SC 13D/A 1 dsc13da.htm AMENDMENT NO. 6 TO SCHEDULE 13D Amendment No. 6 to Schedule 13D

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

SCHEDULE 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED IN

STATEMENTS FILED PURSUANT TO RULE 13d-1(a) AND

AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)

 

Under the Securities Exchange Act of 1934

(Amendment No. 6)*

 

 

 

CRESUD SOCIEDAD ANÓNIMA COMERCIAL INMOBILIARIA FINANCIERA y AGROPECUARIA

(Name of Issuer)

 

 

Common Stock, Par Value 1.00 Peso per Share

(Title of Class of Securities)

 

 

226406106

(CUSIP Number)

 

 

Saúl Zang

Juan Manuel Quintana

Carolina Zang

María de los Ángeles del Prado

Estudio Zang, Bergel y Viñes

Florida 537, 18th Floor

Buenos Aires, Argentina

+54(11) 4322-0033

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

 

 

March 31, 2008

(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box.  ¨

Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.

 

*   The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).


SCHEDULE 13D

CUSIP No. 226406106     Page 2 of 33 Pages

 

  1.  

NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)

 

            Eduardo S. Elsztain

   
  2.  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  x

(b)  ¨

   
  3.  

SEC USE ONLY

 

   
  4.  

SOURCE OF FUNDS

 

            WC - OO

   
  5.  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)

 

  ¨
  6.  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

            Republic of Argentina

   

NUMBER OF  

SHARES  

BENEFICIALLY  

OWNED BY  

EACH  

REPORTING  

PERSON  

WITH  

 

  7.    SOLE VOTING POWER

 

                234,681

 

  8.    SHARED VOTING POWER

 

                171,309,572

 

  9.    SOLE DISPOSITIVE POWER

 

                234,681

 

10.    SHARED DISPOSITIVE POWER

 

                174,373,128

11.  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

            174,607,809

   
12.  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

  ¨
13.  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

            35.27%

   
14.  

TYPE OF REPORTING PERSON

 

            IN

   

 


SCHEDULE 13D

CUSIP No. 226406106     Page 3 of 33 Pages

 

  1.  

NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)

 

            IFIS Limited

   
  2.  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  x

(b)  ¨

   
  3.  

SEC USE ONLY

 

   
  4.  

SOURCE OF FUNDS

 

            WC - OO

   
  5.  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)

 

  ¨
  6.  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

            Bermuda

   

NUMBER OF  

SHARES  

BENEFICIALLY  

OWNED BY  

EACH  

REPORTING  

PERSON  

WITH  

 

  7.    SOLE VOTING POWER

 

                0

 

  8.    SHARED VOTING POWER

 

                171,544,253

 

  9.    SOLE DISPOSITIVE POWER

 

                0

 

10.    SHARED DISPOSITIVE POWER

 

                174,607,809

11.  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

            174,607,809

   
12.  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

  ¨
13.  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

            35.27%

   
14.  

TYPE OF REPORTING PERSON

 

            CO

   

 


SCHEDULE 13D

CUSIP No. 226406106     Page 4 of 33 Pages

 

  1.  

NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)

 

            Inversiones Financieras del Sur S.A.

   
  2.  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  x

(b)  ¨

   
  3.  

SEC USE ONLY

 

   
  4.  

SOURCE OF FUNDS

 

            WC - OO - BK

   
  5.  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)

 

  ¨
  6.  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

            Republic of Uruguay

   

NUMBER OF  

SHARES  

BENEFICIALLY  

OWNED BY  

EACH  

REPORTING  

PERSON  

WITH  

 

  7.    SOLE VOTING POWER

 

                0

 

  8.    SHARED VOTING POWER

 

                171,544,253

 

  9.    SOLE DISPOSITIVE POWER

 

                0

 

10.    SHARED DISPOSITIVE POWER

 

                174,607,809

11.  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

            174,607,809

   
12.  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

  ¨
13.  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

            35.27%

   
14.  

TYPE OF REPORTING PERSON

 

            CO

   

 


SCHEDULE 13D

CUSIP No. 226406106     Page 5 of 33 Pages

 

  1.  

NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)

 

            Consultores Assets Management S.A.

   
  2.  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  x

(b)  ¨

   
  3.  

SEC USE ONLY

 

   
  4.  

SOURCE OF FUNDS

 

            WC - OO

   
  5.  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)

 

  ¨
  6.  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

            Republic of Argentina

   

NUMBER OF  

SHARES  

BENEFICIALLY  

OWNED BY  

EACH  

REPORTING  

PERSON  

WITH  

 

  7.    SOLE VOTING POWER

 

                0

 

  8.    SHARED VOTING POWER

 

                171,544,253

 

  9.    SOLE DISPOSITIVE POWER

 

                0

 

10.    SHARED DISPOSITIVE POWER

 

                174,607,809

11.  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

            174,607,809

   
12.  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

  ¨
13.  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

            35.27%

   
14.  

TYPE OF REPORTING PERSON

 

            CO

   

 


SCHEDULE 13D

CUSIP No. 226406106     Page 6 of 33 Pages

 

  1.  

NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)

 

            Consultores Venture Capital Uruguay S.A.

   
  2.  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  x

(b)  ¨

   
  3.  

SEC USE ONLY

 

   
  4.  

SOURCE OF FUNDS

 

            WC - OO

   
  5.  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)

 

  ¨
  6.  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

            Republic of Uruguay

   

NUMBER OF  

SHARES  

BENEFICIALLY  

OWNED BY  

EACH  

REPORTING  

PERSON  

WITH  

 

  7.    SOLE VOTING POWER

 

                0

 

  8.    SHARED VOTING POWER

 

                171,544,253

 

  9.    SOLE DISPOSITIVE POWER

 

                0

 

10.    SHARED DISPOSITIVE POWER

 

                174,607,809

11.  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

            174,607,809

   
12.  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

  ¨
13.  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

            35.27%

   
14.  

