IRSA Inversiones y Representaciones S.A. Global Depositary Shares - IRS STOCK NEWS

IRSA Inversiones y Representaciones has announced a merger with IRSA Propiedades Comerciales (IRS) after receiving Board approval. The merger will see IRSA absorb IRSA PC, with an exchange ratio of 1.40 IRSA shares for each IRSA PC share. The reorganization aligns with Article 82 of the General Law of Companies and is set to take effect on July 1, 2021, contingent on shareholder approval and the SEC's administrative endorsement. Both companies released their merger financial statements as of June 30, 2021.

IRSA Inversiones y Representaciones S.A. (NYSE: IRS) reported its FY 2021 results, ending June 30, 2021, indicating significant impacts from the COVID-19 pandemic. During the year, tenant sales for malls decreased by 27.8% and revenues fell by 40.3%. Adjusted EBITDA for rental segments was ARS 4,223 million, down 55.1%. Overall, the company faced a net loss of ARS 37,591 million, influenced by operational setbacks and tax rate changes. However, the company generated ARS 13,284 million in total Adjusted EBITDA, benefiting from investment property sales.

IRSA Inversiones y Representaciones S.A. (NYSE: IRS) reported a loss of ARS 14,712 million for the first nine months of FY 2021, up from ARS 5,975 million the previous year. Loss from continuing operations was ARS 6,670 million, affected by negative fair value adjustments in investment properties. Adjusted EBITDA increased by 57.8% to ARS 11,604 million, driven by the Sales and Developments segment. The company issued USD 65.5 million in market notes and raised USD 28.8 million through a capital increase.

IRSA Inversiones y Representaciones Sociedad Anónima (NYSE: IRS) plans to submit an amended registration statement for a rights offering to existing shareholders, with record dates set for April 16, 2021. Shareholders can subscribe to 0.1382465082 new Global Depositary Shares (GDSs) or common shares for each share held, at indicative prices of US$3.60 for GDSs and US$0.36 for common shares. The subscription period runs from April 19 to May 3 for GDSs and May 6 for common shares. Each new share includes warrants, but the company retains the right to cancel the offering.

IRSA Inversiones y Representaciones S.A. (NYSE: IRS) reported a net loss of ARS 1,164 million for the first half of fiscal year 2021, a significant decline from a gain of ARS 6,611 million in the same period of 2020. The result from continuing operations showed a gain of ARS 5,956 million, driven by increased fair value of investment properties, while discontinued operations resulted in a loss of ARS 7,120 million. Adjusted EBITDA reached ARS 8,055 million, up 76.9% year-over-year. Shopping malls showed recovery in sales following reopening, and the company completed a successful exchange offer for Series I Notes valued at USD 181.5 million.

IRSA Inversiones y Representaciones S.A. (NYSE: IRS) reported a net gain of ARS 8,340 million for Q1 FY 2021, down from ARS 15,017 million a year earlier. The company noted a loss of ARS 6,396 million from discontinued operations due to investment deconsolidation in Israel. Adjusted EBITDA surged 155% to ARS 4,786 million, primarily driven by the Sales and Developments segment. Following the quarter, the company exchanged Class I Notes worth USD 181.5 million and declared a share dividend of ARS 484 million.

IRSA Inversiones y Representaciones S.A. (NYSE: IRS) announced the filing of its 20F Form for Fiscal Year 2020, which ended on June 30, 2020. The document is available on the company's website, and shareholders can request a free hard copy of the audited financial statements. IRSA is Argentina's largest, diversified real estate company, managing an extensive portfolio of shopping centers and office buildings in Buenos Aires, alongside luxury hotels and a stake in Banco Hipotecario, the leading mortgage supplier in Argentina.

IRSA Inversiones y Representaciones S.A. (NYSE: IRS) announced an exchange offer for Series I Notes amounting to USD 181.5 million due on November 15, 2020. This decision follows Argentina's Central Bank Resolution 'A' 7106, which limits access to the foreign exchange market for debt payments. The exchange process includes issuing Series VIII and IX Notes, each with a 10% annual interest rate. The deadline for the Exchange Offer is November 5, 2020, with settlement expected on November 11, 2020.

IRSA Inversiones y Representaciones S.A. (NYSE: IRS) reported a net profit of ARS 23,731 million for FY 2020, rebounding from a loss of ARS 38,371 million in FY 2019, largely due to increased property valuations. However, the pandemic severely impacted operations, especially in Q4, as hotels and malls closed. Adjusted EBITDA fell to ARS 5,708 million, a 23.3% decrease. The company issued notes totaling USD 197.2 million for refinancing. Following a court ruling in Israel, IDBD's investment is now valued at zero, indicating significant financial exposure.