Sec Form 13D Filing - ELSZTAIN EDUARDO S filing for IRSA INVERSIONES Y REPRESENTAC (IRS) - 2023-02-28

Insider filing report for Changes in Beneficial Ownership

  • Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
  • Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
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UNITED STATES
 
SECURITIES AND EXCHANGE COMMISSION
 
Washington, D.C. 20549
 
SCHEDULE 13D/A
(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. 20)*
 
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)
 
Juan Manuel Quintana
Carolina Zang
 
Estudio Zang, Bergel y Viñes
Florida 537, 18th Floor
Buenos Aires, Argentina
+54(11) 4323-4000
 (Name, Address and Telephone Number of Person
authorized to Receive Notices and Communications)
 
February 14, 2023
(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. G
 
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 23 Pages
 
 
1.
NAME OF REPORTING PERSONI.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Eduardo S. Elsztain
2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒ (b) ☐
 
3.
SEC USE ONLY
 
4.
SOUR CE 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
7,660,323
8.
SHARED VOTING POWER
522,635,686
9.
SOLE DISPOSITIVE POWER
7,660,323
10.
SHARED DISPOSITIVE POWER
522,635,686
11.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
522,635,686
12.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 ☐
 
13.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
58.44%
14.
TYPE OF REPORTING PERSON
IN
 
 
 
SCHEDULE 13D
 
CUSIP No. 450047204
 
 
Page 3 of 23 Pages
 
 
 
1.
NAME OF REPORTING PERSONI.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Agroinvestment S.A.
2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒ (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
522,635,686
9.
SOLE DISPOSITIVE POWER
0
10.
SHARED DISPOSITIVE POWER
522,635,686
11.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
522,635,686
12.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 ☐
 
13.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
58.44%
14.
TYPE OF REPORTING PERSON
CO
 
 
 
SCHEDULE 13D
 
CUSIP No. 450047204
 
 
Page 4 of 23 Pages
 
 
 
1.
NAME OF REPORTING PERSONI.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
IFIS Limited
2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒ (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
522,635,686
9.
SOLE DISPOSITIVE POWER
0
10.
SHARED DISPOSITIVE POWER
522,635,686
11.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
522,635,686
12.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 ☐
 
13.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
58.44%
14.
TYPE OF REPORTING PERSON
CO
 
 
 
SCHEDULE 13D
 
CUSIP No. 450047204
 
 
Page 5 of 23 Pages
 
 
 
1.
NAME OF REPORTING PERSONI.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) ☒ (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 O RGANIZATION
Republic of Uruguay
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7.
SOLE VOTING POWER
0
8.
SHARED VOTING POWER
522,635,686
9.
SOLE DISPOSITIVE POWER
0
10.
SHARED DISPOSITIVE POWER
522,635,686
11.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
522,635,686
12.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 ☐
 
13.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
58.44%
14.
TYPE OF REPORTING PERSON
CO
 
 
 
SCHEDULE 13D
 
CUSIP No. 450047204
 
 
Page 6 of 23 Pages
 
 
 
1.
NAME OF REPORTING PERSONI.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) ☒ (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
522,635,686
9.
SOLE DISPOSITIVE POWER
0
10.
SHARED DISPOSITIVE POWER
522,635,686
11.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
522,635,686
12.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 ☐
 
13.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
58.44%
14.
TYPE OF REPORTING PERSON
CO
 
 
 
SCHEDULE 13D
 
CUSIP No. 450047204
 
 
Page 7 of 23 Pages
 
 
 
 
1.
NAME OF REPORTING PERSONI.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Cresud S.A.C.I.F. y A.
2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒ (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
522,635,686
9.
SOLE DISPOSITIVE POWER
0
10.
SHARED DISPOSITIVE POWER
522,635,686
11.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
522,635,686
12.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 ☐
 
13.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
58.44%
14.
TYPE OF REPORTING PERSON
CO
 
 
 
 
 
 
SCHEDULE 13D
 
CUSIP No. 450047204
 
 
Page 8 of 23 Pages
 
 
1.
NAME OF REPORTING PERSONI.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) ☒ (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
522,635,686
9.
SOLE DISPOSITIVE POWER
0
10.
SHARED DISPOSITIVE POWER
522,635,686
11.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
522,635,686
12.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 ☐
 
