Aberdeen Australia Equity Fund Announces
Effectiveness of Registration Statement
Aberdeen Asset Management
New York, December 13, 2006 – Aberdeen Australia Equity Fund, Inc. (“Fund”) (AMEX: IAF ), a closed-end equity fund, has announced the effectiveness, on December 12, 2006, of the Fund's registration statement for the public offering of additional shares of the Fund's common stock. The underwriters for the offering are Citigroup Corporate and Investment Banking (book running manager), Merrill Lynch & Co. and A.G. Edwards. The registration statement covers the sale of 2,225,000 shares, at a price of $14.00 per share, and the underwriters have been granted an over allotment option to purchase an additional 333,000 shares at the public offering price. The trade date for the shares covered by the registration statement was December 12, 2006 and the settlement date will be December 15, 2006.
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