IRSA Inversiones y Representaciones S.A. releases material information regarding the dividend approved by the Shareholders' Meeting held on October 5, 2023

Rhea-AI Summary

IRSA Inversiones y Representaciones S.A. releases material information regarding the dividend approved by the shareholders' meeting held on October 5, 2023

Positive

• The dividend approved by the shareholders' meeting has been distributed in Argentina
• The corresponding funds have been deposited in a money market fund managed by Banco Santander
• Possible alternatives for the distribution or investment of the funds are being analyzed

Negative

• The Bank of New York Mellon is currently unable to distribute the dividend paid by the company to GDS holders due to increased restrictions in Argentina

BUENOS AIRES, Argentina, Oct. 20, 2023 /PRNewswire/ -- IRSA Inversiones y Representaciones Sociedad Anónima (NYSE:IRS; ByMA:IRSA), Argentina's leading Real Estate company, informs that the dividend approved by the Shareholders' Meeting held on October 5, 2023 has been distributed in Argentina.

Regarding Global Depositary Shares ("GDS") 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 GDS, 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 GDS 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@irsa.com.ar.

Investor Relations Department 
IRSA Inversiones y Representaciones S.A. 
+ 5411 4323-7449 
ir@irsa.com.ar  
www.irsa.com.ar  
Follow us on Twitter @irsair

 

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SOURCE IRSA Inversiones y Representaciones S.A.

FAQ

What is the material information released by IRSA Inversiones y Representaciones S.A.?

The material information released is regarding the dividend approved by the shareholders' meeting held on October 5, 2023.

Has the dividend been distributed?

Yes, the dividend has been distributed in Argentina.

Where have the corresponding funds been deposited?

The corresponding funds have been deposited in a money market fund called 'Super Ahorro $' managed by Banco Santander.

Why is the Bank of New York Mellon unable to distribute the dividend to GDS holders?

The Bank of New York Mellon is unable to distribute the dividend due to increased restrictions in Argentina.

What are the possible alternatives for the distribution or investment of the funds?

Possible alternatives for the distribution or investment of the funds are being analyzed.

How can shareholders receive the dividend in Argentine pesos?

Shareholders can receive the dividend in Argentine pesos by contacting the Investor Relations department of IRSA Inversiones y Representaciones S.A.