<PAGE>
S247240.14d100 Schedule TO. Tender offer statement under
section 14(d)(1) or 13(e)(1) of the Securities Exchange Act
Securities and Exchange Commission,
(Washington, D.C. 20549)
SCHEDULE TO
Tender Offer Statement under Section 14(d)(1) or 13(e)(1) of
the Securities Exchange Act of 1934
(Amendment No.____)
The Southern Africa Fund, Inc.
____________________________________________________________
(Name of Subject Company (issuer))
The Southern Africa Fund, Inc.
____________________________________________________________
(Names of Filing Persons (identifying status as offeror,
issuer or other person))
Common Stock, Par Value $.01 Per Share
____________________________________________________________
(Title of Class of Securities)
842157109
____________________________________________________________
(CUSIP Number of Class of Securities)
Bruce D. Senzel
Seward & Kissel LLP
One Battery Park Plaza
New York, New York 10004
____________________________________________________________
(Name, address, and telephone numbers of person authorized
to receive notices and communications on behalf of filing
persons)
Calculation of Filing Fee
Transaction Valuation Amount of filing fee
$ $
*Set forth the amount on which the filing fee is calculated
and state how it was determined.
<PAGE>
[ ] Check the box if any part of the fee is offset as
provided by Rule 011(a)(2) and identify the filing with
which the offsetting fee was previously paid. Identify the
previous filing by registration statement number, or the
Form or Schedule and the date of its filing.
Amount Previously Paid:___________________
Form or Registration No.:__________________
Filing Party:_____________________________
Date Filed:______________________________
[ X ] Check the box if the filing relates solely to
preliminary communications made before the commencement of a
tender offer.
Check the appropriate boxes below to designate any
transactions to which the statement relates:
[ ] third-party tender offer subject to Rule 14d-1.
[ X ] issuer tender offer subject to Rule 13e-4.
[ ] going-private transaction subject to Rule 13e-3.
[ ] amendment to Schedule 13D under Rule 13d-2.
Check the following box if the filing is a final amendment
reporting the results of the tender offer: [ ]
2
<PAGE>
FOR IMMEDIATE RELEASE
Shareholder Contact:
1-800-221-5672
Media Contact:
Duff Ferguson
212-969-1056
SOUTHERN AFRICA FUND, INC. ANNOUNCES
TERMS OF TENDER OFFER
NEW YORK, NY February 28, 2000 - The Southern Africa Fund,
Inc. (NYSE:SOA) (the "Fund") announced today basic terms of the
tender offer to be conducted during the second quarter of this
year in accordance with a policy stated in the Fund's Prospectus
dated February 25, 1994.
Under the terms approved by the Fund's Board of Directors,
the Fund will, pursuant to due notification, commence a tender
offer on April 25, 2000 for 240,284 shares of its common stock,
representing 5% of the Fund's outstanding shares. The offer will
be for cash at a price equal to the net asset value per share
determined as of the close of the regular trading session of the
New York Stock Exchange on the day after the offer expires. The
offer will expire at 12:00 Midnight Eastern Time on May 22, 2000,
unless extended. On February 25, 2000, the Fund's per share net
asset value was $21.76 and the per share market price on the
Exchange was $17.188, representing a 21.01% discount from net
asset value. The terms and conditions of the offer will be set
forth in the Fund's Offer to Purchase to be dated April 25, 2000
and the related Letter of Transmittal.
The Fund is a non-diversified, closed-end U.S. registered
management investment company managed by Alliance Capital
Management L.P. As of February 25, 2000 the Fund's total net
assets were approximately $104.6 million.
This announcement is not an offer to purchase or solicitation
of an offer to sell shares of the Fund. The offer is made only
by the Offer to Purchase and the related Letter of Transmittal.
Holders of Fund shares should read these documents when they are
available because they contain important information. These and
other filed documents are available to investors for free both at
the website of the Securities and Exchange Commission and from
the Fund. The offer is not being made to, nor will tenders be
accepted from or on behalf of, holders of shares in any
jurisdiction in which making or accepting the offer would violate
that jurisdiction's laws.
3
00250160.BB4
