Amendment No. 14 to Schedule 13D

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED IN

STATEMENTS FILED PURSUANT TO RULE 13d-1(a) AND

AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)

Under the Securities Exchange Act of 1934

(Amendment No. 14)*

 

 

 

IRSA INVERSIONES Y REPRESENTACIONES SOCIEDAD ANÓNIMA

(Name of Issuer)

 

 

 

Common Stock, Par Value 1.00 Peso per Share

(Title of Class of Securities)

 

450047204

(CUSIP Number)

 

Saúl Zang

Juan Manuel Quintana

Carolina Zang

María de los Ángeles del Prado

Gabriela Bindi

Estudio Zang, Bergel y Viñes

Florida 537, 18th Floor

Buenos Aires, Argentina

+54(11) 4322-0033

(Name, Address and Telephone Number of Person authorized to Receive Notices and Communications)

 

September 22, 2011

(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), Rule 13d-1(f) or Rule 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 for other parties to who 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 purpose 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).

 

 

 

 


SCHEDULE 13D

 

CUSIP No. 450047204   Page 2 of 26 Pages

 

  1.   

NAME OF REPORTING PERSON

I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)

 

Eduardo S. Elsztain

  2.  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  x        (b)  ¨

 

  3.  

SEC USE ONLY

 

  4.  

SOURCE OF FUNDS

 

    WC – OO

  5.  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)  ¨

 

  6.  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

    Republic of Argentina

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

     7.    

SOLE VOTING POWER

 

    765,100

     8.   

SHARED VOTING POWER

 

    381,907,165

     9.   

SOLE DISPOSITIVE POWER

 

    765,100

   10.   

SHARED DISPOSITIVE POWER

 

    381,907,165

11.

 

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

    381,907,165

12.

 

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES  ¨

 

13.

 

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

    66.00%

14.

 

TYPE OF REPORTING PERSON

 

    IN

 

 


SCHEDULE 13D

 

CUSIP No. 450047204   Page 3 of 26 Pages

 

  1.   

NAME OF REPORTING PERSON

I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)

 

Agroinvestment S.A.

  2.  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  x        (b)  ¨

 

  3.  

SEC USE ONLY

 

  4.  

SOURCE OF FUNDS

 

    OO

  5.  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)  ¨

 

  6.  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

    Republic of Uruguay

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

     7.    

SOLE VOTING POWER

 

    0

     8.   

SHARED VOTING POWER

 

    381,907,165

     9.   

SOLE DISPOSITIVE POWER

 

    0

   10.   

SHARED DISPOSITIVE POWER

 

    381,907,165

11.

 

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

    381,907,165

12.

 

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES  ¨

 

13.

 

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

    66.00%

14.

 

TYPE OF REPORTING PERSON

 

    CO

 

 


SCHEDULE 13D

 

CUSIP No. 450047204   Page 4 of 26 Pages

 

  1.   

NAME OF REPORTING PERSON

I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)

 

Idalgir S.A.

  2.  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  x        (b)  ¨

 

  3.  

SEC USE ONLY

 

  4.  

SOURCE OF FUNDS

 

    OO

  5.  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)  ¨

 

  6.  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

    Republic of Uruguay

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

     7.    

SOLE VOTING POWER

 

    0

     8.   

SHARED VOTING POWER

 

    381,907,165

     9.   

SOLE DISPOSITIVE POWER

 

    0

   10.   

SHARED DISPOSITIVE POWER

 

    381,907,165

11.

 

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

    381,907,165

12.

 

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES  ¨

 

13.

 

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

    66.00%

14.

 

TYPE OF REPORTING PERSON

 

    CO

 

 


SCHEDULE 13D

 

CUSIP No. 450047204   Page 5 of 26 Pages

 

  1.   

NAME OF REPORTING PERSON

I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)

 

IFIS Limited

  2.  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  x        (b)  ¨

 

  3.  

SEC USE ONLY

 

  4.  

SOURCE OF FUNDS

 

    WC - OO

  5.  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)  ¨

 

  6.  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

    Bermuda

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

     7.    

SOLE VOTING POWER

 

    0

     8.   

SHARED VOTING POWER

 

    381,907,165

     9.   

SOLE DISPOSITIVE POWER

 

    0

   10.   

SHARED DISPOSITIVE POWER

 

    381,907,165

11.

 

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

    381,907,165

12.

 

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES  ¨

 

13.

 

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

    66.00%

14.