13.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
58.44%
14.
TYPE OF REPORTING PERSON
CO
 
 
 
 
SCHEDULE 13D
 
CUSIP No. 450047204
 
 
Page 9 of 23 Pages
 
 
 
 
1.
NAME OF REPORTING PERSONI.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) ☒ (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
522,635,686
9.
SOLE DISPOSITIVE POWER
0
10.
SHARED DISPOSITIVE POWER
522,635,686
11.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
522,635,686
12.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 ☐
 
13.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
58.44%
14.
TYPE OF REPORTING PERSON
CO
 
 
 
 
 
 
SCHEDULE 13D
 
CUSIP No. 450047204
 
 
Page 10 of 23 Pages
 
 
 
 
1.
NAME OF REPORTING PERSONI.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
 Helmir S.A.
2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒ (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
522,635,686
9.
SOLE DISPOSITIVE POWER
0
10.
SHARED DISPOSITIVE POWER
522,635,686
11.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
522,635,686
12.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 ☐
 
13.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
58.44%
14.
TYPE OF REPORTING PERSON
CO
 
 
 
 
SCHEDULE 13D
 
CUSIP No. 450047204
 
 
Page 11 of 23 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. 20 TO SCHEDULE 13D
 
This Amendment No. 20 Schedule 13D (“Amendment No. 20”) amends and restates Items 2, 3, 4 and 5 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. 20 but not defined herein have the meaning given to such terms in the Schedule 13D, as amended and restated from time to time.
 
 
 
 
SCHEDULE 13D
 
CUSIP No. 450047204
 
 
Page 12 of 23 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 or Director of each of the following companies:
 
(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 S.A.C.I.F y A., a stock corporation organized under the laws of the Republic of Argentina (“Cresud”);
 
(iv)
Consultores Assets Management S.A., a stock corporation company organized under the laws of Argentina (“CAM”);
 
(v)
Consultores Venture Capital Limited, a limited liability company organized under the laws of Cayman Island (“CVC Cayman”);
 
(vi)
Consultores Venture Capital Uruguay S.A., a stock corporation company organized under the laws of the Republic of Uruguay (“CVC Uruguay”);
 
(vii)
Agroinvestment S.A., a stock corporation organized under the laws of the Republic of Uruguay (“Agroinvestment”);
 
(viii)
Helmir S.A., a stock corporation organized under the laws of the Republic of Uruguay (“Helmir”) (Elsztain, IFIS, IFISA, Cresud, CAM, CVC Cayman, CVC Uruguay Agroinvestment and Helmir being collectively referred to as the “Reporting Persons”).
 
Elsztain’s principal offices are located at Bolívar 108, 1st floor, C1066AAD, Buenos Aires, Argentina; IRSA’s principal offices are located at Carlos M. Della Paolera 261, 9th floor (C1001ADA) Buenos Aires, Republic of Argentina; IFIS’ principal offices are located at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda; IFISA’s and CVC Uruguay’s principal offices are located at Ruta 8 Km 17.500 Edificio@1 Local 106, CP 91600 Montevideo, Republic of Uruguay; Cresud’s principal offices are located at Carlos M. Della Paolera 261, 9th floor (C1001ADA) Buenos Aires, Republic of Argentina; CAM’s principal offices are located at Bolívar 108, 1st floor, C1066AAD, Buenos Aires, Argentina; CVC Cayman’s principal offices are located at 4th floor, Harbour Place, South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands; Agroinvestment’s principal offices are located at Zabala 1422, Floor 2, 11000, Montevideo, Republic of Uruguay and Helmir’s principal offices are located at Zabala 1422, CP 11000, Montevideo, 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).
 
The name, business address, present principal occupation or employment, and citizenship of each executive officer and director of the Reporting Persons are set forth in Schedule A hereto.
 
 
 
SCHEDULE 13D 
 
CUSIP No. 450047204
 
 
Page 13 of 23 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 February 14, 2023 IRSA Inversiones y Representaciones S.A.’s Common Stock beneficially owned by the Reporting Persons consisted of 522,635,686 shares, representing 58.44% of IRSA Inversiones y Representaciones S.A.’s share capital on a fully diluted basis.
 
