SCHEDULE 14A INFORMATION
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THE FIRST AUSTRALIA FUND, INC.
------------------------------
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
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LETTER TO SHAREHOLDERS
March 12, 1999
Dear Shareholder,
We are pleased to present this quarterly report which covers the activities
of The First Australia Fund, Inc. (the 'Fund') for the quarter ended January 31,
1999. Included in this report is a review of the Australian economy and
investment markets, together with an overview of the Fund's investments prepared
by the Investment Manager, EquitiLink International Management Limited.
Performance - First in its Lipper category over 5 years
The Fund has been awarded the No. 1 ranking in the Lipper Closed-End Funds
Performance Survey over five years to December 31, 1998 in the category of
Pacific ex-Japan Funds.
The new portfolio management personnel now have a solid first year
performance behind them. The latest quarter is the first since April last year
in which the Australian stock market rose. The Fund's NAV in U.S. Dollar terms
increased by 11.3% over the quarter, assuming reinvestment of distributions.
IMPORTANTLY, THE SHARE PRICE HAS RISEN BY 53% SINCE AUGUST 31, 1998 TO THE
DATE OF THIS REPORT. IN ADDITION, THE FUND HAS PAID A TOTAL OF 85.3 CENTS IN
DISTRIBUTIONS OVER THE PAST TWELVE MONTHS, EQUATING TO AN ANNUAL CASH
DISTRIBUTION RATE OF 11.2%, BASED ON THE SHARE PRICE OF $7.63 AS OF THE DATE OF
THIS REPORT, AND TOTAL RETURN, BASED ON MARKET VALUE, OF 3.8%.
Currency - Australian Dollar appreciates
Over the period, the Australian Dollar strengthened against the U.S.
Dollar, reaching a high of 64.40 cents in mid-November. The currency declined
following a monetary policy easing in early December, but recovered ground
following stronger economic data in January, closing the quarter at 63.02 cents,
up 0.9%.
Resilient economic growth is a key positive for the currency in the
near-term. Looking further out, improving global growth should lead commodity
prices higher, further supporting the Australian Dollar.
An Important Issue - Addressing the Discount
As you may now be aware, a group known as Deep Discount Advisors and Ron
Olin Investment Management Company (together 'DDA') have targeted The First
Australia Fund, Inc. as part of their ongoing attack on the closed-end fund
industry. DDA claims that both the Investment Manager and the Fund's Board of
Directors have been unresponsive addressing the discount issue.
This is not the case.
Management has implemented several proposals intended to reduce the
discount and has constantly monitored the Fund's premium/discount since its
inception:
1. Not long after the Fund began trading at a discount in mid-1986, at
Management's recommendation, the Board implemented a share buy-back program.
This had a minimal impact on closing the discount, while increasing costs.
Consequently, the program was discontinued.
2. In early 1994, Management implemented an investor awareness campaign
which led to large buying of the Fund by international investors. The resultant
increase in the stock price not only closed the discount, but saw the Fund trade
at a premium for a short period.
1
3. In an attempt to close the discount that can be attributed to a
depreciation of the Australian Dollar, Management recommended, and the Board
approved, a managed distribution policy back in 1997. The Fund is now being
recognized as a high distribution investment with substantial capital growth
potential, and the discount has considerably narrowed. The Fund's current
distribution rate is 9% on NAV and around 11% on its current share price.
4. Management has continued an effective educational campaign, including
ongoing discussions with leading U.S. analysts. As a result, several major U.S.
brokers have announced BUY recommendations for the Fund.
Because the Fund's recent strong performance has not been fully reflected
in the Fund's stock price, we believe your investment in the Fund offers value
to the long-term investor. This perception seems to have helped both the stock
price, which has risen some 53% since August 31, 1998, and the discount, which
has dropped substantially.
For information on the Fund, please telephone investor relations at Dewe
Rogerson, toll free on 1-800-323-9995.
