Mindlin Marcos Marcelo 4

What Happened Marcos Marcelo Mindlin, a 10% owner of Pampa Energy Inc. (PAM), converted American Depositary Shares (ADS) into ordinary shares on April 21, 2026 and subsequently sold 1,500,000 ordinary shares in an open-market transaction on April 22, 2026. The sale price was $3.51 per share, for proceeds of $5,269,500. The conversions on April 21 show 12,500,000 shares acquired and 500,000 shares disposed at $0.00, reflecting ADS-to-ordinary-share conversions with no cash consideration and no change in beneficial ownership.

Key Details

• Transaction dates and actions:
  • 2026-04-21: Conversion of derivative securities (ADS) — 12,500,000 shares acquired @ $0.00 (F2); 500,000 shares disposed @ $0.00 (F1).
  • 2026-04-22: Open-market sale — 1,500,000 shares sold @ $3.51 = $5,269,500 (S).
• Shares owned after the transactions: Not specified in the provided filing excerpt.
• Footnotes: F1/F2 = conversion of ADS (each ADS = 25 ordinary shares) into ordinary shares with no change in beneficial ownership and no cash consideration. F3 = prices converted to USD using an ARS/USD rate of 1,378 on the trade date (Bloomberg).
• Timeliness: Filing dated 2026-04-23 for transactions through 2026-04-22; no late filing flag indicated.

Context

• The April 21 entries are conversions of ADS into ordinary shares (a bookkeeping/conversion event), not new purchases that required cash. The subsequent April 22 sale was an open-market disposal of ordinary shares. As a 10% owner, Mindlin is a large insider/owner; such sales can reflect liquidity needs rather than company sentiment. This Form 4 shows routine conversion + a sizable open-market sale, not an exercised option or award.