TYPE OF REPORTING PERSON

 

            CO

   

 


SCHEDULE 13D

CUSIP No. 226406106     Page 7 of 33 Pages

 

  1.  

NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)

 

            Consultores Venture Capital Limited

   
  2.  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  x

(b)  ¨

   
  3.  

SEC USE ONLY

 

   
  4.  

SOURCE OF FUNDS

 

            WC - OO

   
  5.  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)

 

  ¨
  6.  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

            Cayman Islands

   

NUMBER OF  

SHARES  

BENEFICIALLY  

OWNED BY  

EACH  

REPORTING  

PERSON  

WITH  

 

  7.    SOLE VOTING POWER

 

                0

 

  8.    SHARED VOTING POWER

 

                171,544,253

 

  9.    SOLE DISPOSITIVE POWER

 

                0

 

10.    SHARED DISPOSITIVE POWER

 

                174,607,809

11.  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

            174,607,809

   
12.  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

  ¨
13.  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

            35.27%

   
14.  

TYPE OF REPORTING PERSON

 

            CO

   

 


SCHEDULE 13D

CUSIP No. 226406106     Page 8 of 33 Pages

 

  1.  

NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)

 

            Dolphin Fund PLC

   
  2.  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  x

(b)  ¨

   
  3.  

SEC USE ONLY

 

   
  4.  

SOURCE OF FUNDS

 

            WC

   
  5.  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)

 

  ¨
  6.  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

            Isle of Man

   

NUMBER OF  

SHARES  

BENEFICIALLY  

OWNED BY  

EACH  

REPORTING  

PERSON  

WITH  

 

  7.    SOLE VOTING POWER

 

                3,063,556

 

  8.    SHARED VOTING POWER

 

                0

 

  9.    SOLE DISPOSITIVE POWER

 

                0

 

10.    SHARED DISPOSITIVE POWER

 

                171,544,253

11.  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

            174,607,809

   
12.  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

  ¨
13.  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

            35.27%

   
14.  

TYPE OF REPORTING PERSON

 

            CO

   

 


SCHEDULE 13D

CUSIP No. 226406106     Page 9 of 33 Pages

 

STATEMENT PURSUANT TO RULE 13d-1 OF THE

GENERAL RULES AND REGULATIONS UNDER THE

SECURITIES AND EXCHANGE ACT OF 1934, AS AMENDED

AMENDMENT No. 6 TO SCHEDULE 13D

This Amendment No. 6 Schedule 13D (“Amendment No. 6”) amends and restates Items 2, 3, 4, 5 and 6 of the Schedule 13D filed by the Reporting Persons with the SEC (the “Schedule 13D”). Capitalized terms used in this Amendment No. 6 but not defined herein have the meaning given to such terms in the Schedule 13D, as amended and restated from time to time.


SCHEDULE 13D

CUSIP No. 226406106     Page 10 of 33 Pages

 

Item 2. Identity and Background

(a)-(c), (f) This statement is being filed by Eduardo S. Elsztain (“Elsztain”) a citizen of the Republic of Argentina who serves as Chairman of the board of directors of each of:

(i) IFIS Limited, a limited liability company organized under the laws of Bermuda (“IFIS”);

(ii) Inversiones Financieras del Sur S.A., a stock corporation organized under the laws of the Republic of Uruguay (“IFISA”);

(iii) Consultores Assets Management S.A., a limited liability company organized under the laws of Argentina (“CAM”);

(iv) Consultores Venture Capital Limited, a limited liability company organized under the laws of Cayman Island (“CVC Cayman”);

(v) Consultores Venture Capital Uruguay S.A., a limited liability company organized under the laws of the Republic of Uruguay (“CVC Uruguay”); and

(vi) Dolphin Fund PLC, a limited liability company organized under the laws of the Isle of Man (“Dolphin”) (Elsztain, IFIS, IFISA, CAM, CVC Cayman, CVC Uruguay and Dolphin being collectively referred to as the “Reporting Persons”).

Elsztain’s principal offices are located at Bolívar 108, 1st floor, Buenos Aires, Argentina; IFIS’ principal offices are located at Washington Mall West, 2nd Floor; 7 Reid Street, Hamilton HM 11, Bermuda; IFISA’s principal offices are located at Zabala 1422 2nd floor, Montevideo, Republic of Uruguay; CAM’s principal offices are located at Bolívar 108, 1st floor, Buenos Aires, Argentina; CVC Cayman’s principal offices are located at Regatta Office Park, P.O. Box 31106, SMB, Grand Cayman, Cayman Islands; CVC Uruguay’s principal offices are located at Ruta 8K 17.500 Edificio@3 Local 004, CP 91609 Montevideo, of the Republic of Uruguay; and Dolphin’s principal offices are located at Chamberlain Fund Services Limited (Manager) Chamberlain Fund Services Ltd. 3rd Floor, 54-62 Athol Street, Douglas, Isle of Man IM1 1JE. Due to the fact that Mr. Elsztain controls each of the other Reporting Persons, the Reporting Persons report their direct and indirect ownership of common shares as “shared” voting and dispositive power other than common shares held (i) directly by Mr. Elsztain (and not through any other Reporting Person) and (ii) by Dolphin which are subject to the irrevocable proxy described in Item 6 below.

(d) None of the Reporting Persons nor, to their knowledge, any person named in Schedule A hereto, has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) within the last five years.

(e) During the last five years, none of the Reporting Persons nor, to their knowledge, any person named in Schedule A hereto, has been a party to any civil proceeding of a judicial or administrative body of competent jurisdiction as a result of which any such person was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation of such laws.