Yours sincerely,
Laurence S. Freedman Brian M.Sherman
Chairman President
2
DIVIDEND REINVESTMENT AND CASH PURCHASE PLAN
Participation in the Fund's Dividend Reinvestment and Cash Purchase Plan
('the Plan') allows you to automatically reinvest your distributions in shares
of the Fund's common stock at favorable commission rates. The Plan also enables
you to make additional cash investments in shares of at least $100 per month.
Under this arrangement, the Plan Agent will purchase shares for you on the stock
exchange or otherwise on the open market on or about the 15th of each month.
As a Participant in the Plan, you will have the convenience of:
Automatic reinvestment - the Plan Agent will automatically reinvest your
distributions, allowing you to gradually grow your holdings in the Fund;
Lower costs - shares are purchased on your behalf under the Plan at reduced
brokerage rates;
Convenience - the Plan Agent will hold your shares in noncertificated form
and will provide a detailed record of your holdings at the end of each
distribution period.
To request a brochure containing information of the Plan, together with an
authorization form, please telephone investor relations at Dewe Rogerson,
toll-free on 1-800-323-9995.
REPORT BY THE INVESTMENT MANAGER
NAV Performance
The Fund's Net Asset Value (NAV) outperformed its benchmark returns,
increasing by 11.3% over the quarter, assuming reinvestment of distributions.
Currency
The Australian Dollar rose by 0.9% against the U.S. Dollar over the three
months, supporting the Fund's return.
Share Price Performance
The Fund's share price increased 7.9% over the quarter, assuming
reinvestment of distributions. The Fund's stock closed at $6.88 per share on
January 31, 1999.
Investment Strategy
The Fund substantially lowered its exposure to the resource sector a year
ago. That sector has underperformed the industrial sector over the year and in
the latest quarter. The Fund will remain relatively fully invested, with an
overweight position in the industrial sector.
Quality of the Portfolio
The Fund maintains a high-quality portfolio, with some 90% by value
invested in the top 100 companies on the Australian Stock Exchange.
3
Distribution Policy - 9% Per Annum
Commencing from January 1998, the Fund changed its distribution policy to
quarterly distributions at an annual rate based on a percentage of the rolling
average of the prior four quarter-end NAV's. The rate for 1999 was reset at 9%
by the Board of Directors. The distributions will be made initially from net
investment income, then from net realized gains and, to any extent necessary,
paid-in capital. To date no capital has been repaid, nor is there any
expectation of doing so in the foreseeable future.
Over the past 12 month period the Fund paid a total of 85.3 cents per share
which equates to an annualized cash distribution rate of 11.2%, based on the
share price of $7.63 as of the date of this report.
At the meeting of the Board of Directors held on March 11, 1999, a
distribution of 20.0 cents per share was declared for the quarter ending March
31, 1999, payable in April 1999.
Portfolio Composition
The following chart summarizes the composition of the Fund's portfolio,
expressed as a percentage of net assets.
[CHART TO COME]
SELECTED EQUITY HOLDINGS
The following notes highlight the Fund's top ten holdings at January 31,
1999.
Telstra Corporation Limited
10.9% of total assets
Telstra Corporation is Australia's dominant telecommunications carrier
providing a full range of telecommunications services. The company will continue
to participate in a rapidly growing market. Although deregulation of the
Australian telecommunications market has increased competition and may lead to
some erosion of Telstra's market share, profitability is expected to grow
strongly as costs are reduced.
4
Australia & New Zealand Banking Group Limited (ANZ)
7.2% of total assets
ANZ Banking Group is Australia's fourth largest banking group, offering
retail and wholesale banking services to Australia, New Zealand and Asia. Recent
management changes have focused on cost control and growing non-interest income.
Domestic asset quality and interest margins are trending favorably, underpinning
a sound outlook for profitability.
