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TEXT: (#44) Corporate: Morgan Stanley Africa Investment Fund,
<http://www.speculatorsplay.com/messageboards/endeavorlink/endeavor.pl?rev=44>
AUTHOR: Morgan Stanley
DATE: Thursday, 27 September 2001, at 6:51 p.m.
TO BUSINESS EDITOR:
NEW YORK, Sept. 24 -- Morgan Stanley Africa Investment Fund, Inc. (NYSE: AFF)
(the "Fund") announced today that the Fund's tender offer for 898,441 of its
issued and outstanding shares of common stock, representing approximately 10%
of the Fund's outstanding shares, expired on September 21, 2001 at 5:00 p.m.,
New York City time.
Based upon current information, approximately 7,317,580 shares were tendered,
including shares tendered pursuant to notices of guaranteed delivery. Based on
this preliminary information, the proration for each tendering stockholder is
estimated to be 12.27% of the shares properly tendered. These numbers are
subject to adjustment and should not be regarded as final. The actual number
of shares to be purchased will be announced at a later date. Management of the
Fund anticipates acceptance on September 27, 2001 of 898,441 shares properly
tendered and that payment for such shares will be made on or about October 1,
2001. The purchase price of properly tendered shares is equal to 95% of the
net asset value per share determined as of the close of the regular trading
session of the New York Stock Exchange on September 21, 2001.
The Fund is a non-diversified, closed-end management investment company, the
shares of which are listed on the NYSE (AFF). The Fund's investment objective
is long-term capital appreciation which it seeks to achieve by investing
primarily in equity securities of African issuers and by investing, from time
to time, in debt securities issued or guaranteed by African governments or
governmental entities. Morgan Stanley Investment Management Inc. is the Fund's
investment manager.
For further information, please contact Georgeson Shareholder Communications
Inc., 17 State Street, New York, New York, at 800-223-2064.
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