<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 4)*
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)
October 19, 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.
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)
<PAGE> 2
Page 2 of 8
CUSIP No. 318652104 13D
- --------------------------------------------------------------------------------
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 2,222,054
-----------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH None
-----------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,222,054
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,222,054
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.9%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
- --------------------------------------------------------------------------------
2
(Continued on the following pages)
<PAGE> 3
Page 3 of 8
CUSIP No. 318652104 13D
- --------------------------------------------------------------------------------
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 2,222,054
-----------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH None
-----------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,222,054
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,222,054
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.9%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
- --------------------------------------------------------------------------------
3
(Continued on the following pages)
<PAGE> 4
Page 4 of 8
CUSIP No. 318652104 13D
- --------------------------------------------------------------------------------
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 546,300
-----------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH None
-----------------------------------------------------
10 SHARED DISPOSITIVE POWER
546,300
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
546,300
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.2%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
HC, CO
- --------------------------------------------------------------------------------
4
<PAGE> 5
Page 5 of 8
CUSIP No. 318652104 13D
- --------------------------------------------------------------------------------
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%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
- --------------------------------------------------------------------------------
5
<PAGE> 6
Page 6 of 8
CUSIP No. 318652104 13D
Statement on Schedule 13D
This Amendment No. 4 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 and
Amendment No. 3 thereto filed on September 30, 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. 4 were acquired for an aggregate
purchase price of approximately $1.36 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
2,226,054 shares of Common Stock, constituting approximately 13.0%
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 2,226,619 shares of Common Stock, which represents
13.0% 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 546,300 shares of
Common Stock, respectively.
6
<PAGE> 7
Page 7 of 8
CUSIP No. 318652104 13D
(c) Since the Amendment No. 3 to the Schedule 13D of the
Reporting Persons was filed on September 30, 1999, EquitiLink Limited
has purchased a total of 168,400 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>
October 4, 1999 2,200 $7.8125
October 5, 1999 1,400 $7.8750
October 6, 1999 85,700 $8.2285
October 7, 1999 23,000 $8.1633
October 15, 1999 5,000 $7.7500
October 16, 1999 40,600 $7.8151
October 19, 1999 10,500 $7.7494
</TABLE>
(d) Not applicable.
(e) Not applicable.
7
<PAGE> 8
Page 8 of 8
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: October 21, 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