 

Item 3. Source and Amount of Funds or Other Consideration

As of March 31, 2008, the Cresud common shares beneficially owned by the Reporting Persons consisted of 174,607,809 shares, representing 35.27% of Cresud’s share capital on a fully diluted basis (i.e., assuming that all of the outstanding New Warrants to acquire common shares are exercised by the holders thereof).


SCHEDULE 13D

CUSIP No. 226406106     Page 11 of 33 Pages

 

The funds used to purchase the Cresud common shares were derived from (i) working capital, (ii) loan agreements entered into with Credit Suisse International and Citibank N.A., (iii) capital contributions received from IFIS shareholders, and (iv) a margin account at Raymond James.

The funding for the exercise of warrants to acquire 14,956,919 common shares of Cresud came from (i) an amendment to an existing loan agreement with Credit Suisse International to provide an additional US$12,000,000.00 and (ii) a margin account at Raymond James.

 

Item 4. Purpose of Transaction

Since June 30, 2006, the Reporting Persons increased their beneficial ownership of Cresud common shares by acquiring shares representing an additional 2.31% (net of sales of common shares since such date) of Cresud’s share capital on a fully diluted basis. Such increase was the net result of the following transactions:

 

  1. A loss of 8,600,000 Cresud common shares previously held at Refco Capital Markets, Ltd as a result of Refco’s reorganization pursuant to a Chapter 11 Plan which became effective on December 26, 2006.

 

  2. A net increase (net of sales in the open market) of an additional 8,115,577 Cresud common shares acquired in the open market.

 

  3. As described more fully in Item 6, on March 31, 2008 Cresud completed on offering of preemptive and accretion rights to subscribe for its common shares. Pursuant to these rights offerings, Cresud issued 180,000,000 common shares, at a price of US$1.6 per common share, and 180,000,000 warrants were assigned to those who subscribed for common shares pursuant to the right offerings. For every new common share, one warrant was issued which gives the holder the right to subscribe to 0.33 additional common shares (the “New Warrants”). In connection with Cresud’s recent rights offerings, the Reporting Persons acquired additional common shares and New Warrants as follows:

 

  A. The Reporting Persons acquired 64,374,906 Cresud common shares and 64,374,906 New Warrants pursuant to the preemptive rights offering.

 

  B. The Reporting Persons acquired 4,988,084 Cresud common shares and 4,988,084 New Warrants pursuant to the accretion rights offering.

 

  C. The Reporting Persons acquired 149,857 New Warrants in the open market.

 

  4. Additionally, the Reporting Persons acquired 59,008,668 common shares of Cresud by converting US$14,956,919 principal amount of Cresud’s Convertible Notes and by exercising warrants to acquire an additional 14,956,919 common shares. The total exercise price paid for these transactions amounted US$17,946,535.65. The funding for this transaction is described in Item 3.

Except as described above, neither the Reporting Persons nor, to their knowledge, any person named in Schedule A previously filed, has any present plans or proposals that relate to or would result in any of the actions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.

 

Item 5. Interests in Securities of the Issuer

 

(a) As of March 31, 2008, the Reporting Persons beneficially owned 174,607,809 common shares of Cresud, representing 35.27% of its share capital on a fully diluted basis.


SCHEDULE 13D

CUSIP No. 226406106     Page 12 of 33 Pages

 

The following is a description of the Reporting Persons’ beneficial ownership of Cresud common shares as of March 31, 2008:

 

Shareholder

   Number of
Shares
Currently
Owned(1)
   % of
Currently
Outstanding
Shares(1)
    Common
Shares
Underlying New
Warrants
   Number of
Common Shares
on Fully Diluted
Basis(2)
   % of Common
Shares on a
Fully Diluted
Basis(2)
 

Reporting Persons

   174,607,809    34.87 %   69,512,847    197,778,758    35.27 %

Total

   500,774,772      180,000,000    560,774,772   

 

(1) Does not take into account any exercise of New Warrants outstanding as of March 31, 2008.
(2) Assuming that all holders of outstanding New Warrants (including the Reporting Persons) exercise all such New Warrants. Elsztain is the Chairman of the Board of Directors of IFIS, IFISA, Cresud, Dolphin, CAM, CVC Uruguay and CVC Cayman. Elsztain is the beneficial owner of 36.46% of IFIS, including: (a) 15.97% owned directly, (b) 1.62% owned indirectly through CVC Uruguay, (c) 9.44% owned indirectly through Dolphin and (c) 9.43% owned indirectly through CVC Cayman. Elsztain owns 85.0% of CAM which owns 100% of CVC Uruguay which in turn owns 100% of CVC Cayman. On March 11, 2008, Elsztain signed an Irrevocable Proxy with Baldwin Enterprises Inc. (“Baldwin”) in which he agreed to cause CVC Cayman, in its capacity as the investment manager of Dolphin, to relinquish voting rights only with respect to any common shares of IFIS, IFISA, IRSA and Cresud owned by Dolphin in favor of the independent directors of Dolphin. Thus, Elsztain by virtue of his position and voting power may be deemed to have voting power equal to 26.36% of IFIS’ voting rights.

 

  (i) IFIS is the direct owner of 100% of the common shares of IFISA.

 

  (ii) IFISA is the direct owner of 171,153,109 shares of Cresud common shares representing approximately 34.52% of Cresud’s common shares on a fully diluted basis.

 

  (iii) Dolphin Fund directly owns 9.44% of IFIS and 0.66% of Cresud on a fully diluted basis.

 

  (iv) CVC Cayman serves as the Investment Manager of Dolphin Fund Plc and IFIS and does not own Cresud common shares.

 

  (v) CAM directly owns 0.04% of Cresud on a fully diluted basis.


SCHEDULE 13D

CUSIP No. 226406106     Page 13 of 33 Pages

 

Set forth below is a diagram of the Reporting Persons’ beneficial ownership on a fully diluted basis of Cresud as of March 31, 2008:

LOGO

Subject to, among other things, availability at prices deemed favorable, the Reporting Persons may purchase additional New Warrants (as defined herein) and/or common shares of Cresud from time to time in the open market, in privately negotiated transactions or otherwise.