National Australia Bank Limited (NAB)
6.9% of total assets
National Australia Bank is Australia's largest full- service banking group,
with significant operations in Australia, New Zealand, the U.K. and U.S. NAB has
grown its international retail banking presence through acquisitions while
maintaining market leadership in Australia. The recent interim result showed
strong growth in banking fees and commissions, as well as continuing emphasis on
expense reduction.
News Corporation Limited
4.6% of total assets
News Corporation is a global, vertically-integrated entertainment and media
company. The company produces film and television entertainment through the Fox
brand name and also has significant interests in several major broadcast
platforms such as B-Sky-B in the U.K. and the Fox TV network in the U.S. News
Corporation has also entered into joint venture arrangements with other
media/telecommunications companies in order to reduce financial risk and expand
its global market presence.
Westpac Banking Corporation Limited (WBC)
4.6% of total assets
Westpac Banking Corporation is the second largest banking group in
Australia, offering retail and wholesale banking services to Australia and New
Zealand. Management remains focused on optimizing its domestic banking business
and integrating recent acquisitions. Sound capital management should drive
earnings per share growth.
Fosters Brewing Group Limited
4.5% of total assets
Fosters Brewing Group is an international beverage group focusing on beer,
wine and other alcoholic beverages. Following the recent disposal of its holding
in Molson Canada, Fosters derives the majority of its earnings from its
Australian liquor operations.
Brambles Industries Limited
3.9% of total assets
Brambles Industries is a geographically diversified group operating in
Australia, Europe and North America. Major activities include equipment rental,
waste management, palette management (CHEP), security, industrial service,
records management, and other transport-related services. The trend towards
outsourcing industrial services is underwriting strong growth for Brambles in
its core operations.
Lend Lease Corporation Limited
3.7% of total assets
Lend Lease Corporation is Australia's largest integrated property and
financial services group. The company has achieved 23 consecutive years of
profit growth. It continues to leverage off its strong market presence in
Australia with increasing involvement internationally. Lend Lease Corporation is
involved in project management, design and construction, property development
and facilities management. It is also a major provider of financial services
(funds management and life insurance products) through the MLC group. The
company is well positioned to maintain growth in profitability.
5
Lang Corporation Limited
2.5% of total assets
Lang Corporation is the owner of Australia's largest stevedoring company,
Patrick, and TDG Autocare. Having resolved Patrick's union problems, the market
will increasingly focus on the attractiveness of the stevedore business. Given
that the business is a duopoly, with high barriers to entry and steady long-term
growth, the prospects for Lang Corporation are positive.
Rio Tinto Limited
2.2% of total assets
Rio Tinto is the world's largest mining company, with assets located in
North America, Europe, Southern Africa, South America, Australia and New
Zealand. The company pursues world class ore bodies, with particular emphasis on
copper, gold, diamonds, iron ore and coal. Strong financial management is a core
competency of the group.
MARKET REVIEW AND OUTLOOK
Economy
The Australian economy grew strongly in the last quarter, due mainly to the
strength of the service sector and other domestically focused parts of the
economy. Growth has been underpinned by low interest rates, lagging real wage
increases, productivity growth, and healthy consumer sentiment.
The September quarter national accounts recorded GDP growth of 5% per
annum. Our expectations remain in place that the Australian economy will
moderate towards an annual growth rate of 2.5-3.0% in 1999.
Inflation remains lower than forecast, well below 2% over the last year. It
should remain low in 1999, as solid productivity gains have capped growth in
unit labor costs. We expect only a moderate increase, to around 2%, due to
higher import prices, resulting from a depreciated currency.
Stock Market
Over recent months, the Australian stock market has risen strongly. It
reached a new high in early February, about 18% above its low point at the time
of world financial market disturbance around September last year. Strong
economic data and a reduction in interest rates in early December aided
sentiment. Over the three months to January 31, 1999, the All Ordinaries
Accumulation Index increased by 11.2% in U.S. Dollar terms.
As has been the case for some time in Australia, banks and large industrial
stocks showed the biggest rises in price, where resource stocks fell further in
response to lower commodity prices globally.