 

TYPE OF REPORTING PERSON

 

    CO

 

 


SCHEDULE 13D

 

CUSIP No. 450047204   Page 6 of 26 Pages

 

  1.   

NAME OF REPORTING PERSON

I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)

 

Inversiones Financieras del Sur S.A.

  2.  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  x        (b)  ¨

 

  3.  

SEC USE ONLY

 

  4.  

SOURCE OF FUNDS

 

    BK

  5.  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)  ¨

 

  6.  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

    Republic of Uruguay

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

     7.    

SOLE VOTING POWER

 

    0

     8.   

SHARED VOTING POWER

 

    381,907,165

     9.   

SOLE DISPOSITIVE POWER

 

    0

   10.   

SHARED DISPOSITIVE POWER

 

    381,907,165

11.

 

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

    381,907,165

12.

 

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES  ¨

 

13.

 

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

    66.00%

14.

 

TYPE OF REPORTING PERSON

 

    CO

 

 


SCHEDULE 13D

 

CUSIP No. 450047204   Page 7 of 26 Pages

 

  1.   

NAME OF REPORTING PERSON

I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)

 

Cresud Sociedad Anónima Comercial Inmobiliaria

Financiera y Agropecuaria

  2.  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  x        (b)  ¨

 

  3.  

SEC USE ONLY

 

  4.  

SOURCE OF FUNDS

 

    WC – OO

  5.  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)  ¨

 

  6.  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

    Republic of Argentina

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

     7.    

SOLE VOTING POWER

 

    0

     8.   

SHARED VOTING POWER

 

    381,907,165

     9.   

SOLE DISPOSITIVE POWER

 

    0

   10.   

SHARED DISPOSITIVE POWER

 

    381,907,165

11.

 

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

    381,907,165

12.

 

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES  ¨

 

13.

 

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

    66.00%

14.

 

TYPE OF REPORTING PERSON

 

    CO

 

 


CUSIP No. 450047204   Page 8 of 26 Pages

 

  1.   

NAME OF REPORTING PERSON

I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)

 

Consultores Venture Capital Limited

  2.  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  x        (b)  ¨

 

  3.  

SEC USE ONLY

 

  4.  

SOURCE OF FUNDS

 

    WC – OO

  5.  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)  ¨

 

  6.  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

    Cayman Islands

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

     7.    

SOLE VOTING POWER

 

    0

     8.   

SHARED VOTING POWER

 

    381,907,165

     9.   

SOLE DISPOSITIVE POWER

 

    0

   10.   

SHARED DISPOSITIVE POWER

 

    381,907,165

11.

 

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

    381,907,165

12.

 

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES  ¨

 

13.

 

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

    66.00%

14.

 

TYPE OF REPORTING PERSON

 

    CO

 

 


CUSIP No. 450047204   Page 9 of 26 Pages

 

  1.   

NAME OF REPORTING PERSON

I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)

 

Agrology S.A.

  2.  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  x        (b)  ¨

 

  3.  

SEC USE ONLY

 

  4.  

SOURCE OF FUNDS

 

    WC – OO

  5.  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)  ¨

 

  6.  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

    Argentina

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

     7.    

SOLE VOTING POWER

 

    0

     8.   

SHARED VOTING POWER

 

    381,907,165

     9.   

SOLE DISPOSITIVE POWER

 

    0

   10.   

SHARED DISPOSITIVE POWER

 

    381,907,165

11.

 

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

    381,907,165

12.

 

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES  ¨

 

13.

 

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

    66.00%

14.

 

TYPE OF REPORTING PERSON

 

    CO

 

 


CUSIP No. 450047204   Page 10 of 26 Pages

 

  1.   

NAME OF REPORTING PERSON

I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)

 

Consultores Assets Management S.A.

  2.  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  x        (b)  ¨

 

  3.  

SEC USE ONLY

 

  4.  

SOURCE OF FUNDS

 

    WC – OO

  5.  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)  ¨

 

  6.  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

    Argentina

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

     7.    

SOLE VOTING POWER

 

    0

     8.   

SHARED VOTING POWER

 

    381,907,165

     9.   

SOLE DISPOSITIVE POWER

 

    0

   10.   

SHARED DISPOSITIVE POWER

 

    381,907,165

11.

 

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

    381,907,165

12.

 

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES  ¨

 

13.

 

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

    66.00%

14.

 

TYPE OF REPORTING PERSON

 

    CO

 

 


CUSIP No. 450047204   Page 11 of 26 Pages

 

  1.   

