIALLY -----------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 1,867,389
PERSON -----------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
None
-----------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,867,389
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,867,389
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.9%
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14 TYPE OF REPORTING PERSON
IN
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2
(Continued on the following pages)
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CUSIP No. 318652104 13D Page 3 of 8
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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
SHARES None
BENEFICIALLY -----------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 1,867,389
PERSON -----------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
None
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10 SHARED DISPOSITIVE POWER
1,867,389
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,867,389
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.9%
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14 TYPE OF REPORTING PERSON
IN
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3
(Continued on the following pages)
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CUSIP No. 318652104 13D Page 4 of 8
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
EquitiLink Limited
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
WC
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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
New South Wales, Australia
7 SOLE VOTING POWER
NUMBER OF
SHARES None
BENEFICIALLY -----------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 192,700
PERSON -----------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
None
-----------------------------------------------------
10 SHARED DISPOSITIVE POWER
192,700
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1.1%
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.1%
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14 TYPE OF REPORTING PERSON
HC, CO
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4
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CUSIP No. 318652104 13D Page 5 of 8
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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
SHARES None
BENEFICIALLY -----------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 1,624,627
PERSON -----------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
None
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10 SHARED DISPOSITIVE POWER
1,624,627
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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 [ ]
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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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5
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CUSIP No. 318652104 13D Page 6 of 8
Statement on Schedule 13D
This Amendment No. 2 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.
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. 2 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 1,871,389 shares of Common Stock, constituting
approximately 10.9% 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 1,871,954 shares of Common Stock,
which represents 10.9% 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, 46,062 and 192,700
shares of Common Stock, respectively.
(c) During the past sixty days, EquitiLink Limited has
purchased a total of 192,700 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> <C>
August 13, 1999 30,000 $7.8729
August 16, 1999 800 $7.9375
August 17, 1999 37,500 $7.9992
</TABLE>
6
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CUSIP No. 318652104 13D Page 7 of 8
<TABLE>
<S> <C> <C> <C>
August 18, 1999 18,300 $7.9375
August 19, 1999 49,500 $7.9217
August 20, 1999 13,900 $7.9083
August 26,1999 42,700 $7.9174
</TABLE>
(d) Not applicable.
(e) Not applicable.
7
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CUSIP No. 318652104 13D Page 8 of 8
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: August 27, 1999
Laurence Freedman
/s/ Laurence Freedman
--------------------------------------------------
Brian Sherman
/s/Brian Sherman
--------------------------------------------------
EQUITILINK LIMITED
By: /s/Barry Sechos
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Name: Barry Sechos
Title: Director
EQUITILINK U.S.A., INC.
By: /s/Richard P. Strickler
-----------------------------------------------
Name: Richard P. Strickler
Title: Managing Director