Currency
Over the quarter, the Australian Dollar strengthened against the U.S.
Dollar. It rose to a high of 64.40 cents in mid-November but declined following
a monetary policy easing in early December, only to recover following stronger
January economic data. The currency appreciated 0.9% against the U.S. Dollar
over the three months, to close at 63.02 cents on January 31, 1999.
The resilience of domestic growth is a key positive for the currency in the
near-term. Looking further out, improving global growth should lead commodity
prices higher, further supporting the Australian Dollar.
EquitiLink International Management Limited
6
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THE FIRST AUSTRALIA FUND, INC.
Statement of Net Assets
January 31, 1999
(Unaudited)
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Value
Shares Description (US$)
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LONG-TERM INVESTMENTS--99.5%
Common and Preferred Stocks--99.5%
Diversified Industries--29.5%
1,700,000 Australian Infrastructure Group.................... $ 2,396,185
1,035,000 Cable & Wireless Optus Limited*.................... 2,455,303
950,000 CSR Limited........................................ 2,223,172
1,090,000 Fairfax (John) Holdings Limited.................... 2,606,354
610,000 Faulding (F.H.) & Company Limited.................. 3,339,047
2,500,000 Fosters Brewing Group Limited...................... 7,346,496
2,200,000 Futuris Corporation Limited ....................... 2,533,361
1,705,000 Lang Corporation Limited........................... 4,076,912
900,000 Leighton Holdings Limited.......................... 3,652,797
460,000 Lend Lease Corporation Limited..................... 6,094,766
25,000 LibertyOne Limited*................................ 75,085
4,900,000 MacMahon Holdings Limited.......................... 1,464,580
1,800,000 MTM Entertainment Trust*........................... 906,120
400,000 Orica Limited...................................... 2,046,322
900,000 Pioneer International Limited...................... 1,833,195
1,000,000 Ramsay Health Care Limited......................... 1,164,113
411,517 Toll Holdings Limited Convertible Preferred Stock.. 1,009,894
100,000 Woolworths Limited................................. 348,605
------------
45,572,307
------------
Resources And Mining--12.7%
748,064 Acacia Resources Limited........................... 1,153,263
297,755 Broken Hill Proprietary Company Limited............ 2,188,580
489,073 Comalco Limited.................................... 1,748,016
1,295,600 Lihir Gold Limited*................................ 1,304,411
2,876,034 M.I.M. Holdings Limited............................ 1,230,627
1,186,600 Newcrest Mining Limited*........................... 1,889,071
575,209 North Limited...................................... 865,061
358,000 Resolute Limited................................... 259,062
297,151 Rio Tinto Limited.................................. 3,682,430
395,588 Santos Limited..................................... 1,152,019
768,555 WMC Limited........................................ 2,364,869
387,081 Woodside Petroleum Limited......................... 1,751,274
------------
19,588,683
------------
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Value
Shares Description (US$)
- --------------------------------------------------------------------------------
Services--57.3%
348,000 Adelaide Bank Limited.............................. $ 1,368,619
1,797,324 Australia & New Zealand Banking Group Limited...... 11,837,826
235,000 Brambles Industries Limited........................ 6,395,985
650,298 Colonial Limited................................... 2,359,039
450,000D HIH Winterthur Interest Installment Receipts....... 382,269
1,560,000D HIH Winterthur International Holdings Limited...... 2,257,750
1,275,548 Jupiters Limited................................... 2,793,183
678,000 National Australia Bank Limited................... 11,386,372
1,800,000D National Mutual Holdings Limited................... 3,192,941
1,050,000 News Corporation Limited........................... 7,611,410
1,500,000 Pacific Magazines & Printing Limited............... 2,960,937
850,000 Qantas Airways Limited............................. 1,850,625
900,000 QBE Insurance Group Limited........................ 3,597,298
210,000D St. George Bank Limited............................ 1,372,565