NAME OF REPORTING PERSON

I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)

 

Consultores Venture Capital Uruguay S.A.

  2.  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  x        (b)  ¨

 

  3.  

SEC USE ONLY

 

  4.  

SOURCE OF FUNDS

 

    WC - OO

  5.  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)  ¨

 

  6.  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

    Republic of Uruguay

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

     7.    

SOLE VOTING POWER

 

    0

     8.   

SHARED VOTING POWER

 

    381,907,165

     9.   

SOLE DISPOSITIVE POWER

 

    0

   10.   

SHARED DISPOSITIVE POWER

 

    381,907,165

11.

 

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

    381,907,165

12.

 

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES  ¨

 

13.

 

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

    66.00%

14.

 

TYPE OF REPORTING PERSON

 

    CO

 

 


CUSIP No. 450047204   Page 12 of 26 Pages

 

STATEMENT PURSUANT TO RULE 13d-1 OF THE

GENERAL RULES AND REGULATIONS UNDER THE

SECURITIES AND EXCHANGE ACT OF 1934, AS AMENDED

AMENDMENT No. 14 TO SCHEDULE 13D

This Amendment No. 14 Schedule 13D (“Amendment No. 14”) amends and restates Items 2, 3, 4, 5 and 6 of the Schedule 13D filed by IRSA with the SEC (the “Schedule 13D”), as amended and restated from time to time. Capitalized terms used in this Amendment No. 14 but not defined herein have the meaning given to such terms in the Schedule 13D, as amended and restated from time to time.


CUSIP No. 450047204   Page 13 of 26 Pages

 

Item 2. Identity and Background

(a)-(c), (f) This statement is being filed by Eduardo S. Elsztain (“Elsztain”) a citizen of the Republic of Argentina who serves as Chairman of the board of directors of each of the following companies, except for Agrology S.A.:

 

  (i) IFIS Limited, a limited liability company organized under the laws of Bermuda (“IFIS”);

 

  (ii) Inversiones Financieras del Sur S.A., a stock corporation organized under the laws of the Republic of Uruguay (“IFISA”);

 

  (iii) Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria, a stock corporation organized under the laws of the Republic of Argentina (“Cresud”);

 

  (iv) Agrology S.A., a stock corporation organized under the laws of the Republic of Argentina (“Agrology”);

 

  (v) Consultores Assets Management S.A., a limited liability company organized under the laws of Argentina (“CAM”);

 

  (vi) Consultores Venture Capital Limited, a limited liability company organized under the laws of Cayman Island (“CVC Cayman”);

 

  (vii) Consultores Venture Capital Uruguay S.A., a limited liability company organized under the laws of the Republic of Uruguay (“CVC Uruguay”);

 

  (viii) Agroinvestment S.A., a stock corporation organized under the laws of the Republic of Uruguay (“Agroinvestment”);

 

  (ix) Idalgir S.A., a stock corporation organized under the laws of the Republic of Uruguay (“Idalgir”) (Elsztain, IFIS, IFISA, Cresud, Agrology, CAM, CVC Cayman, CVC Uruguay Agroinvestment and Dolphin being collectively referred to as the “Reporting Persons”).

Elsztain’s principal offices are located at Bolívar 108, 1st floor, Buenos Aires, Argentina; IFIS’ principal offices are located at Mintflower Place, 4th Floor, 8 Par-La-Ville Road, Hamilton HM 08, Bermuda; IFISA’s principal offices are located at Ruta 8K 17.500 Edificio@1 Local 106, CP 91609 Montevideo, of the Republic of Uruguay; Cresud’s principal offices are located at Moreno 877, 23rd Floor, (C1091AAQ) Ciudad Autónoma de Buenos Aires, Argentina; Agrology’s principal offices are located at Moreno 877, 21st floor (C1091AAQ) Ciudad Autónoma de Buenos Aires, Argentina; CAM’s principal offices are located at Bolívar 108, 1st floor, Buenos Aires, Argentina; CVC Cayman’s principal offices are located at 89 Nexus Way, 2nd floor, Camana Bay P.O. Box 31106, Grand Cayman, KY1-1205 Cayman Islands; CVC Uruguay’s principal offices are located at Ruta 8K 17.500 Edificio@1 Local 106, CP 91609 Montevideo, of the Republic of Uruguay; Agroinvestment’s principal offices are located at Zabala 1422, 2nd Foor, (11500) Montevideo, Republic of Uruguay; and Idalgir’s principal offices are located at Zabala 1422, 2nd Foor, (11500) Montevideo, Republic of Uruguay.

