BUENOS
AIRES, ARGENTINA – February 25, 2021 – Cresud
Sociedad Anónima Comercial, Inmobiliaria, Financiera y
Agropecuaria (the “Company”) (NASDAQ: CRESY) announced
today, in connection with its previously-announced offering to
holders of record on February 19, 2021 of (i) American
Depositary Shares (“ADSs”) representing its common
shares, of rights to subscribe for 0.1794105273 new ADSs for every
ADS held of record, and (ii) its common shares, of rights to
subscribe for 0.1794105273 new common shares for every common share
held of record, the definitive subscription price for each new ADS
or common share in the proposed offering of US$4.72 and US$0.472,
respectively. In addition, the Company announced that warrants
which the proposed offering contemplates that holders will receive,
free of charge, for each new common share purchased, will have an
exercise price of US$0.566. The warrants will be exercisable after
90 days following their issuance, prior to their expiration on the
fifth anniversary of their issue date, during the nine-day period
from and including the 17th through the 25th day of each February,
May, September and November (to the extent such dates are business
days in New York City and in the City of Buenos Aires). Each
warrant will entitle the holder thereof to purchase one additional
common share. The subscription period for the rights to acquire
ADSs will expire on March 2, 2021, unless extended by the
Company. The subscription period for the rights to acquire common
shares will expire on March 5, 2021, unless extended by the
Company. The new ADSs and warrants acquired pursuant to the rights
offering made to ADS holders are expected to be issued and made
available as soon as practicable after the new common shares are
deposited with the ADS depositary’s custodian in Argentina.
The new common shares and warrants acquired pursuant to the rights
offering made to holders of common shares are expected to be issued
and made available within five business days (in New York City and
Buenos Aires, Argentina) following the expiration of the common
shares subscription period.
Cresud
may terminate or cancel the proposed offering in its sole
discretion at any time on or before the expiration of the common
shares subscription period for any reason (including, without
limitation, a change in the market price of the common shares or
the ADSs). If the offering is terminated, all rights will expire
withoutvalue and Cresud will promptly arrange for the refund,
without interest or deduction, of all funds received from holders
of common share and ADS rights. Any termination or cancellation of
the rights offering will be followed as promptly as practicable by
an announcement. Cresud may amend or modify the terms of the rights
offering, and may extend the expiration date of the rights
offering.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities. Any offers,
solicitations of offers to buy, or any sales of securities will be
made in accordance with the registration requirements of the U.S.
Securities Act of 1933, as amended (the “Securities
Act”). A registration statement relating to these securities
has been declared effective by the Securities and Exchange
Commission.
Matters
discussed in this press release contain forward-looking statements
within the meaning of Section 27A of the Securities Act, and
Section 21E of the U.S. Securities Exchange Act of 1934, as amended
(the “Exchange Act”), that involve substantial risks
and uncertainties, including but not limited to the risk that the
definitive subscription price may be higher than the non-binding
indicative subscription price. In addition to the risks and factors
identified above, reference is also made to other risksand factors
detailed in reports filed by Cresud with the Securities and
Exchange Commission. Cresud cautions that the foregoing factors are
not exclusive. Cresud undertakes no obligation to publicly update
or revise any forward-looking statement in this or any prior
forward-looking statements whether as a result of new information,
future developments or otherwise.