Given the foregoing, the Reporting Persons may be deemed to be the beneficial owners of 174,607,809 common shares, representing 34.87% of the issued and outstanding common shares of Cresud, as of March 31, 2008.

As of March 31, 2008, assuming that (i) the Reporting Persons exercise all of their New Warrants to acquire additional common shares of Cresud and (ii) none of the other holders of the New Warrants exercise such warrants, the Reporting Persons would control 37.75% of the common shares of Cresud.

 

a)

   Except as set forth from Paragraph (i) to (iii) of this Item 5(a), to the knowledge of the Reporting Persons, none of the Reporting Persons beneficially own any common shares of Alto Palermo.

b)

   Item 5(a) is incorporated herein by reference.

c)

   Transactions by the Reporting Persons or other persons named in Schedule A previously filed in Cresud common shares that were effected from the last filing dated as of June 30, 2006 to March 31, 2008 are listed on Annex I, which is incorporated herein by reference.

d)-e)

   Not applicable.


SCHEDULE 13D

CUSIP No. 226406106     Page 14 of 33 Pages

 

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer

Credit Suisse Loan Agreement. On March 30, 2007 IFISA, entered into an amendment to a loan agreement (“Confirmation” that supplements the 1992 ISDA Master Agreement) dated May 2, 2006 with Credit Suisse International. This agreement’s termination date was extended on March 19, 2008 to June 13, 2009. IFISA pledged Cresud common shares as collateral to secure its obligations under this agreement, subject to standard default and similar provisions. IFISA maintains the ownership of the pledged shares and is entitled to exercise its voting rights for so long as no Event of Default or a Termination Event (as defined in the Confirmation) has occurred.

Citibank Loan Agreement. On January 11, 2008, IFISA entered into a one-year Margin Loan Agreement with Citibank N.A. for the amount of US$35,000,000.00. On March 12, 2008, this loan was increased by US$15,000,000.00. The scheduled maturity date is January 13, 2009. IFISA has pledged Cresud common shares as collateral to secure its obligations under the Margin Loan Agreement, subject to standard default and similar provisions.

Such pledged shares, taken together with those pledged to Credit Suisse, represent an important IFISA’s shareholding in Cresud. IFISA maintains the ownership of the pledged shares and is entitled to exercise its voting rights for so long as no Default or Event of Default (as defined in the Margin Loan Agreement) has occurred.

New Warrants. Pursuant to a Prospectus (the “Prospectus”), dated March 11, 2008, contained in Cresud’s Registration Statement on Form F-3 No. 333-146011, filed with the Securities and Exchange Commission on September 12, 2007, Cresud offered (the “Rights Offering”) to its common shareholders rights to subscribe for 180,000,000 new common shares, together with the right to receive 180,000,000 warrants (the “New Warrants”) to acquire additional common shares. Each common share entitled its holder to one right to subscribe for common shares. Each common share right entitled its holder to subscribe for 0.561141 new common shares, to subscribe at the same price for additional common shares remaining unsubscribed after the preemptive rights offering pursuant to its exercise of accretion rights, and to receive free of charge, for each new common share that it purchased pursuant to the Rights Offering, one New Warrant to purchase 0.33333333 additional common shares. The Bank of New York, as Cresud’s ADS rights agent, made available to holders of its ADSs (each of which represents 10 common shares), rights to subscribe for new ADSs, together with the right to receive New Warrants to acquire additional common shares. Each ADS entitled its holder to one ADS right. Each ADS right entitled its holder to subscribe for 0.561141 new ADSs, to subscribe at the same price for additional common shares in the form of ADSs remaining unsubscribed after the preemptive rights offering pursuant to its exercise of accretion rights, and to receive free of charge, for each new ADS that it purchased pursuant to this offering, 10 New Warrants, each of which entitles such holder to purchase 0.33333333 additional common shares. All information included in this Schedule 13D pertaining to the Rights Offering and New Warrants is based on information provided in the Prospectus and the warrant agreement governing the New Warrants.

Prior to their expiration on May 22, 2015, the New Warrants will be exercisable during the six-day period from and including the 17th through the 22nd 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), commencing with such period from and including May 17 through to May 22, 2008. The New Warrants will be freely transferable. Cresud will accept the exercise of New Warrants to purchase whole new common shares. Three New Warrants must be exercised in order to purchase one new common share. The exercise price for new common shares to be purchased pursuant to the exercise of New Warrants will be of US$ 1.68 and will be payable in U.S. dollars. ADS holders wishing to obtain additional ADSs upon exercise of their New Warrants must deposit the common shares acquired under the New Warrants with The Bank of New York, as Cresud’s depositary, to obtain ADSs in accordance with the terms of the deposit agreement.


SCHEDULE 13D

CUSIP No. 226406106     Page 15 of 33 Pages

 

Irrevocable Proxy with Baldwin Enterprises. On March 11, 2008, Elsztain signed an Irrevocable Proxy with Baldwin Enterprises Inc. (“Baldwin”) in which he agreed to cause CVC Cayman, in its capacity as the investment manager of Dolphin, to relinquish voting rights only with respect to any common shares of IFIS, IFISA, IRSA and Cresud owned by Dolphin in favor of the independent directors of Dolphin. Thus, Elsztain by virtue of his position and voting power may be deemed to have voting power equal to 26.36% of IFIS’ voting rights.

Call Option with Baldwin Enterprises. On April 1, 2008, a letter agreement between Baldwin Enterprises, Inc. and Mr. Elsztain was executed which grants Mr. Elsztain an option to acquire the equivalent of 6,728,349 common shares of Cresud and 6,728,349 New Warrants, (subject to equitable adjustment in the event of a stock split, recapitalization or other reclassification of Cresud’s common shares) at the price paid by Baldwin in the Rights Offering plus a 15% return calculated on an annual basis. This option terminates on March 11, 2010 and is transferable to affiliates of Mr. Elsztain.