3,300,000Pound Telstra Corporation Limited Installment Receipts*.. 17,941,181
2,600,000D Village Roadshow Limited Voting Preferred Stock.... 3,566,590
1,097,000 Westpac Banking Corporation Limited................ 7,593,162
------------
88,467,752
------------
Total common and preferred stocks
(cost US$144,496,797)............................ 153,628,742
------------
Principal
Amount
(000) SHORT-TERM INVESTMENTS--1.8%
- -----------
Demand Deposits--1.2%
A$ 2,464 Banque Nationale de Paris, Demand Deposit, 4.40%... 1,550,366
530 State Street Bank & Trust Company,
Demand Deposit, 4.05%............................ 333,632
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Total demand deposits
(cost US$1,927,253).............................. 1,883,998
------------
8
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Principal
Amount Value
(000) Description (US$)
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Repurchase Agreement--0.6%
US$ 908 Repurchase Agreement, State Street Bank
& Trust Company, 4.60% dated 1/29/99,
due 2/1/99 in the amount of $908,348
(cost $908,000; collateralized by $635,000
U.S. Treasury bill, due 11/15/10; value
including accrued interest--US$932,265).......... $ 908,000
------------
Total short-term investments (cost US$2,835,253).... 2,791,998
------------
Total Investments--101.3%(cost US$147,332,050)..... 156,420,740
Liabilities in excess of other assets--(1.3%)...... (2,034,120)
------------
Net Assets--100%................................... $154,386,620
------------
------------
Net asset value per common share
($154,386,620/17,189,998 shares issued and
outstanding)............................... $ 8.98
------------
------------
- ------------------
* Non-income producing security.
D Portion of securities on loan.
Pound Fair valued security.
9
Directors
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Anthony E. Aaronson
Sir Roden Cutler
David Lindsay Elsum
Rt. Hon. Malcolm Fraser
Laurence S. Freedman, Chairman
Michael R. Horsburgh
Howard A. Knight
Richard H. McCoy
Neville J. Miles
William J. Potter
John T. Sheehy
Brian M. Sherman
Officers
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Brian M. Sherman, President
Laurence S. Freedman, Vice President
Ouma Sananikone-Fletcher, Assistant Vice President
and Chief Investment Officer
David Manor, Treasurer
Roy M. Randall, Secretary
Barry G. Sechos, Assistant Treasurer
Kenneth T. Kozlowski, Assistant Treasurer
Allan S. Mostoff, Assistant Secretary
Margaret A. Bancroft, Assistant Secretary
The accompanying Statement of Net Assets as of January 31, 1999 was not audited
and accordingly, no opinion is expressed on it.
This report, including the financial statements herein, is transmitted to the
shareholders of The First Australia Fund, Inc. for their general information
only. It does not have regard to the specific investment objectives, financial
situation and the particular needs of any specific person.
Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940 that the Fund may purchase, from time to time, shares of its
common stock in the open market.
10
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Investment Manager
EquitiLink International Management Limited
P.O. Box 578, 17 Bond Street
St. Helier, Jersey JE4 5XB Channel Islands
Investment Adviser
EquitiLink Australia Limited
190 George Street
Sydney, NSW 2000, Australia
Administrator
Prudential Investments Fund Management LLC
Gateway Center Three
100 Mulberry Street
Newark, NJ 07102-4077
Custodian and Transfer Agent
State Street Bank and Trust Company
One Heritage Drive
North Quincy, MA 02171
Independent Accountants
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York 10036
Legal Counsel
Dechert Price & Rhoads
1500 K Street N.W.
Washington, D.C. 20005
Stikeman, Elliott
Level 32, Chifley Tower
2 Chifley Square
Sydney, NSW 2000, Australia
Gateway Center Three
100 Mulberry Street
Newark, NJ 07102-4077
for information call toll-free (800) 522-5465
collect (973) 367-7403
or for information regarding net asset value
(800) 451-6788
Shares of The First Australia Fund, Inc. are traded on the American Stock
Exchange and on the Pacific Stock Exchange under the symbol 'IAF'. Information
about the Fund's net asset value and market price is published weekly in
Barron's and in the Monday edition of The Wall Street Journal.
