Cresud Sociedad Anonima Comercial, Inmobiliaria, Financiera y Agropecuaria Announces...

Cresud Sociedad Anonima Comercial, Inmobiliaria, Financiera y Agropecuaria
Announces the Results of its Rights Offering

BUENOS AIRES, Argentina, March 18 /PRNewswire-FirstCall/ -- Cresud
Sociedad Anonima Comercial, Inmobiliaria, Financiera y Agropecuaria (the
"Company") (Nasdaq: CRESY) reported today to the Argentine Comision Nacional
de Valores and to the Buenos Aires Stock Exchange that in connection with its
preemptive and accretion rights offerings it received subscriptions for and
indications to subscribe for, respectively, an aggregate of 180,000,000 new
common shares, including common shares in the form of American Depositary
Shares ("ADSs"), which was the total amount offered to shareholders and
holders of ADSs. Of that amount, 169,620,045 new common shares, including
common shares in the form of ADSs, or 94.2% of the shares offered, were
subscribed for in connection with the preemptive rights offering. The
remaining 10,379,955 common shares will be allocated on a pro-rata basis to
the shareholders and holders of ADSs that exercised their accretion rights.
In connection with the accretion rights, the Company received indications of
interest from shareholders and holders of ADSs to subscribe for 129,911,872
new common shares, including common shares in the form of ADSs, which
significantly exceeds the 10,379,955 new common shares available under the
accretion rights.
Of the 180,000,000 new common shares subscribed for in the rights
offering, approximately 60% were subscribed for through the Company's
Argentine subscription agent and the remaining shares were subscribed for in
the form of ADSs through the ADS rights agent.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of these
securities in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state.
About Cresud:
Cresud is a leading Argentine agricultural company with a growing presence
in the Brazilian agricultural sector through its investment in BrasilAgro-
Companhia Brasileira de Propriedades Agricola. Cresud is currently involved in
a range of activities including crop production, cattle raising and milk
production. Cresud's business model, which it seeks to roll out abroad, taking
into account the specific conditions of each country, focuses on the
acquisition, development and exploitation of properties having attractive
prospects for agricultural production and/or value appreciation and the
selective disposition of such properties where appreciation has been realized.
Matters discussed in this press release contain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended
(the "Securities Act"), and Section 21E of the Securities Exchange Act of
1934, as amended (the "Exchange Act"), that involve substantial risks and
uncertainties, including but not limited to the risk that the market price of
the Company's common shares and ADSs could decline. In addition to the risks
and factors identified above, reference is also made to other risks and
factors detailed in the related Registration Statement filed by Cresud with
the Securities and Exchange Commission. Cresud cautions that the foregoing
factors are not exclusive. Cresud undertakes no obligation to publicly update
or revise any forward-looking statement in this or any prior forward-looking
statements whether as a result of new information, future developments or
otherwise.
SOURCE Cresud

Cresud Investor Relations Dept., 54-11-4323-7449