-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HZgvaK6Nqj03WcsRPF+18U9hiVppX8JkEniLDXsS1/Z+0QL8xUPGLeKy1x2xJRAN xyUL1AF1rLri9m5H4zQ2sQ== 0000894579-99-000136.txt : 19990712 0000894579-99-000136.hdr.sgml : 19990712 ACCESSION NUMBER: 0000894579-99-000136 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19990709 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: FIRST AUSTRALIA FUND INC CENTRAL INDEX KEY: 0000779336 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 133304681 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: SEC FILE NUMBER: 005-55117 FILM NUMBER: 99661424 BUSINESS ADDRESS: STREET 1: 100 MUDBERRY STREET CITY: NEW YORK STATE: NJ ZIP: 07102-4077 BUSINESS PHONE: 2122141250 MAIL ADDRESS: STREET 1: 100 MUDBERRY STREET CITY: NEWARK STATE: NJ ZIP: 07102-4077 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: EQUITILINK LTD CENTRAL INDEX KEY: 0001083114 STANDARD INDUSTRIAL CLASSIFICATION: [] FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 190 GEORGE STREET LEVEL 3 STREET 2: SYDNEY NSW 2000 AUSTRALIA BUSINESS PHONE: 01161299502888 MAIL ADDRESS: STREET 1: 190 GEORGE STREET LEVEL 3 STREET 2: SYDNEY NWS 2000 AUSTRALIA SC 13D/A 1 THE FIRST AUSTRALIA FUND, INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 1)* The First Australia Fund, Inc. - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock ($.01 par value) - -------------------------------------------------------------------------------- (Title of Class of Securities) 318652104 - -------------------------------------------------------------------------------- (CUSIP Number) Sander M. Bieber Dechert Price & Rhoads 1775 Eye Street, N.W. Washington, DC 20006 - -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) June 1, 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 Rule 13d-1(e), 13d-1(f) or 13d-1(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 Rule 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) CUSIP No. 318652104 13D Page 2 of 8 - -------------------------------------------------------------------------------- 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 None Shares ----------------------------------------------------- Beneficially 8 Shared Voting Power Owned by 1,674,689 Each ----------------------------------------------------- Reporting 9 Sole Dispositive Power Person None With ----------------------------------------------------- 10 Shared Dispositive Power 1,674,689 ----------------------------------------------------- 11 Aggregate Amount Beneficially Owned by Each Reporting Person 1,674,689 - -------------------------------------------------------------------------------- 12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares [ ] - -------------------------------------------------------------------------------- 13 Percent of Class Represented by Amount in Row (11) 9.7% - -------------------------------------------------------------------------------- 14 Type of Reporting Person IN - -------------------------------------------------------------------------------- CUSIP No. 318652104 13D Page 3 of 8 - -------------------------------------------------------------------------------- 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 None Shares ----------------------------------------------------- Beneficially 8 Shared Voting Power Owned by 1,674,689 Each ----------------------------------------------------- Reporting 9 Sole Dispositive Power Person None With ----------------------------------------------------- 10 Shared Dispositive Power 1,674,689 ----------------------------------------------------- 11 Aggregate Amount Beneficially Owned by Each Reporting Person 1,674,689 - -------------------------------------------------------------------------------- 12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares [ ] - -------------------------------------------------------------------------------- 13 Percent of Class Represented by Amount in Row (11) 9.7% - -------------------------------------------------------------------------------- 14 Type of Reporting Person IN - -------------------------------------------------------------------------------- CUSIP No. 318652104 13D Page 4 of 8 - -------------------------------------------------------------------------------- 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 AF, 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 None Shares ----------------------------------------------------- Beneficially 8 Shared Voting Power Owned by None Each ----------------------------------------------------- Reporting 9 Sole Dispositive Power Person None With ----------------------------------------------------- 10 Shared Dispositive Power None ----------------------------------------------------- 11 Aggregate Amount Beneficially Owned by Each Reporting Person None - -------------------------------------------------------------------------------- 12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares [ ] - -------------------------------------------------------------------------------- 13 Percent of Class Represented by Amount in Row (11) 0.0% - -------------------------------------------------------------------------------- 14 Type of Reporting Person HC, CO - -------------------------------------------------------------------------------- CUSIP No. 318652104 13D Page 5 of 8 - -------------------------------------------------------------------------------- 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 None Shares ----------------------------------------------------- Beneficially 8 Shared Voting Power Owned by 1,624,627 Each ----------------------------------------------------- Reporting 9 Sole Dispositive Power Person None With ----------------------------------------------------- 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 - -------------------------------------------------------------------------------- Page 6 of 8 This Amendment No. 1 amends and supplements Items 3, 5 and 7 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. Item 3. Source and Amount of Funds or Other Consideration. The shares of Common Stock acquired by EquitiLink U.S.A. were acquired for an aggregate purchase price of approximately $8.78 million, of which approximately $1.63 million was paid by EquitiLink U.S.A. to EquitiLink Limited on June 15, 1999. The source of funds for the initial payment of $1.63 million was a capital contribution to EquitiLink U.S.A. from EIML with funds obtained through EIML's existing commercial credit facility with HSBC Bank Australia Limited. The remainder of the purchase price will be paid in full to EquitiLink Limited on or before December 31, 1999. The source of funds for the balance of the purchase consideration will be in the form of additional capital contributions from EIML to EquitiLink U.S.A. and may include funds borrowed by EIML. Item 5. Interest in Securities of the Fund. (a) The Reporting Persons beneficially own an aggregate of 1,678,689 shares of Common Stock, constituting approximately 9.8% 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). In the aggregate, all persons named in Item 2 and Annex A hereto, which is incorporated herein by reference, beneficially own 1,679,254 shares of Common Stock, which represents 9.8% 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. and EIML, with respect to 1,624,627 and 46,062 shares of Common Stock, respectively. (c) During the past sixty days, EquitiLink U.S.A. has purchased 1,171,227 shares of Common Stock in a privately negotiated transaction. On June 1, 1999, EquitiLink U.S.A. agreed to purchase 1,171,227 shares of Common Stock from EquitiLink Limited at a price of $7.50 per share. The Agreement is attached as Exhibit 4. Page 7 of 8 (d) Not applicable. (e) EquitiLink Limited ceased to be a beneficial owner of more than five percent of the Common Stock on June 1, 1999. Item 7. Materials to be Filed as Exhibits. Exhibit 4. Agreement, dated June 1, 1999, between EquitiLink U.S.A. and EquitiLink Limited. 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: July 9, 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/ David Manor -------------------------------------- Name: David Manor Title: Director EXHIBIT 4 - --------- STOCK PURCHASE AGREEMENT ------------------------ AGREEMENT, dated 1 June 1999 (the "Agreement"), Between EQUITILINK USA, INC (the "Purchaser"); and EQUITILINK LIMTED (the "Seller"). 1. PURCHASE AND SALE The Seller agrees to sell to the Purchaser, and the Purchaser agrees to purchase from the Seller, upon the terms and subject to the conditions hereinafter set forth, 1,171,227 shares of common stock, par value $.01 per share (the "Fund Common Stock") of The First Australia Fund, Inc., a Maryland corporation (the "Fund"), (the "Shares"), at a total price of A$13,462,379.31 (the "Purchase Price"). The Purchase Price shall be paid in instalments with an initial payment of A$2,500,000 within 30 days of the execution of this Agreement with the balance payable in full on or before 31st December 1999. In consideration of the Seller's agreement to this deferred payment, the Purchaser agrees to pay to the Seller, all dividends received by it on such of the parcel of Shares as represents the outstanding purchase consideration 2. SELLER'S REPRESENTATIONS AND WARRANTIES The Seller represents and warrants to the Purchaser that: (a) the Seller is duly authorized to execute and deliver this Agreement and this Agreement is a valid and binding agreement, enforceable against the Seller in accordance with its terms; and neither the execution of this Agreement nor the sale of the Shares will contravene any provision of applicable law or any judgement, order or decree of any governmental agency or court having jurisdiction over the Seller or any of its assets or will constitute a violation of, or conflict with, or default under, any contract, commitment, agreement, understanding or arrangement to which the Seller is a party or by which the Seller or any