BUENOS AIRES, Argentina, April 28 /PRNewswire-FirstCall/ -- Cresud S.A.C.I.F. y A. (Nasdaq: CRESY, BASE: CRES), today reported that it has entered into an agreement with TARPON AGRO LLC ("Tarpon"), a company organized under the laws of the State of Delaware, whereby upon satisfaction of certain conditions Tarpon will transfer the following securities to the Company for valuable consideration:
(a) 9,581,750 common shares issued by BrasilAgro Companhia Brasileira de Propriedades Agricolas ("BrasilAgro") (BOVESPA: AGRO3) (either in the form of shares or ADRs, the "Shares"), and
(b) 6,400,000 First Issue Warrants of BrasilAgro and 6,400,000 Second Issue Warrants of BrasilAgro.
Upon satisfaction of the conditions set forth in the agreement, effective transfer of the shares and warrants from Tarpon to the Company shall occur within ten (10) days following the implementation of the ADR program that BrasilAgro has planned to launch.
The total price payable by Cresud to Tarpon will be R$131,419,876 (one hundred thirty-one million four hundred nineteen thousand eight hundred seventy-six Reais) payable within 180 days after the effective transfer of the above mentioned shares and warrants. If the price is paid within the agreed term, it shall not be subject to any monetary restatement whatsoever.
It should be noted that notwithstanding Tarpon's withdrawal from the "BrasilAgro Project," the shareholders Mr. Elie Horn and the representatives of the company Cape Town LLC have expressed their interest to remain in BrasilAgro together with Cresud.
Cresud is a leading Argentine agricultural company with a growing presence in the Brazilian agricultural sector through its investment in BrasilAgro-Companhia Brasileira de Propriedades Agricola. Cresud is currently involved in a range of activities including crop production, cattle raising and milk production. Cresud's business model, which it seeks to roll out abroad, taking into account the specific conditions of each country, focuses on the acquisition, development and exploitation of properties having attractive prospects for agricultural production and/or value appreciation and the selective disposition of such properties where appreciation has been realized.
Additionally, Cresud owns a 57.1% stake in IRSA Inversiones y Representaciones S.A., Argentina's largest, most well-diversified real estate company. Through its subsidiaries, IRSA manages an expanding top portfolio of shopping centers and office buildings, primarily in Buenos Aires. The company also develops residential subdivisions and apartments (specializing in high-rises and loft-style conversions) and owns three luxury hotels.
Investor Relations Department
Cresud S.A.C.I.F. y A.
SOURCE Cresud S.A.C.I.F. y A.