Item 4. Purpose of Transaction
 
Since December 9, 2022 and until the date of issuance of this document, the Reporting Persons have increased their beneficial ownership of IRSA common shares in a 1.0502% of IRSA’s outstanding share capital. Such increase in share ownership is mainly a result of:
 
●
The purchase in the open market of 9,392,600 IRSA common shares (consisting of 939,260 ADRs of IRSA) 
 
 
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 February 14, 2023 , the Reporting Persons beneficially owned 472,123,181 common shares and 50,512,505 warrants of IRSA, representing a total of 522,635,686 common shares on a fully diluted basis, equal to 58.44% of its outstanding share capital on a fully diluted basis. As of February 14, 2023, IRSA has issued a total of 810,895,390 common shares and the outstanding warrants amount to 79,939,561 (shares to be issued per warrant: 1.0442)
 
The following is a description of the Reporting Persons’ beneficial ownership of IRSA’s outstanding stock on a fully diluted basis as of February 14, 2023:
 
Shareholder
 
Number of Shares Currently Owned
 
 
% of Currently Outstanding Shares
 
Reporting Persons
  522,635,686 
  58.44%
Total IRSA Outstanding Shares on a fully diluted basis
  894,368,279 
  100%
 
 
 
  SCHEDULE 13D
 
CUSIP No. 450047204
 
 
Page 14 of 23 Pages
 
 
 
(i)
Elsztain is the Chairman of the board of directors or Director of IFIS, IFISA, Cresud, IRSA, CAM, CVC Uruguay, CVC Cayman, Agroinvestment and Helmir. As of February 14, 2023 Elsztain held (through companies controlled by him and proxies) a majority of the voting power in IFIS Ltd. As of February 14, 2023, Elsztain holds 100% of the outstanding equity capital of Agroinvestment. As of February 14, 2023, Elsztain owned 85.0% of the outstanding equity capital of CAM which owns 100% of CVC Uruguay which in turn owns 100% of CVC Cayman. As of that same date, Elsztain directly owned 86,028,337 common shares and 9,604,600 warrants of Cresud, representing approximately 13.97% of Cresud’s outstanding shares capital on a fully diluted basis; and 7,315,145 common shares and 345,178 warrants of IRSA Inversiones y Representaciones S.A, representing approximately 0.86% of IRSA’s outstanding shares capital on a fully diluted basis.
 
(ii)
IFIS is the direct owner of 100% of the common shares of IFISA and does not directly own any equity in IRSA Inversiones y Representaciones S.A.
 
(iii)
IFISA is the direct owner of 111,911,961 common shares and 21,112,130 warrants of Cresud representing approximately 19.43% of Cresud’s outstanding common stock on a fully diluted basis and does not directly own any equity in IRSA Inversiones y Representaciones S.A.
 
(iv)
CAM directly owns 1,263,190 common shares and 62,773 warrants of IRSA Inversiones y Representaciones S.A, representing approximately 0.15% of IRSA’s outstanding shares capital on a fully diluted basis.
 
(v)
CVC Uruguay directly owns 1,100 common shares and 160 warrants of Cresud representing approximately 0.0002% of Cresud’s outstanding common shares on a fully diluted basis; moreover, CVC Uruguay directly owned 8,932,830 common shares and 459,928 warrants of IRSA Inversiones y Representaciones, representing approximately 1.05% of IRSA’s outstanding shares capital on a fully diluted basis.
 
(vi)
CVC Cayman serves as the Investment Manager of IFIS and does not own any equity in IRSA Inversiones y Representaciones S.A.
 
(vii)
Agroinvestment directly owns 25,650,520 common shares and 4,421,210 warrants of Cresud representing approximately 4.39% of Cresud’s outstanding common shares on a fully diluted basis and does not own any equity in IRSA Inversiones y Representaciones S.A.
 
(viii)
Cresud directly owns 431,737,584 common shares of IRSA, which represents 48.28% of IRSA’s outstanding stock on a fully diluted basis.
 
(ix)
Cresud directly owns 100% of the common shares of Helmir.
 
(x)
Helmir directly owns 22,874,432 common shares and 49,644,626 warrants of IRSA, representing 8.11% of IRSA outstanding common shares on a fully diluted basis.
 