of the Shares is bound; (b) at the Closing (as hereinafter defined), the Seller will deliver valid and marketable title to such Shares free and clear of all claims, liens, charges, encumbrances, security interests and restrictions on disposition by the Seller, and will transfer such Shares to the Purchaser free and clear of all claims, liens, charges, encumbrances and security interests, with full power to vote such Shares at all meetings of stockholders of the fund; and (c) the Seller will, upon request of the Purchaser, promptly execute and deliver or cause to be executed and delivered all additional documents reasonably deemed by the Purchaser to be necessary, appropriate or desirable to complete and evidence the sale, assignment and transfer of the Shares pursuant to this Agreement. 3. PURCHASER'S REPRESENTATIONS AND WARRANTIES The Purchaser represents and warrants to the Seller that the Purchaser is duly authorized to execute and deliver this Agreement and that this Agreement is a valid and binding agreement, enforceable against the Purchaser in accordance with its terms; and neither the execution of this Agreement nor the purchase of the Shares will contravene any provision of applicable law or any judgement, order or decree of any governmental agency or court having jurisdiction over the Purchaser or any of its assets or will constitute a violation of, or conflict with, or default under, any contract, commitment, agreement, understanding or arrangement to which the Purchaser is bound. 4. CLOSING The closing of the purchase and sale of the Shares contemplated hereby (the "Closing") shall take place within 5 days of the date of this Agreement, or such other time as the parties may mutually agree. At the Closing: (i) the Seller will sell, transfer and deliver the Shares, represented by certificates duly endorsed in blank; and (ii) the Purchaser will purchase the Shares and deliver to the Seller a certified or official bank cheque payable to or upon the order of the Seller, or wired funds in the discretion of the Seller, in the amount of A$2,500,000 with the balance payable inaccordance with Clause 1 above. 5. DIVIDENDS, ETC. Subject to Clause 1 above, any dividend or other distribution (cash, stock or otherwise) on the Shares with a record date on or after the date of this Agreement will be for the account of the Purchaser and will be delivered on the later of the date of receipt thereof or the date of the Closing. Any dividend or other distribution (cash, stock or otherwise) on the Shares with a record date prior to the date of this Agreement will be for the account of the Seller. 6. EXPENSES Each party hereto shall pay its own expenses incurred in connection with this Agreement. 7. SURVIVAL All representations, warranties and agreements made by the Seller and by the Purchaser in this Agreement shall survive the Closing hereunder and any investigation at any time made by or on behalf of any party hereto. 8. NOTICES All notices, claims, requests, demands and other communications hereunder will be in writing, will be deemed effective upon receipt and shall be given as follows: If to the Purchaser, to: If to the Seller, to: Mr. David Manor Mr Barry Sechos EquitiLink USA, Inc EqutiLink Limited C/- PO Box 578 Level 3 190 George Street 17 Bond Street SYDNEY NSW 2000 Jersey JE4 5XB Channel Islands U.K Facsimile: 44 1534 638 002 Facsimile: 61 2 9950 2233 or such other address as the person to whom notice is to be given may have previously furnished to the others in writing in the manner set forth above (provided that notice of any change of address shall be effective only upon receipt thereof). 9. MISCELLANEOUS This Agreement may not be modified, amended, altered or supplemented except upon the execution and delivery of a written agreement executed by the parties hereto. No party to this Agreement may assign any of its rights or obligations under this Agreement without the prior written consent of the other party, except that the rights and obligations of the Purchaser may be assigned by the Purchaser to a third party, but no such transfer shall relieve the Purchaser of its obligations hereunder if such transferee does not perform such obligations. This Agreement may be executed in two or more counterparts, each of which will be deemed to be an original but all of which together will constitute one and the same instrument. This Agreement shall be governed by and construed in accordance with the laws of the State of New York (regardless of the laws that might otherwise govern under applicable New York principals of conflicts of law). IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by a duly authorized officer of the Purchaser and Seller on the day and year first written above. By: EQUITILINK LIMITED /s/ Barry Sechos ------------------------- Name: Barry Sechos Title: Director By: EQUITILINK USA, INC /s/ David Manor ------------------------- Name: David Manor Title: Director -----END PRIVACY-ENHANCED MESSAGE-----