Due to the fact that Mr. Elsztain controls each of the other Reporting Persons, the Reporting Persons report their direct and indirect ownership of common shares as “shared” voting and dispositive power other than common shares held directly by Mr. Elsztain (and not through any other Reporting Person).


CUSIP No. 450047204   Page 14 of 26 Pages

 

(d) None of the Reporting Persons nor, to their knowledge, any person named in Schedule A hereto, has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) within the last five years.

(e) During the last five years, none of the Reporting Persons nor, to their knowledge, any person named in Schedule A hereto, has been a party to any civil proceeding of a judicial or administrative body of competent jurisdiction as a result of which any such person was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation of such laws.

Item 3. Source and Amount of Funds or Other Consideration

As of September 22, 2011, the IRSA common shares beneficially owned by the Reporting Persons consisted of 381,907,165 shares, representing 66.00% of IRSA’s outstanding share capital.

The funds used to purchase the IRSA common shares were derived from in the case of IFISA a margin account with an interest rate amounting to Libor + 150 basis points and in the case of Cresud, the funds to purchase the IRSA common shares were derived from working capital.

Item 4. Purpose of Transaction

On September 22, 2011, the Reporting Persons increased their beneficial ownership of IRSA common shares by acquiring shares representing an additional 7.66% (5.1% Cresud and 2.5% IFISA) of IRSA’s outstanding share capital.

Such increase was the net result of the execution of a stock purchase agreement by virtue of which IFISA and Cresud acquired respectively, 1,469,803 and 2,960,302 IRSA’s ADRs, each representative of 10 common shares or IRSA, for an aggregate purchase price of U$S 14,962,594.54 and U$S 30,135,874.36, respectively. The price per IRSA’s ADRs was U$S10.18.

Except as described above, neither the Reporting Persons nor, to their knowledge, any person named in Schedule A, has any present plans or proposals that relate to or would result in any of the actions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.

Item 5. Interests in Securities of the Issuer

 

(a) As of September 22, 2011, the Reporting Persons beneficially owned 381,907,165 common shares of IRSA, representing 66.00 % of its outstanding share capital.

The following is a description of the Reporting Persons’ beneficial ownership of IRSA’s outstanding stock as September 22, 2011:

 

Shareholder

   Number of  Shares
Currently Owned
     % of  Currently
Outstanding Shares
 

Reporting Persons

     381,907,165         66.00

Total IRSA Outstanding Shares

     578,676,460         100


CUSIP No. 450047204   Page 15 of 26 Pages

 

  (i) Elsztain is the Chairman of the Board of Directors of IFIS, IFISA, Cresud, CAM, CVC Uruguay, CVC Cayman, Agroinvestment, IRSA and Idalgir, except for Agrology a company 100% of Cresud.

 

  (ii) Elsztain is the beneficial owner of 30.90% of IFIS, including: (a) 12.11% owned indirectly through Agroinvestment, (b) 5.17% owned indirectly through Idalgir, (c) 13.93% owned indirectly through CVC Uruguay and (d) 2.08% owned indirectly through CVC Cayman. Elsztain owns 100% of Agroinvestment and Idalgir and 85.0% of CAM which directly owns 0.11% of IRSA’s outstanding stock and 100% of CVC Uruguay which in turn owns 0.0002% of Cresud’s shares on a fully diluted basis and 100% of CVC Cayman. Elsztain also directly owns 0.13% of IRSA’s outstanding stock and 0.0002% of Cresud’s shares on a fully diluted basis

 

  (iii) CVC Cayman serves as the Investment Manager of IFIS

 

  (iv) IFIS is the direct owner of 100% of the common shares of IFISA.

 

  (v) IFISA directly owns 2.54% of IRSA’s outstanding stock and 38.26% of Cresud’s shares on a fully diluted basis.

