ELSZTAIN EDUARDO S 4

What Happened

• Eduardo S. Elsztain, a 10% owner of IRSA Investments & Representations Inc. (IRS), exercised 9,710,622 in‑the‑money warrants on May 12, 2026 via a cashless exercise and received 13,010,290 common shares.
• No per‑share price is reported on the Form 4 (listed as N/A). The transaction is an exercise of derivatives (warrants), resulting in net receipt of common stock rather than an open‑market purchase.

Key Details

• Transaction date: 2026-05-12; Form 4 filed: 2026-06-12 (filed late — TransactionTimeliness = L).
• Derivative exercised: 9,710,622 warrants (disposed as derivative) → 13,010,290 common shares acquired in the cashless exercise.
• Cashless exercise ratio: 1.3398, determined by a Caja de Valores S.A. notice on May 11, 2026 (footnote F1).
• Shares owned after the transaction: not specified on the summary information in this briefing.
• Ownership note: Elsztain’s interest is indirect through Cresud S.A.C.I.F. y A. (reported 39.12% equity interest); he disclaims beneficial ownership except to the extent of his pecuniary interest (footnote F2).

Context

• Cashless exercise means warrants were converted into shares without an outlay of cash — the conversion ratio produced 13.01M shares from 9.71M warrants (some warrant value effectively settled in shares).
• As a 10%/control person with indirect holdings via Cresud, this is institutional/insider derivative activity rather than a straightforward buy or sell in the open market.
• The late filing reduces short‑term transparency for investors; the substance of the transaction (warrant exercise, shares received) is disclosed here.