Set forth below is a diagram of the Reporting Persons’ beneficial ownership of IRSA’s outstanding stock as of February 14, 2023:
 
 
 
 
  SCHEDULE 13D
 
CUSIP No. 450047204
 
 
Page 15 of 23 Pages
 
 
 
 
 
  SCHEDULE 13D
 
CUSIP No. 450047204
 
 
Page 16 of 23 Pages
 
 
Given the foregoing, the Reporting Persons may be deemed to be the beneficial owners of 522,635,686 IRSA Inversiones y Representaciones S.A.’s common stock on a fully diluted basis, representing 58.44% of the issued and outstanding common shares and warrants of IRSA Inversiones y Representaciones S.A., as of February 14, 2023.
 
(b)
Item 5(a) is incorporated herein by reference.
 
(c)
Transactions by the Reporting Persons or other persons named in Schedule A, attached hereto, in IRSA common shares that were effected during the previous 60 days are listed on Annex I.
 
(d)-(e) Not applicable.
 
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.
 
On April 24, 2019, and amended from time to time, Loan Agreements were executed between CVC Uruguay as lender and IFISA as borrower, for which the lender holds as collateral 4,483,340 common shares of IRSA. CVC Uruguay maintains the voting and economic rights related to the common shares.
 
On October 18, 2019, a loan agreement was executed between Cresud as lender and IFISA as borrower, pursuant to which Cresud loaned 1,500,000 ADRs of IRSA.
 
On June 22, 2022, a loan agreement was executed between CAM as lender and IFISA as borrower, pursuant to which CAM loaned 1,263,190 common shares of IRSA.
 
 
 
SCHEDULE 13D
 
CUSIP No. 450047204
 
 
Page 17 of 23 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
Chairman
Clarendon House,
2 Church Street,
Hamilton HM 11, Bermuda,
Bermuda.
Citizen of Argentina
3.
 3.Mariana Renata Carmona de Elsztain
Vice-Chairman
Clarendon House,
2 Church Street,Hamilton HM 11, Bermuda,
Bermuda.
Citizen of Argentina
2.
Saul Zang
Director
Clarendon House,
2 Church Street,
Hamilton HM 11, Bermuda,
Bermuda.
Citizen of Argentina
4.
 4.Alejandro Gustavo Elsztain
Director
Clarendon House,
2 Church Street,
Hamilton HM 11, Bermuda,
Bermuda.
Citizen of Argentina 
 
 
Directors of Consultores Venture Capital Uruguay
 
1.
 
Eduardo S. Elsztain
Chairman
Ruta 8K 17.500 Edificio@1 Local 106,
CP 91609 Montevideo
Republic of Uruguay
Citizen of Argentina
 
3.
Olga Stirling
Director
Ruta 8K 17.500 Edificio@1 Local 106,
CP 91609 Montevideo
Republic of Uruguay
Citizen of Uruguay
 
2.
Martin Polak
Director
Ruta 8K 17.500 Edificio@1 Local 106,
CP 91609 Montevideo
Republic of Uruguay
Citizen of Uruguay
4.
Saul Zang
Vice-Chairman
Ruta 8 KM 17.500 Edificio@1 Local 160,
CP 91600, Montevideo
Republic of Uruguay
Citizen of Argentina
 
 
 
 
 
SCHEDULE 13D
 
CUSIP No. 450047204
 
 
Page 18 of 23 Pages
 
 
Directors of Consultores Assets Management S.A.
 
1.
Eduardo S. Elsztain
ChairmanBolívar 108, 1st Floor
(C1066AAD) Ciudad Autónoma de Buenos
Republic of Argentina
Citizen of Argentina
 
3.
Mariana Renata Carmona de Elsztain
First Vice Chairman
Bolívar 108, 1st Floor
(C1066AAD) Ciudad Autónoma de Buenos
Republic of Argentina
Citizen of Argentina
 
2.
Saul Zang
Second Vice Chairman
Bolívar 108, 1st Floor
(C1066AAD) Ciudad Autónoma de Buenos
Republic of Argentina
Citizen of Argentina
 
4.
Ilan Ariel Elsztain
Alternate Director
Bolívar 108, 1st Floor
(C1066AAD) Ciudad Autónoma de Buenos
Republic of Argentina
Citizen of Argentina
 
 
 
Directors of Consultores Venture Capital Limited
 
1.
Eduardo S. Elsztain Chairman4th floor Harbour Place,
South Church Street P.O. Box 10240,
Grand Cayman,
KY1-1002, Cayman Islands
Citizen of Argentina
 
2.
Saul ZangVice Chairman 4th floor Harbour Place,
South Church Street P.O. Box 10240,
Grand Cayman,
KY1-1002, Cayman Islands
Citizen of Argentina
 
 
 
 
 
 
 
Directors of Inversiones Financieras del Sur S.A.
 
