Cresud S.A.C.I.F. y A. releases material information regarding the dividend approved by the Shareholders' Meeting held on October 5, 2023

Rhea-AI Summary

Cresud S.A.C.I.F. y A. distributes dividend in Argentina but faces restrictions for ADS holders

Positive

• Cresud S.A.C.I.F. y A. has distributed the dividend approved by the Shareholders' Meeting held on October 5, 2023 in Argentina.
• Investors can receive the dividend in Argentine pesos if they choose to do so.

Negative

• American Depositary Shares (ADS) holders are currently unable to receive the dividend due to increased FX and securities regulations in Argentina.
• The Bank of New York Mellon (BONY), the depositary bank of the ADS, is working with Banco Santander to find alternatives for the distribution or investment of the funds until they can be transferred to ADS holders.

BUENOS AIRES, Argentina, Oct. 20, 2023 /PRNewswire/ -- CRESUD S.A.C.I.F. y A. (NASDAQ:CRESY, ByMA:CRES), leading Latinamerican agricultural company, informs that the dividend approved by the Shareholders' Meeting held on October 5, 2023 has been distributed in Argentina.

Regarding American Depositary Shares ("ADS") holders, the Company informs that, as it is of public knowledge, the FX and securities regulations in force in Argentina have increased their restrictions during the past few weeks, being the reason why the Bank of New York Mellon ("BONY"), depositary bank of the ADS, is unable at the moment to distribute the dividend paid by the Company.

Given the aforementioned restrictions, the Company has deposited the corresponding funds in a common investment fund called "Super Ahorro $" (pure money market fund) managed by Banco Santander, which is the BONY's representative bank in Argentina and is working together with BONY in order to analyze possible alternatives for the distribution or investment of said funds until BONY can transfer them in favor of the ADS holders, making it available to any shareholder who decides so to receive the dividend in Argentine pesos. 

Our Investor Relations department will be available to answer any related queries and collaborate with the implementation or understanding of the available options at the following address ir@cresud.com.ar.

Investor Relations Department

Cresud S.A.C.I.F. y A.
+5411 4323-7449
ir@cresud.com.ar
www.cresud.com.ar
Follow us on Twitter: @cresudir

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SOURCE Cresud S.A.C.I.F. y A.

FAQ

What dividend has Cresud S.A.C.I.F. y A. distributed?

Cresud S.A.C.I.F. y A. has distributed the dividend approved by the Shareholders' Meeting held on October 5, 2023.

Can investors receive the dividend in Argentine pesos?

Yes, investors can receive the dividend in Argentine pesos if they choose to do so.

Why are American Depositary Shares (ADS) holders unable to receive the dividend?

ADS holders are currently unable to receive the dividend due to increased FX and securities regulations in Argentina.

What is the role of the Bank of New York Mellon (BONY) in the distribution of the dividend?

BONY is the depositary bank of the ADS and is working with Banco Santander to find alternatives for the distribution or investment of the funds until they can be transferred to ADS holders.