Other than as set forth above or otherwise described in this Schedule 13D, there are no contracts, arrangements, understandings or relationships with respect to any securities of Cresud to which the Reporting Persons are a party.

 

Item 7. Materials to be filed as Exhibits

None.


SCHEDULE 13D

CUSIP No. 226406106     Page 16 of 33 Pages

 

Schedule A

 

  

Eduardo S. Elsztain

Bolívar 108, 1st floor

(1066) Buenos Aires

Republic of Argentina

Citizen of Argentina

Directors and Executive Officers of IFIS Limited

Directors

 

1.

  

Eduardo S. Elsztain

Director

Washington Mall West, 7 Reid Street,

Hamilton HM 11,

Bermuda.

Citizen of Argentina

2.

  

Saul Zang

Director

Washington Mall West, 7 Reid Street,

Hamilton HM 11,

Bermuda.

Citizen of Argentina

3

  

Joseph Steinberg

Director

Washington Mall West, 7 Reid Street,

Hamilton HM 11,

Bermuda.

Citizen of United States

3.

  

Mariana Renata Carmona de Elsztain

Director

Washington Mall West, 7 Reid Street,

Hamilton HM 11,

Bermuda.

Citizen of Argentina

4.

  

Alejandro Gustavo Elsztain

Director

Washington Mall West, 7 Reid Street,

Hamilton HM 11,

Bermuda.

Citizen of Argentina


SCHEDULE 13D

CUSIP No. 226406106     Page 17 of 33 Pages

 

Directors of Consultores Venture Capital Uruguay

Directors

 

1.

  

Eduardo S. Elsztain (Chairman)

Director

Zabala 1422, 2nd floor

(11500) Montevideo

Republic of Uruguay

Citizen of Argentina

2.

  

Eduardo Simon Bartfeld

Director

Zabala 1422, 2nd floor

(11500) Montevideo

Citizen of Uruguay

3.

  

Olga Stirling

Director

Zabala 1422, 2nd floor

(11500) Montevideo

Citizen of Uruguay

Directors of Consultores Assets Management S.A.

Directors

 

1.

  

Eduardo S. Elsztain (Chairman)

Director

Bolívar 108, 1st floor

(1066) Buenos Aires

Republic of Argentina

Citizen of Argentina

2.

  

Saul Zang

Director

Bolívar 108, 1st floor

(1066) Buenos Aires

Republic of Argentina

Citizen of Argentina

3.

  

Oscar Bergotto

Director

Bolívar 108, 1st floor

(1066) Buenos Aires

Republic of Argentina

Citizen of Argentina


SCHEDULE 13D

CUSIP No. 226406106     Page 18 of 33 Pages

 

Directors of Dolphin Fund PLC

Directors

 

1.   

Eduardo Sergio Elsztain (Chairman)

3rd Floor, Exchange House

54-62 Athol Street

Douglas - Isle of Man IM1 1JD

Citizen of Argentina

2.   

Gary Gladstein

3rd Floor, Exchange House

54-62 Athol Street

Douglas - Isle of Man IM1 1JD

Citizen of USA

3.   

Clarisa Lifsic

3rd Floor, Exchange House

54-62 Athol Street

Douglas - Isle of Man IM1 1JD

Citizen of Argentina

4.   

Elizabeth Tansell

3rd Floor, Exchange House

54-62 Athol Street

Douglas - Isle of Man IM1 1JD

Citizen of Isle of Man

5.   

Saul Zang

3rd Floor, Exchange House

54-62 Athol Street

Douglas - Isle of Man IM1 1JD

Citizen of Argentina

6.   

Mario Blejer

3rd Floor, Exchange House

54-62 Athol Street

Douglas - Isle of Man IM1 1JD

Citizen of Argentina


SCHEDULE 13D

CUSIP No. 226406106     Page 19 of 33 Pages

 

Directors of Inversiones Financieras del Sur S.A.

 

1.   

Eduardo S. Elsztain

Chairman of the Board

Zabala 1422, 2nd floor

(11500) Montevideo

Republic of Uruguay

Citizen of Argentina

2.   

Eduardo Simon Bartfeld

Director

Zabala 1422, 2nd floor

(11500) Montevideo

Citizen of Uruguay

3.   

Olga Stirling

Director

Zabala 1422, 2nd floor

(11500) Montevideo

Citizen of Uruguay


SCHEDULE 13D

CUSIP No. 226406106     Page 20 of 33 Pages

 

Directors and Executive Officers of

Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria

Directors

 

1.   

Eduardo Sergio Elsztain

Director

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

2.   

Saúl Zang

Director

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

3.   

Alejandro Gustavo Elsztain

Director

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

4.   

Clarisa Diana Lifsic

Director

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

5.   

Gabriel Adolfo Reznik

Director

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

6.   

Jorge Oscar Fernández

Director

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

7.   

Pedro Damaso Labaqui Palacio

Director

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina


SCHEDULE 13D

CUSIP No. 226406106     Page 21 of 33 Pages

 

8.   

Fernando Adrián Elsztain

Director

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

9.   

David Alberto Perednik

Director

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

10.   

Salvador Darío Bergel

Alternate Director

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

11.   

Juan Carlos Quintana Terán

Alternate Director

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

12.   

Gastón Armando Lernoud

Alternate Director

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

13.   

Enrique Antonini

Alternate Director

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

14.   

Eduardo Kalpakian

Alternate Director

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina


SCHEDULE 13D

CUSIP No. 226406106     Page 22 of 33 Pages

 

Senior Management

 

1.   

Eduardo Sergio Elsztain

Director

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

2.   

Alejandro Gustavo Elsztain

Director

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

3.   