 

  (vi) Cresud directly owns 55.72% of IRSA’s outstanding stock and 100% of Agrology

 

  (vii) Agrology directly owns 7.50% of IRSA’s outstanding stock


CUSIP No. 450047204   Page 16 of 26 Pages

 

Set forth below is a diagram of the Reporting Persons’ beneficial ownership of IRSA’s outstanding stock as of September 22, 2011:

LOGO

Given the foregoing, as of September 22, 2011, Mr. Eduardo S. Elsztain, is the beneficial owner of 215,741,516 common shares of Cresud representing 38.26% of its share capital. Although Mr. Elsztain does not own a majority of the shares of Cresud, he is its largest shareholder and exercises substantial influence over Cresud. If Mr. Elsztain were considered to control Cresud due to his significant influence over it, he would be considered to be the beneficial owner of 66.00% of IRSA’s shares (includes (i) 322,414,033 common shares beneficially owned by Cresud, (ii) 43,401,932 common shares beneficially owned by Agrology S.A., (iii) 14,698,030 common shares beneficially owned by Inversiones Financieras del Sur SA (iv) 628,070 common shares beneficially owned by Consultores Assets Management S.A., and (v) 765,100 common shares owned directly by Mr. Elsztain).

 

(b) Item 5(a) is incorporated herein by reference.


CUSIP No. 450047204   Page 17 of 26 Pages

 

(c) Transactions by the Reporting Persons or other persons named in Schedule A, attached hereto, in IRSA common shares that were affected during the previous 60 days are listed on Annex I.

 

(d)-(e) Not applicable.


CUSIP No. 450047204   Page 18 of 26 Pages

 

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer

Line of Credit Agreement: On July 20, 2011, Agrology entered into a Line of Credit Agreement with IFISA, by virtue of which Agrology granted a line of credit over 1,253,942 GDRs representative of 10 common shares, with a nominal value of Ps. 1 per share, of IRSA. IFISA shall have the right to request to Agrology, at its sole discretion, GDRs or common shares of IRSA. This line of credit accrued interest at a monthly rate equivalent to 3 month LIBOR, plus 50 basis points and is effective for 30 days, renewable for equal periods, and up to 360 days. IFISA shall have the right request the total amount of the line of credit and partially cancel it, at any time. As of the date hereof, IFISA has requested 1,253,942 GDRs under this line of credit.

Notwithstanding the aforementioned agreement, Agrology maintains the political and economic rights related to the GDRs. As regards the exercise of the political rights, Agrology will grant a power of attorney to IFISA with the respective voting instructions. As regards the economic rights, IFISA commits to transfer immediately to Agrology the dividends received.

Line of Credit Agreement: On September 3, 2011, Agrology entered into a Line of Credit Agreement with IFISA, by virtue of which Agrology granted a line of credit over 800,000 GDRs representative of 10 common shares, with a nominal value of Ps. 1 per share, of IRSA. IFISA shall have the right to request to Agrology, at its sole discretion, GDRs or common shares of IRSA. This line of credit accrued interest at a monthly rate equivalent to 3 month LIBOR, plus 50 basis points and is effective for 30 days, renewable for equal periods, and up to 360 days. IFISA shall have the right request the total amount of the line of credit and partially cancel it, at any time. As of the date hereof, IFISA does not have any GDRs requested under this line of credit.

Notwithstanding the aforementioned agreement, Agrology maintains the political and economic rights related to the GDRs. As regards the exercise of the political rights, Agrology will grant a power of attorney to IFISA with the respective voting instructions. As regards the economic rights, IFISA commits to transfer immediately to Agrology the dividends received.

Other than as set forth above there are no contracts, arrangements, understandings or relationships with respect to any securities of IRSA to which the Reporting Persons are a party.


CUSIP No. 450047204   Page 19 of 26 Pages

 

Schedule A

 

 

Eduardo S. Elsztain

Bolívar 108, 1st floor

(1066) Buenos Aires

Republic of Argentina

Citizen of Argentina

Directors of IFIS Limited

 

1.  

Eduardo S. Elsztain

Director

Mintflower Place 4th Floor

8 Par-La-Ville Road,

Hamilton HM 08,

Bermuda.

Citizen of Argentina

  3.  

Mariana Renata Carmona de Elsztain

Director

Mintflower Place 4th Floor

8 Par-La-Ville Road

Hamilton HM 08,

Bermuda.

Citizen of Argentina

2.  

Saul Zang

Director

Mintflower Place 4th Floor,

8 Par-La-Ville Road,

Hamilton HM 08

Bermuda.

Citizen of Argentina

  4.  

Alejandro Gustavo Elsztain

Director

Mintflower Place 4th Floor

8 Par-La-Ville Road

Hamilton HM 08,

Bermuda.

Citizen of Argentina

Directors of Consultores Venture Capital Uruguay

 

1.  

