Gaivironsky Matias Ivan 4

What Happened
Matias Ivan Gaivironsky, Chief Financial Officer of IRSA Investments & Representations Inc. (IRS), exercised warrants on May 12, 2026 and received a total of 304,216 ordinary shares (174,198 + 130,018). The exercises were completed via a cashless "net exercise with par value contribution" (no cash paid at exercise), so no per-share cash price is reported on the Form 4.

Key Details

• Transaction dates: May 12, 2026 (reported on Form 4 filed May 27, 2026). Filing appears late relative to the usual 2-business-day rule.
• Shares received: 174,198 (code M: exercise/conversion of derivative) and 130,018 (code X: exercise of in‑the‑money derivative) — total 304,216 shares.
• Price/consideration: N/A on the filing because the warrants were exercised cashless (net exercise).
• Shares owned after transaction: Not specified in the provided filing details.
• Footnote: Warrants were exercised on a net (cashless) basis with a par value contribution; each warrant entitled holder to 1.3398 ordinary shares.
• Filing timeliness: Form 4 was filed 15 days after the transaction date — this is later than the standard reporting window.

Context

• This was an exercise of warrants (derivative conversion), not an open-market purchase or sale. No immediate sale of the newly acquired shares is reported here.
• Cashless (net) exercises typically result in fewer net new shares issued to the insider because a portion of the underlying instruments is surrendered to cover exercise cost/taxes.
• For retail investors: exercises indicate the insider converted derivative holdings into shares but are not the same signal as a cash purchase; interpret accordingly. Late filings reduce transparency and can matter to some investors, though they do not necessarily imply misconduct.