Gabriel Blasi

Chief Financial Officer

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

4.   

Alejandro Bartolomé

Chief Production Officer

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

5.   

David A. Perednik

Chief Administrative Officer

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

6.   

José Luis Rinaldini

Chief Subsidiaries Supervisor

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

7.   

Alejandro Casaretto

Chief Real Estate Officer

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina

8.   

Carlos Blousson

Chief Sales Officer

Moreno 877, 23rd floor

(C1091AAQ) Buenos Aires

Republic of Argentina

Citizen of Argentina


SCHEDULE 13D

CUSIP No. 226406106     Page 23 of 33 Pages

 

Annex 1

Transactions by the Reporting Persons or persons named in Schedule A

that were effected from the last six months to March 31, 2008

IFISA’s transactions in CRESUD ADR (each ADR equivalent to ten Cresud common shares)

 

Transaction

Type

   Trade Date    Settle Date    Quantity    Price    Total Amount
(USD)
   Market

Sell

   01/11/2007    06/11/2007    9,727.00    24.5329    238,433.41    NASDAQ

Sell

   02/11/2007    07/11/2007    9,736.00    24.5713    239,027.43    NASDAQ

Sell

   05/11/2007    08/11/2007    3,619.00    24.8251    89,768.39    NASDAQ

Sell

   06/11/2007    09/11/2007    2,166.00    25.2327    54,609.84    NASDAQ

Buy

   30/11/2007    05/12/2007    51,600.00    19.0068    981,783.86    NASDAQ

Buy

   12/12/2007    17/12/2007    700.00    18.7414    13,239.00    NASDAQ

Buy

   17/12/2007    20/12/2007    40,000.00    18.6703    748,433.48    NASDAQ

Buy

   18/12/2007    21/12/2007    45,500.00    18.0429    822,810.67    NASDAQ

Buy

   19/12/2007    24/12/2007    100.00    17.8500    1,809.00    NASDAQ

Buy

   03/01/2008    08/01/2008    20,000.00    19.3472    387,743.90    NASDAQ

Buy

   04/01/2008    09/01/2008    12,500.00    18.8657    236,320.96    NASDAQ

Buy

   23/01/2008    28/01/2008    29,826.00    17.0572    509,345.49    NASDAQ

Sell

   24/01/2008    29/01/2008    4,100.00    18.0044    73,734.87    NASDAQ

Sell

   25/01/2008    30/01/2008    2,800.00    18.3054    51,198.44    NASDAQ

Buy

   05/02/2008    08/02/2008    1,100.00    17.2500    19,000.00    NASDAQ

Buy

   06/02/2008    11/02/2008    12,000.00    17.4863    210,076.00    NASDAQ

Sell

   28/02/2008    04/03/2008    5,781.00    18.1401    104,751.38    NASDAQ

Sell

   29/02/2008    05/03/2008    600.00    18.1083    10,839.88    NASDAQ

Buy

   12/03/2008    17/03/2008    38,900.00    14.9889    583,846.99    NASDAQ

Buy

   13/03/2008    13/03/2008    2,470,086.00    16.0500    39,644,880.30    Subscription

Buy

   13/03/2008    13/03/2008    2,566,097.00    16.0500    41,185,856.85    Subscription

Buy

   13/03/2008    13/03/2008    712,648.00    16.0500    11,438,000.40    Subscription

IFISA’s transactions in CRESUD common shares

 

Transaction

Type

   Trade Date    Settle Date    Quantity    Price    Total Amount
(USD)
   Market

Sell

   28/02/2008    04/03/2008    36,000.00    5.8139    208,467.98    BASE

Buy

   18/03/2008    24/03/2008    2,739,761.00    5.0528    4,383,617.60    Subscription

Buy

   18/03/2008    24/03/2008    2,176,893.00    5.0528    3,483,028.80    Subscription

Buy

   26/03/2008    26/03/2008    4,986,154.00    5.0528    7,977,846.40    Subscription

Sell

   31/03/2008    31/03/2008    25,896.00    5.1004    132,078.89    BASE

Sell

   31/03/2008    31/03/2008    13,317.00    5.1004    67,921.48    BASE

IFISA’s transactions in CRESUD Coupon

 

Transaction

Type

   Trade Date    Settle Date    Quantity    Price    Total Amount
(USD)
   Market

Buy

   28/02/2008    04/03/2008    10,000.00    0.6000    1,908.70    BASE

Sell

   28/02/2008    04/03/2008    10,000.00    0.6350    2,004.04    BASE

Buy

   04/03/2008    07/03/2008    5,000.00    0.4000    636.23    BASE

Buy

   05/03/2008    10/03/2008    32,806.00    0.4485    4,687.78    BASE

Buy

   06/03/2008    11/03/2008    87,600.00    0.4094    11,416.74    BASE

Buy

   07/03/2008    12/03/2008    3,500.00    0.4000    445.65    BASE

Buy

   10/03/2008    13/03/2008    5,000.00    0.4000    636.13    BASE


SCHEDULE 13D

CUSIP No. 226406106     Page 24 of 33 Pages

 