Eduardo S. Elsztain (Chairman)

Director

Ruta 8K 17.500 Edificio@1 Local 106,

CP 91600 Montevideo

Republic of Uruguay

Citizen of Argentina

  3.  

Olga Stirling

Director

Ruta 8K 17.500 Edificio@1 Local 106,

CP 91600 Montevideo

Republic of Uruguay

Citizen of Uruguay

2.  

Eduardo Simon Bartfeld

Director

Ruta 8K 17.500 Edificio@1 Local 106,

CP 91600 Montevideo

Republic of Uruguay

Citizen of Uruguay

   


CUSIP No. 450047204   Page 20 of 26 Pages

 

Directors of Consultores Assets Management S.A.

 

1.  

Eduardo S. Elsztain (Chairman)

Director

Bolívar 108, 1st floor

(1066) Buenos Aires

Republic of Argentina

Citizen of Argentina

  3.  

Mariana Renata Carmona de Elsztain

Director

Bolívar 108, 1st floor

(1066) Buenos Aires

Republic of Argentina

Citizen of Argentina

2.  

Saul Zang

Director

Bolívar 108, 1st floor

(1066) Buenos Aires

Republic of Argentina

Citizen of Argentina

   

Directors of Consultores Venture Capital Limited

 

1.  

Eduardo S. Elsztain (Chairman)

Director

89, Nexus Way, 2nd floor, Camana Bay. P.O.

Box 31106, Grand Cayman ky1-1250,

Cayman Islands

  2.  

Saul Zang

Director

89, Nexus Way, 2nd floor, Camana Bay. P.O. Box

31106, Grand Cayman ky1-1250, Cayman Islands

Directors of Inversiones Financieras del Sur S.A.

 

1.  

Eduardo S. Elsztain

Chairman of the Board

Ruta 8K 17.500 Edificio@1 Local 106,

CP 91600 Montevideo

Republic of Uruguay

Citizen of Argentina

  3.  

Eduardo Simon Bartfeld

Director

Ruta 8K 17.500 Edificio@1 Local 106,

CP 91600 Montevideo

Republic of Uruguay

Citizen of Uruguay

2.  

Saúl Zang

Director

Ruta 8K 17.500 Edificio@1 Local 106,

CP 91600 Montevideo

Republic of Uruguay

Citizen of Argentina

  4.  

Olga Stirling

Director

Ruta 8K 17.500 Edificio@1 Local 106,

CP 91600 Montevideo

Republic of Uruguay

Citizen of Uruguay

Directors of Agroinvestment S.A.

 

1.  

Eduardo S. Elsztain

Chairman of the Board

Zabala 1422, 2nd Floor

(11500), Montevideo

Republic of Uruguay

Citizen of Argentina

  3.  

Eduardo Simon Bartfeld

Director

Zabala 1422, 2nd Floor

(11500), Montevideo

Republic of Uruguay

Citizen of Argentina


CUSIP No. 450047204   Page 21 of 26 Pages

 

2.  

Mariana Renata Carmona de Elsztain

Director

Zabala 1422, 2nd Floor

(11500), Montevideo

Republic of Uruguay

Citizen of Argentina

   

Directors of Idalgir S.A.

 

1  

Eduardo S. Elsztain

Chairman of the Board

Zabala 1422, 2nd Floor

(11500), Montevideo

Republic of Uruguay

Citizen of Argentina

  2  

Mariana Renata Carmona de Elsztain

Director

Zabala 1422, 2nd Floor

(11500), Montevideo

Republic of Uruguay

Citizen of Argentina

Directors and Executive Officers of

Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria

Directors

 

1.  

Eduardo Sergio Elsztain

Director

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

  8.  

David Alberto Perednik

Director

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

2.  

Saúl Zang

Director

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

  9.  

Daniel E. Melicovsky

Director

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

3.  

Alejandro Gustavo Elsztain

Director

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

  10.  

Alejandro Casaretto

Director

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

4.  

Gabriel Adolfo Reznik

Director

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

  11.  

Salvador Darío Bergel

Alternate Director

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina


CUSIP No. 450047204   Page 22 of 26 Pages

 

5.  

Jorge Oscar Fernández

Director

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

  12.  

Gastón Armando Lernoud

Alternate Director

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

6.  

Fernando Adrián Elsztain

Director

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

  13.  

Enrique Antonini

Alternate Director

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

7.  

Pedro Damaso Labaqui Palácio

Director

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

  14.  

Eduardo Kalpakian

Alternate Director

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

Senior Management

 

1.  