1. 
 
 
Eduardo S. Elsztain
Chairman
Ruta 8K 17.500 Edificio@1 Local 106,
CP 91609 Montevideo
Republic of Uruguay
Citizen of Argentina
 
3.
 
Martin Polak
Director
Ruta 8K 17.500 Edificio@1 Local 106,
CP 91609 Montevideo
Republic of Uruguay
Citizen of Uruguay
 
2. 
 
 
Saúl Zang
Vice Chairman
Ruta 8K 17.500 Edificio@1 Local 106,
CP 91609 Montevideo
Republic of Uruguay
Citizen of Argentina
 
4.
 
Olga Stirling
Director
Ruta 8K 17.500 Edificio@1 Local 106,
CP 91609 Montevideo
Republic of Uruguay
Citizen of Uruguay
 
 
 
 
 
SCHEDULE 13D
 
CUSIP No. 450047204
 
 
Page 19 of 23 Pages
 
 
Directors of Agroinvestment S.A.
 
1. 
 
 
Eduardo S. Elsztain
Chairman of the Board
Zabala 1422, 2nd Floor11500, Montevideo
Republic of Uruguay
Citizen of Argentina
 
3.
 
Olga Stirling
Director
Zabala 1422, 2nd Floor11500, Montevideo
Republic of Uruguay
Citizen of Argentina
 
2. 
 
 
Mariana Renata Carmona de Elsztain
Director
Zabala 1422, 2nd Floor11500, 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
Chairman
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of Argentina
 
10.
Gabriela Macagni
Director
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of Argentina
 
2.
 
Saúl ZangFirst
Vice Chairman
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of Argentina
 
 
 
11.
Enrique Alberto Antonini
Director
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of Argentina
 
3.
 
Alejandro Gustavo Elsztain
Second Vice Chairman
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of Argentina
 
12.
Nicolás Bendersky
Director
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of Argentina
 
4.
 
Alejandro Mario Bartolomé
Director
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of Argentina
 
13.
Gabriel Adolfo Gregorio Reznik
Alternate Director
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of Argentina
 
5.
 
Alejandro Gustavo Casaretto
Director
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of Argentina
 
14.
Eduardo Ohan Kalpakian
Alternate Director
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of Argentina
 
 
 
 
 
  SCHEDULE 13D
 
CUSIP No. 450047204
 
 
Page 20 of 23 Pages
 
 
 
 
 
6. 
 
Fernando Adrián Elsztain
Director
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of Argentina
 
15.
Gastón Armando Lernoud
Alternate Director
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of Argentina
 
7.
Jorge Oscar Fernandez
Director
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of Argentina
 
16.
Pedro Damaso Labaqui Palacio
Alternate Director
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of Argentina
 
8.
Liliana Irene Glikin
Director
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of Argentina
 
17.
Ilan Elsztain
Alternate Director
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of Argentina
 
9.
Mariana Renata Carmona de Elsztain
Director
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of Argentina
 
18.
Iair Elsztain
Alternate Director
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of Argentina
 
 
Senior Management
 
1.
 
Alejandro Gustavo Elsztain
Chief Executive Officer
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of Argentina
 
3.
Alejandro Gustavo Casaretto
Chief Regional Agricultural Officer
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of Argentina
 
2.
 
Matías Iván Gaivironsky
Chief Administrative and Financial Officer
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of Argentina
 
4.
Diego Francisco Chillado Biaus
Chief Operative Officer of Argentina
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of Argentina
 
 
Directors of Helmir S.A.
 
1.
 
Eduardo Sergio Elsztain
ChairmanZabala 1422, CP 11000
Montevideo
Republic of Uruguay
Citizen of Argentina
 
3.
Alejandro Gustavo Elsztain
Second Vice-ChairmanZabala 1422, CP 11000
Montevideo
Republic of Uruguay
Citizen of Argentina
 
2.
 