Buy

   14/03/2008    17/03/2008    61,384,848.00    0.0209    409,065.66    BASE

Sell

   14/03/2008    17/03/2008    55,516,576.00    0.0202    348,357.71    OTC

Buy

   17/03/2008    17/03/2008    3,890,000.00    0.0198    24,621.34    OTC

Sell

   17/03/2008    17/03/2008    210,000.00    0.0268    1,779.82    OTC

Sell

   17/03/2008    17/03/2008    68,831.00    0.0268    583.37    OTC

Sell

   17/03/2008    17/03/2008    45,913.00    0.0268    389.13    OTC

Sell

   17/03/2008    17/03/2008    43,724.00    0.0268    370.58    OTC

Sell

   17/03/2008    17/03/2008    145,000.00    0.0268    1,228.93    OTC

Sell

   17/03/2008    17/03/2008    129,556.00    0.0268    1,098.03    OTC

Sell

   17/03/2008    17/03/2008    210,000.00    0.0268    1,779.82    OTC

Sell

   17/03/2008    17/03/2008    210,000.00    0.0268    1,779.82    OTC

Sell

   17/03/2008    17/03/2008    5,000.00    0.0268    42.38    OTC

Sell

   17/03/2008    17/03/2008    32,806.00    0.0268    278.04    OTC

Sell

   17/03/2008    17/03/2008    87,600.00    0.0268    742.44    OTC

Sell

   17/03/2008    17/03/2008    3,500.00    0.0268    29.67    OTC

Sell

   17/03/2008    17/03/2008    5,000.00    0.0268    42.38    OTC

Sell

   17/03/2008    17/03/2008    243,136.00    0.0268    2,060.66    OTC

Sell

   17/03/2008    17/03/2008    669,193.00    0.0268    5,671.64    OTC

Sell

   17/03/2008    17/03/2008    21,190.00    0.0268    179.59    OTC

Sell

   17/03/2008    17/03/2008    8,828.00    0.0268    74.82    OTC

Sell

   17/03/2008    17/03/2008    39,037.00    0.0268    330.86    OTC

Sell

   18/03/2008    18/03/2008    15,000.00    0.5000    2,373.75    OTC

DOLPHIN’s transactions in CRESUD common shares

 

Transaction

Type

   Trade Date    Settle Date    Quantity    Price    Total Amount
(USD)
   Market

Sell

   23/10/2007    26/10/2007    600.00    7.3300    1,382.96    BASE

Sell

   24/10/2007    29/10/2007    10,000.00    7.2500    22,716.67    BASE

Sell

   25/10/2007    30/10/2007    7,400.00    7.3021    16,931.07    BASE

Sell

   25/10/2007    30/10/2007    10,000.00    7.3021    22,879.82    BASE

Sell

   25/10/2007    30/10/2007    32,600.00    7.3021    74,588.21    BASE

Sell

   26/10/2007    31/10/2007    5,000.00    7.3500    11,542.23    BASE

Sell

   29/10/2007    01/11/2007    70,000.00    7.5257    166,240.67    BASE

Sell

   30/10/2007    02/11/2007    5,700.00    7.9000    14,243.82    BASE

Sell

   31/10/2007    05/11/2007    4,980.00    7.8200    12,347.99    BASE

Sell

   22/11/2007    27/11/2007    1,000.00    7.1700    2,288.13    BASE

Buy

   19/03/2008    25/03/2008    1,689,698.00    5.0528    2,703,516.80    Subscription

DOLPHIN’s transactions in CRESUD ADR (each ADR equivalent to ten Cresud common shares)

 

Transaction

Type

   Trade Date    Settle Date    Quantity    Price    Total Amount
(USD)
   Market

Sell

   23/10/2007    26/10/2007    1,900.00    22.9967    43,655.00    NASDAQ

Sell

   23/10/2007    26/10/2007    350.00    22.9967    8,041.71    NASDAQ

Sell

   24/10/2007    29/10/2007    1,000.00    23.0570    23,031.65    NASDAQ

Sell

   25/10/2007    30/10/2007    2,050.00    23.0013    47,110.85    NASDAQ

Sell

   25/10/2007    30/10/2007    2,950.00    23.0013    67,793.65    NASDAQ

Sell

   26/10/2007    31/10/2007    1,850.00    23.2764    43,023.64    NASDAQ

Sell

   26/10/2007    31/10/2007    2,150.00    23.2764    50,000.44    NASDAQ

Sell

   29/10/2007    01/11/2007    1,750.00    23.6345    41,324.81    NASDAQ

Sell

   29/10/2007    01/11/2007    4,300.00    23.6345    101,540.91    NASDAQ

Sell

   29/10/2007    01/11/2007    3,450.00    23.6345    81,468.85    NASDAQ


SCHEDULE 13D

CUSIP No. 226406106     Page 25 of 33 Pages

 

Sell

   30/10/2007    02/11/2007    250.00    25.0085    6,247.03    NASDAQ

Sell

   30/10/2007    02/11/2007    1,507.00    25.0085    37,657.16    NASDAQ

Sell

   31/10/2007    05/11/2007    993.00    24.6672    24,474.34    NASDAQ

Sell

   31/10/2007    05/11/2007    800.00    24.6672    19,717.48    NASDAQ

Buy

   07/03/2008    12/03/2008    90,647.00    16.6549    1,511,529.39    NASDAQ

Buy

   10/03/2008    13/03/2008    32,976.00    15.6123    515,489.64    NASDAQ

Buy

   19/03/2008    25/03/2008    5,468.00    13.9483    76,378.60    NASDAQ

Buy

   20/03/2008    26/03/2008    2,300.00    13.7217    31,606.00    NASDAQ

DOLPHIN’s transactions in CRESUD Warrants

 

Transaction

Type

   Trade Date    Settle Date    Quantity    Price    Total Amount
(USD)
   Market

Buy

   25/03/2008    28/03/2008    5,000.00    0.5500    873.69    BASE

Buy

   26/03/2008    31/03/2008    75,000.00    0.7000    16,645.26    BASE

Buy

   26/03/2008    31/03/2008    99,000.00    0.7000    21,958.51    BASE

Buy

   31/03/2008    04/04/2008    12,000.00    0.7000    2,662.06    BASE

DOLPHIN’s transactions in CRESUD Coupon

 

Transaction

Type

   Trade Date    Settle Date    Quantity    Price    Total Amount
(USD)
   Market

Buy

   11/03/2008    12/03/2008    170,000.00    0.3500    18,957.97    BASE

Buy

   14/03/2008    17/03/2008    2,781,236.00    0.0200    17,773.95    BASE

CVC’s transactions in CRESUD ADR (each ADR equivalent to ten Cresud common shares)

