This excerpt taken from the CRESY 6-K filed Nov 23, 2009.
NOTE 13: SPIN-OFF OF INVERSIONES GANADERAS S.A. AND MERGER INTO CRESUD S.A.C.I.F. Y A.
On September 25, 2009, the Company and Inversiones Ganaderas S.A. executed a preliminary spin-off merger agreement by which it was agreed IGSAs spin-off by a 48.92% so that it merged into by Cresud, retroactively to July 1st, 2009.
Likewise, the purpose of the preliminary spin-off merger agreement is reorganizing the investments in assets.
Cresud Sociedad Anonima, Comercial,
Inmobiliaria, Financiera y Agropecuaria
Notes to the Unaudited Financial Statements (Continued)
(in thousands of pesos)
Free translation from the original prepared in Spanish for publication in Argentina.
NOTE 13: (Continued)
Below are detailed, but not limited to, the assets that remain at IGSA Residual, according to the preliminary spin-off merger agreement:
All of IGSAs remaining rights, duties, assets and liabilities are transferred under the merger by absorption to the Companys shareholders equity.
It is to be expressly noted that the Companys annual general shareholders meeting held on October 29, 2009 decided an adjournment for November 27, 2009 on which date the general meeting shall consider the approval of the documentation concerning the spin-off and merger in its entirety (Note 22.a).