BUENOS AIRES, Nov. 20, 2015 /PRNewswire/ -- IRSA Inversiones y
Representaciones S.A. (NYSE: IRS; MERVAL: IRSA), the leading real
estate company in Argentina, today
issued a statement in response to what it considers to be a
misleading, unprincipled report issued on November 19, 2015 by Spruce Point Capital
Management (the "Fund") and to unusually high trading volume
in its stock shortly after publication of the Spruce Point
report.
The Fund is a self-identified short-seller in IRSA's
stock. Its own report reveals that the Fund and its
affiliates have a "short position" in IRSA's stock "and therefore
stand to realize significant gains" in the event that the price of
IRSA's stocks declines. The Company believes that the
short-seller Fund's self-interest is clearly evident, and that its
report is riddled with incorrect inferences and inappropriate
innuendo.
Eduardo Elsztain, Chief Executive Officer of IRSA, said, "We
stand by the accuracy and integrity of our financial statements,
which were audited by internationally-recognized external
accountant firms, and our regulatory filings. We disagree
with the short-seller fund's uninformed implication that we might
not have complied with our obligations under our debt
instruments. This, quite simply, is not the case. IRSA
is proud of its decades-long track record of compliance, and
transparency in the international capital markets and categorically
rejects any self-serving suggestion to the contrary."
IRSA Inversiones y Representaciones S.A. (NYSE: IRS, BASE: IRSA)
is Argentina's largest, most
well-diversified real estate company, and it is the only company in
the industry whose shares are listed on both the Bolsa de Comercio
de Buenos Aires and The New York
Stock Exchange. Through its subsidiary IRSA Commercial Properties,
IRSA manages an expanding top portfolio of shopping centers and
office buildings, primarily in Buenos
Aires. The company also owns 3 luxury hotels and a unique
landbank for future developments across Argentina. Its solid, diversified portfolio of
properties has established the Company as the leader in the sector
in which it participates. Additionally, IRSA owns a stake in Banco
Hipotecario, Argentina's largest
mortgage supplier in the country as well as international
opportunistic investments in real estate and other assets,
including lipstick building in Manhattan, an stake in the US REIT Condor
hospitality trust and 49% of IDB Development, one of the largest
conglomerate in Israel.
Investor Relations Department
IRSA Inversiones y Representaciones S.A.
+ 5411 4323-7449
ir@irsa.com.ar
www.irsa.com.ar
Follow us on Twitter @irsair
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/irsa-inversiones-y-representaciones-sa-material-fact-300182545.html
SOURCE IRSA Inversiones y Representaciones S.A.