 

Transaction

Type

   Trade Date    Settle Date    Quantity    Price    Total Amount
(USD)
   Market

Buy

   22/01/2008    25/01/2008    3,100.00    16.7327    51,984.87    NASDAQ

Sell

   22/01/2008    25/01/2008    3,000.00    17.7858    53,246.58    NASDAQ

Sell

   22/01/2008    25/01/2008    100.00    17.1700    1,708.47    NASDAQ

CAM’s transactions in CRESUD Coupon

 

Transaction

Type

   Trade Date    Settle Date    Quantity    Price    Total Amount
(USD)
   Market

Buy

   11/03/2008    12/03/2008    1,500,000.00    0.3500    167,276.23    BASE

Sell

   14/03/2008    17/03/2008    1,500,000.00    0.0550    26,136.96    BASE

Buy

   17/03/2008    17/03/2008    278,831.00    0.0266    2,363.19    BASE

CAM’s transactions in CRESUD common shares

 

Transaction

Type

   Trade Date    Settle Date    Quantity    Price    Total Amount
(USD)
   Market

Buy

   19/03/2008    25/03/2008    156,463.00    5.0528    250,340.80    Subscription

EDUARDO ELSZTAIN’s transactions in CRESUD common shares

 

Transaction

Type

   Trade Date    Settle Date    Quantity    Price    Total Amount
(USD)
   Market

Buy

   19/03/2008    25/03/2008    61,725.00    5.0528    98,760.00    Subscription


SCHEDULE 13D

CUSIP No. 226406106     Page 26 of 33 Pages

 

EDUARDO ELSZTAIN’s transactions in CRESUD ADR (each ADR equivalent to ten Cresud common shares)

 

Transaction

Type

   Trade Date    Settle Date    Quantity    Price    Total Amount
(USD)
   Market

Buy

   22/01/2008    25/01/2008    3,000.00    16.8500    50,674.00    NASDAQ

Sell

   22/01/2008    25/01/2008    3,000.00    17.7898    53,244.28    NASDAQ

Buy

   23/01/2008    28/01/2008    6,000.00    16.6339    100,047.10    NASDAQ

Buy

   17/03/2008    19/03/2008    6,172.00    16.0500    99,060.60    Subscription

EDUARDO ELSZTAIN’s transactions in CRESUD Coupon

 

Transaction

Type

   Trade Date    Settle Date    Quantity    Price    Total Amount
(USD)
   Market

Buy

   14/03/2008    17/03/2008    4,000,000.00    0.0200    25,593.47    BASE

Sell

   17/03/2008    17/03/2008    3,890,000.00    0.0200    24,621.32    OTC


SCHEDULE 13D

CUSIP No. 226406106     Page 27 of 33 Pages

 

SIGNATURE

After reasonable inquiry and to the best of his knowledge and belief, the undersigned certifies that the information set forth in this Statement on Schedule 13D is true, complete and correct.

DATED: March 31, 2008

 

By:  

/s/ Eduardo S. Elsztain

Name:   Eduardo S. Elsztain


SCHEDULE 13D

CUSIP No. 226406106     Page 28 of 33 Pages

 

SIGNATURE

After reasonable inquiry and to the best of his knowledge and belief, the undersigned certifies that the information set forth in this Statement on Schedule 13D is true, complete and correct.

DATED: March 31, 2008

 

IFIS Limited
By:  

/s/ Eduardo S. Elsztain

Name:   Eduardo S. Elsztain
Title:   Chairman of the Board


SCHEDULE 13D

CUSIP No. 226406106     Page 29 of 33 Pages

 

SIGNATURE

After reasonable inquiry and to the best of his knowledge and belief, the undersigned certifies that the information set forth in this Statement on Schedule 13D is true, complete and correct.

DATED: March 31, 2008

 

Inversiones Financieras del Sur S.A.
By:  

/s/ Eduardo S. Elsztain

Name:   Eduardo S. Elsztain
Title:   Chairman of the Board


SCHEDULE 13D

CUSIP No. 226406106     Page 30 of 33 Pages

 

SIGNATURE

After reasonable inquiry and to the best of his knowledge and belief, the undersigned certifies that the information set forth in this Statement on Schedule 13D is true, complete and correct.

DATED: March 31, 2008

 

Dolphin Fund PLC
By:  

/s/ Eduardo S. Elsztain

Name:   Eduardo S. Elsztain
Title:   Chairman of the Board


SCHEDULE 13D

CUSIP No. 226406106     Page 31 of 33 Pages

 

SIGNATURE

After reasonable inquiry and to the best of his knowledge and belief, the undersigned certifies that the information set forth in this Statement on Schedule 13D is true, complete and correct.

DATED: March 31, 2008

 

Consultores Venture Capital Uruguay
By:  

/s/ Eduardo S. Elsztain

Name:   Eduardo S. Elsztain
Title:   Chairman of the Board


SCHEDULE 13D

CUSIP No. 226406106     Page 32 of 33 Pages

 

SIGNATURE

After reasonable inquiry and to the best of his knowledge and belief, the undersigned certifies that the information set forth in this Statement on Schedule 13D is true, complete and correct.

DATED: March 31, 2008

 

Consultores Assets Management
By:  

/s/ Eduardo S. Elsztain

Name:   Eduardo S. Elsztain
Title:   Chairman of the Board


SCHEDULE 13D

CUSIP No. 226406106     Page 33 of 33 Pages

 

SIGNATURE

After reasonable inquiry and to the best of his knowledge and belief, the undersigned certifies that the information set forth in this Statement on Schedule 13D is true, complete and correct.

DATED: March 31, 2008

 

Consultores Venture Capital Limited
By:  

/s/ Eduardo S. Elsztain

Name:   Eduardo S. Elsztain
Title:   Chairman of the Board