For a weekly update of the Fund's net asset value and share price, or to
receive more information on the Fund, call toll-free:
1-800-323-9995
318652104 (R)
The First Australia Fund, Inc.
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Quarterly Report January 31, 1999 Highlights
- --------------------------------------------------------------------------------
- Performance: First in its category over five years in the Lipper
Closed-end Fund Survey.
- Annual cash distribution rate set at 9% of NAV.
- Share price up 53% since August 31, 1998.
- Discount to NAV narrows substantially.
- Australian Dollar appreciates.
ALL AMOUNTS ARE U.S. DOLLARS UNLESS OTHERWISE STATED.
Managed by EquitiLink International Management Limited.
11
THE FIRST AUSTRALIA FUND, INC.
THIS PROXY SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS
Annual Meeting of Shareholders - April 23, 1999
The undersigned hereby appoints William J. Potter, Brian M. Sherman and
Laurence S. Freedman, and each of them, the proxies of the undersigned, with
power of substitution to each of them, to vote all shares of the common stock of
The First Australia Fund, Inc. which the undersigned is entitled to vote at the
Annual Meeting of Shareholders of The First Australia Fund, Inc. to be held at
One Seaport Plaza, New York, New York on April 23, 1999 at 10:00 a.m. (Eastern
time) and at any adjournment or postponement thereof. By signing this proxy card
on the reverse side, the undersigned authorizes the appointed proxies to vote in
their discretion on any other business which may properly come before the
meeting or any adjournments or postponements thereof.
- --------------------------------------------------------------------------------
PLEASE VOTE, DATE AND SIGN ON REVERSE
AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.
- --------------------------------------------------------------------------------
HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS:
- ----------------------------------- ----------------------------------------
- ----------------------------------- ----------------------------------------
- ----------------------------------- ----------------------------------------
(X) Please mark your votes as in this example
This proxy, when properly executed, will be voted in the manner directed. If no
direction is made, this proxy will be voted FOR Items 1, and 2 and AGAINST Items
3, 4, 5 and 6.
- --------------------------------------------------------------------------------
Your Board of Directors recommends a vote FOR Proposals 1 & 2 below
---
- --------------------------------------------------------------------------------
1. Election of 5 Directors for a three year term:
FOR ALL / / WITHHOLD ON ALL / /
FOR ALL EXCEPT / /
Nominees: M. Fraser, H.A. Jacobs, Jr., H.A. Knight, R.H. McCoy, B.M. Sherman
FOR, except withhold vote from following nominees:
- --------------------------------------------------------------------------------
2. Ratification of selection of independent public accountants
FOR / / AGAINST / / ABSTAIN / /
- --------------------------------------------------------------------------------
Your Board of Directors recommends a vote AGAINST Proposals 3-6 below
- --------------------------------------------------------------------------------
3. Shareholder proposal to terminate the Investment Management Agreement with
EquitiLink
FOR / / AGAINST / / ABSTAIN / /
4. Shareholder proposal that the Board take whatever steps necessary for
shareholders to receive net asset value for their shares within 60 days
of the Meeting
FOR / / AGAINST / / ABSTAIN / /
5. Shareholder proposal that all Directors not standing for reelection who
oppose Item 4 resign
FOR / / AGAINST / / ABSTAIN / /
6. Shareholder proposal to reimburse shareholder proponent's fees and expenses
FOR / / AGAINST / / ABSTAIN / /
DATE ____________________, 1999
_______________________________
_______________________________
Signatures(s)
Please sign exactly as name(s) appear(s) on this proxy card. If signing for a
corporation or partnership or as an agent or attorney, indicate the capacity in
which you are signing. If signing as trustee, custodian or other fiduciary,
please state your title.
2