Saúl Zang
First Vice-ChairmanZabala 1422, CP 11000
Montevideo
Republic of Uruguay
Citizen of Argentina
 
 
 
4.
Olga Stirling
DirectorZabala 1422, CP 11000
Montevideo
Republic of Uruguay
Citizen of Argentina
 
 
 
 
 
SCHEDULE 13D
 
CUSIP No. 450047204
 
 
Page 21 of 23 Pages
 
 
Directors and Executive Officers of
 
IRSA Inversiones y Representaciones Sociedad Anónima
 
Directors
 
1. 
 
Eduardo Sergio Elsztain
Chairman
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of Argentina
 
 
 
9.
 
Daniel R. Elsztain
Director
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of Argentina
 
 
 
 
2.
 
Saul Zang First
Vice-Chairman
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of Argentina
 
 
 
10.
 
Fernando R. Elsztain
Director
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of Argentina
 
 
 
3.
 
Alejandro Gustavo Elsztain
Second Vice-Chairman
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of Argentina
 
11.
Ben Elsztain
Director
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of Argentina
4.
 
Maria Julia Bearzi
Director
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of Argentina
 
12.
 
Mauricio Wior
Director
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of USA
 
5.
 
Oscar Pedro Bergotto
Director
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of Argentina
 
13.
Iair Elsztain
Alternate Director
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of Argentina
 
 
6.
 
David Williams
DirectorCarlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos AiresRepublic of ArgentinaCitizen of Argentina
 
 
14.
Enrique Antonini
Alternate DirectorCarlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos AiresRepublic of ArgentinaCitizen of Argentina
 
 
7.
 
Nicolás Bendersky
Director
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of Argentina
 
15.
Gaston Armando Lernoud
Alternate Director
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of Argentina
 
8.
Liliana De Nadai
Director
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of Argentina
 
16.
Gabriel Adolfo Gregorio Reznik
Alternate Director
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of Argentina
 
 
Senior Management
 
1.
 
Eduardo Sergio Elsztain
Chief Executive Officer
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of Argentina
 
3.
Arnaldo Jawerbaum
Chief Operating Officer
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of Argentina
 
2.
 
Matías Iván Gaivironsky
Chief Administrative and Financial Officer
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of Argentina
 
4.
Jorge Cruces
Chief Investments Officer
Carlos M. Della Paolera 261, 9th floor
(C1001ADA) Buenos Aires
Republic of Argentina
Citizen of Argentina
 
 
 
 
 
 
 
 
SCHEDULE 13D
 
CUSIP No. 450047204
 
 
Page 22 of 23 Pages
 
 
 
Transactions by the Reporting Persons or persons named in Schedule A in Shares
that were effected during the last 60 days
Annex 1
 
 
 
●
In the last 60 days Helmir S.A bought 8.368,950 IRSA’s common shares at an average price of USD 4.18
 
 
 
 
SCHEDULE 13D
 
CUSIP No. 450047204
 
 
Page 23 of 23 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: February 14, 2023
 
Eduardo S. Elsztain
 
Consultores Assets Management S.A.
 
By: /S/ Eduardo S. Elsztain
Name: Eduardo S. Elsztain
 
By: /S/ Eduardo S. Elsztain
Name: Eduardo S. Elsztain
Title: Chairman of the Board
 
 
 
IFIS Limited
 
Consultores Venture Capital Limited
 
By: /S/ Eduardo S. Elsztain
Name: Eduardo S. Elsztain
Title: Chairman of the Board
 
By: /S/ Eduardo S. Elsztain
Name: Eduardo S. Elsztain
Title: Chairman of the Board
 
 
 
Inversiones Financieras del Sur S.A.
 
Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria
 
By: /S/ Eduardo S. Elsztain
Name: Eduardo S. Elsztain
Title: Chairman of the Board
 
By: /S/ Eduardo S. Elsztain                                                                 
Name: Eduardo S. Elsztain
Title: Chairman of the Board
 
Helmir S.A.
 
Agroinvestment S.A.
By: /S/ Eduardo S. Elsztain                                                                 
Name: Eduardo S. Elsztain
Title: Chairman of the Board
 
By: /S/ Eduardo S. Elsztain
Name: Eduardo S. Elsztain
Title: Chairman of the Board
 
 
Consultores Venture Capital Uruguay
 
 
By: /S/ Eduardo S. Elsztain
Name: Eduardo S. Elsztain
Title: Chairman of the Board