Alejandro Gustavo Elsztain

Chief Executive Officer

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

  4.  

Alejandro Casaretto

Regional Manager of Agricultural Real Estate

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

2.  

Gabriel Blasi

Chief Financial Officer

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

  5.  

Carlos Blousson

Chief Executive Officer of the International

Operation (Paraguay, Bolivia and Uruguay)

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

3.  

David A. Perednik

Chief Administrative Officer

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

   


CUSIP No. 450047204   Page 23 of 26 Pages

 

Agrology S.A.

 

1.  

Alejandro G. Elsztain

Chairman of the Board

Moreno 877, 21st floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

  3.  

Gastón A. Lernoud

Director

Moreno 877, 21st floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

2.  

Saul Zang

Director

Moreno 877, 2st floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

   

Directors and Executive Officers of

IRSA Inversiones y Representaciones Sociedad Anónima

Directors

 

1.  

Eduardo Sergio Elsztain

Director

Bolívar 108, 1 floor

(C1066AAD) Buenos Aires

Republic of Argentina

Citizen of Argentina

  9.  

Fernando Rubín

Director

Bolívar 108, 1 floor

(C1066AAD) Buenos Aires

Republic of Argentina

Citizen of Argentina

2.  

Saul Zang

Director

Bolívar 108, 1 floor

(C1066AAD) Buenos Aires

Republic of Argentina

Citizen of Argentina

  10.  

Mauricio Wior

Director

Bolívar 108, 1 floor

(C1066AAD) Buenos Aires

Republic of Argentina

Citizen of Argentina

3.  

Alejandro Gustavo Elsztain

Director

Bolívar 108, 1 floor

(C1066AAD) Buenos Aires

Republic of Argentina

Citizen of Argentina

  11.  

Mario Blejer

Director

Bolívar 108, 1 floor

(C1066AAD) Buenos Aires

Republic of Argentina

Citizen of Argentina

4.  

Carlos Ricardo Estevez

Director

Bolívar 108, 1 floor

(C1066AAD) Buenos Aires

Republic of Argentina

Citizen of Argentina

  12.  

Ricardo Liberman

Director

Bolívar 108, 1 floor

(C1066AAD) Buenos Aires

Republic of Argentina

Citizen of Argentina


CUSIP No. 450047204   Page 24 of 26 Pages

 

5.  

Fernando Adrián Elsztain

Director

Bolívar 108, 1 floor

(C1066AAD) Buenos Aires

Republic of Argentina

Citizen of Argentina

  13.  

Gabriel A. Reznik

Director

Bolívar 108, 1 floor

(C1066AAD) Buenos Aires

Republic of Argentina

Citizen of Argentina

6.  

Cedric D. Bridger

Director

Bolívar 108, 1 floor

(C1066AAD) Buenos Aires

Republic of Argentina

Citizen of Argentina

  14.  

Salvador D. Bergel

Alternate Director

Bolívar 108, 1 floor

(C1066AAD) Buenos Aires

Republic of Argentina

Citizen of Argentina

7.  

Marcos Moisés Fishman

Director

Bolívar 108, 1 floor

(C1066AAD) Buenos Aires

Republic of Argentina

Citizen of Argentina

  15.  

Enrique Antonini

Alternate Director

Bolívar 108, 1 floor

(C1066AAD) Buenos Aires

Republic of Argentina

Citizen of Argentina

8.  

Gary S. Gladstein

Director

Bolívar 108, 1 floor

(C1066AAD) Buenos Aires

Republic of Argentina

Citizen of USA

  16.  

Daniel R. Elsztain

Alternate Director

Bolívar 108, 1 floor

(C1066AAD) Buenos Aires

Republic of Argentina

Citizen of Argentina

Senior Management

 

1.  

Eduardo Sergio Elsztain

Chief Executive Officer

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

  4.  

Jorge Cruces

Chief Real Estate Officer

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

2.  

Gabriel Blasi

Chief Financial Officer

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

  5.  

Daniel R. Elsztain

Chief Real Estate Business Officer

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

3.  

David Alberto Perednik

Chief Administrative Officer

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

   


CUSIP No. 450047204   Page 25 of 26 Pages

 

Transactions by the Reporting Persons or persons named in Schedule A in Shares

that were effected during the last 60 days

Annex 1

IFISA’s transactions in IRSA ADRs (IRS)

 

Tran Type

   Trade Date    Quantity (Units)      Price per Unit      Place

Buy

   09/19/2011      1,469,803       US$ 10.18       OTC

Cresud’s transactions in IRSA ADRs (IRS)

 

Tran Type

   Trade Date    Quantity (Units)      Price per Unit      Place

Buy

   09/19/2011      2,960,302       US$ 10.18       OTC

Agrology’s transactions in IRSA shares

 

Tran Type

   Trade Date    Quantity (Units)      Price per Unit     

Place

Buy

   07/27/2011      5,310       ARS 5.30       Buenos Aires Stock Exchange

Buy

   08/05/2011      29,293       ARS 5.17       Buenos Aires Stock Exchange

Agrology’s transactions in IRSA ADRs (IRS)

 

Tran Type

   Trade Date    Quantity (Units)      Price per Unit      Place

Buy

   07/25/11      1,497       $ 12.9967       NYSE

Buy

   07/26/11      3,000       $ 12.9226       NYSE

Buy

   07/27/11      9,500       $ 12.7989       NYSE

Buy

   07/28/11      7,606       $ 12.6829       NYSE

Buy

   07/29/11      572       $ 12.6800       NYSE

Buy

   08/01/11      20,000       $ 12.5530       NYSE

Buy

   08/03/11      1,139       $ 12.5378       NYSE

Buy

   08/04/11      7,900       $ 12.4062       NYSE

Buy

   08/05/11      5,075       $ 12.1356       NYSE

Buy

   08/08/11      31,870       $ 11.4157       NYSE

Buy

   08/09/11      6,626       $ 11.3174       NYSE

Buy

   08/10/11      7,893       $ 11.3431       NYSE

Buy

   08/11/11      1,408       $ 11.3142       NYSE

Alejandro Elsztain’s transactions in IRSA ADRs (IRS)

 

Tran Type

   Trade Date      Quantity (Units)      Price per Unit      Place  
           

Buy

     08/15/2011         10,953       US$ 11.412         NYSE   

Buy

     09/12/2011         10,000       US$ 10.000         NYSE   

Buy

     09/22/2011         11,300       US$ 8.774         NYSE   
  

 

 

    

 

 

    

 

 

    

 

 

 

Daniel Elsztain’s transactions in IRSA ADRs (IRS)

 

Tran Type

   Trade Date      Quantity (Units)      Price per Unit      Place  
           

Buy

     09/13/2011         1,124       US$ 8.78         NYSE   
  

 

 

    

 

 

    

 

 

    

 

 

 


CUSIP No. 450047204   Page 26 of 26 Pages

 

SIGNATURE

After reasonable inquiry and to the best of his knowledge and belief, the undersigned certifies that the information set forth in this Statement on Schedule 13D is true, complete and correct.

DATED: October 5, 2011

 

Eduardo S. Elsztain     Consultores Assets Management S.A.
By:   /S/ Eduardo S. Elsztain     By:   /S/ Eduardo S. Elsztain
Name:   Eduardo S. Elsztain     Name:   Eduardo S. Elsztain
      Title:   Chairman of the Board
IFIS Limited     Consultores Venture Capital Limited
By:   /S/ Eduardo S. Elsztain     By:   /S/ Eduardo S. Elsztain
Name:   Eduardo S. Elsztain     Name:   Eduardo S. Elsztain
Title:   Chairman of the Board     Title:   Chairman of the Board
Inversiones Financieras del Sur S.A.    

Cresud Sociedad Anónima Comercial,

Inmobiliaria, Financiera y Agropecuaria

By:   /S/ Eduardo S. Elsztain     By:   /S/ Eduardo S. Elsztain
Name:   Eduardo S. Elsztain     Name:   Eduardo S. Elsztain
Title:   Chairman of the Board     Title:   Chairman of the Board
      By:   /S/ Saúl Zang
      Name:   Saúl Zang
      Title:   Attorney at Law
Idalgir S.A.     Agrology S.A.
By:   /S/ Eduardo S. Elsztain     By:   /S/ Alejandro G. Elsztain
Name:   Eduardo S. Elsztain     Name:   Alejandro G. Elsztain
Title:   Chairman of the Board     Title:   Chairman of the Board
Consultores Venture Capital Uruguay     Agroinvestment S.A.
By:   /S/ Eduardo S. Elsztain     By:   /S/ Eduardo S. Elsztain
Name:   Eduardo S. Elsztain     Name:   Eduardo S. Elsztain
Title:   Chairman of the Board     Title:   Chairman of the Board