<SEC-DOCUMENT>0000933267-16-000178.txt : 20160318
<SEC-HEADER>0000933267-16-000178.hdr.sgml : 20160318
<ACCEPTANCE-DATETIME>20160318160212
ACCESSION NUMBER:		0000933267-16-000178
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20160317
FILED AS OF DATE:		20160318
DATE AS OF CHANGE:		20160318

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IRSA INVESTMENTS & REPRESENTATIONS INC
		CENTRAL INDEX KEY:			0000933267
		STANDARD INDUSTRIAL CLASSIFICATION:	LAND SUBDIVIDERS & DEVELOPERS (NO CEMETERIES) [6552]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13542
		FILM NUMBER:		161516084

	BUSINESS ADDRESS:	
		STREET 1:		BOLIVAR 108
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1066AAD
		BUSINESS PHONE:		00541143237449

	MAIL ADDRESS:	
		STREET 1:		BOLIVAR 108
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1066AAD
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k.htm
<DESCRIPTION>MATERIAL FACT
<TEXT>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Washington, D.C.&#160;&#160;20549</font></div>

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&#160;<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 18pt; FONT-WEIGHT: bold">FORM 6-K</font></div>

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<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;<font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">REPORT OF FOREIGN ISSUER</font></font></div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">PURSUANT TO RULE 13a-16 OR 15b-16 OF</font></div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">THE SECURITIES EXCHANGE ACT OF 1934</font></div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">For the month of March, 2016</font></div>

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&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt; FONT-WEIGHT: bold">IRSA Inversiones y Representaciones Sociedad An&#243;nima</font></div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Exact name of Registrant as specified in its charter)</font></div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt; FONT-WEIGHT: bold">IRSA Investments and Representations Inc.</font></div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Translation of registrant&#180;s name into English)</font></div>

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&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Republic of Argentina</font></div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(C1066AAB)</font></div>

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&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Form 20-F&#160;<font style="DISPLAY: inline"><font style="DISPLAY: inline; FONT-FAMILY: wingdings">x</font></font><font id="TAB2" style="LETTER-SPACING: 3pt; COLOR: black">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Form 40-F&#160;&#160;<font style="DISPLAY: inline;" face="Wingdings">o</font></font></div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 70.8pt"></font>Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</font></div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Yes <font style="DISPLAY: inline"><font style="DISPLAY: inline; FONT-FAMILY: wingdings">o</font></font><font id="TAB2" style="LETTER-SPACING: 3pt; COLOR: black">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>No x</font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">IRSA INVERSIONES Y REPRESENTACIONES SOCIEDAD AN&#211;NIMA</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">(THE &#8220;COMPANY&#8221;)</font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">REPORT ON FORM 6-K</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Attached is an English translation of the letter dated&#160;March 18, 2016 filed by the Company with the <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Comisi&#243;n Nacional de Valores </font>and the <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Bolsa de Comercio de Buenos Aires</font>:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.25pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">By letter dated March 18, 2016, the Company reported that in the framework of the arrangement of IDB Holdings Corporation Ltd. (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">IDBH</font>&#8221;), the parent company of IDB Development Corporation Ltd. (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">IDBD</font>&#8221;),&#160;&#160;with their creditors (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Arrangement</font>&#8221;), Dolphin Netherlands B.V. (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Dolphin Netherlands</font>&#8221;) has reached&#160;an agreement&#160;with the creditors to&#160;amend the terms of the Arrangement.&#160;Such amendment has&#160;been approved by 95% of minority shareholders of IDBD on March 2, 2016 and by the competent court on March 10, 2016. The main amendments to the Arrangement are:</font></font></font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Replacement of the obligation to carry out tender offers of IDBD shares until March and December 2016,<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font>respectively, for a total amount of NIS 519 million (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Tender Offers</font>&#8221;) by an agreement whereby Dolphin Netherlands will buy all the shares of the minority shareholders of IDBD on March 31, 2016. At such date, all warrants of IDBD held by the minority holders will expire, and Dolphin Netherlands will make capital contributions to IDBD or a subordinated loan as described further below.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Price to be paid for each share of IDBD held by the minority shareholders on March 29, 2016 will be NIS 1.25 in cash, NIS 1.20 in par value adjusted bonds Series 9 of IDBD (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">IDBD Bonds</font>&#8221;), that IDBD will issue and Dolphin Netherlands will purchase in adjusted par value. Additionally, Dolphin Netherlands will commit to pay NIS 1.05 (subject to adjustments) in cash in case that Dolphin Netherlands obtains, indirectly, the control over Clal Insurance Company Ltd. and Clal Insurance Business Holdings Ltd. (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Clal</font>&#8221;), or if IDBD carries out the sale of its&#160;shares of Clal under certain parameters (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Clal Consideration</font>&#8221;), mainly referred to the sale price of Clal (at a price over 75% of its book value) and the proportion of Clal&#180;s shares sold by IDBD.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Warrants owned by the minority holders that have not been exercised until March 28, 2016 shall expire on March 31, 2016. Each owner of warrants will receive in IDBD Bonds the difference between NIS 2.45 and the exercise price of the warrant and will have the right to receive Clal Consideration.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Dolphin Netherlands will inject in IDBD a total amount of NIS 515 million (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">IDBD Injection</font>&#8221;), of which it has already contributed NIS 15 million on February 2016.&#160;The IDBD Injection&#160;amount will be&#160;reduced by&#160;any capital contribution resulting from the exercise of the warrants held by the minority holders (the maximum is approximately NIS 37.5 million). The IDBD Injection will&#160;be performed through&#160;the purchase of the IDBD Bonds that would be necessary to fulfill the above described transactions (between NIS 166.5 y NIS 178 million), and the balance to complete the total amount of the IDBD Injection will be contributed by Dolphin Netherlands as capital or a subordinated loan (between NIS 284.5 y NIS 333.5 million). On March 15, 2016 Dolphin Netherlands has contributed NIS 85 million of the total IDBD Injection as a loan, and the balance will be contributed on March 31, 2016.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of March 31, Dolphin Netherlands must pledge 28% of its IDBD shares, as well as all rights of Dolphin Netherlands regarding subordinated loans, until the payment obligation of Clal Consideration is completed or expired, after which the pledge will be terminated. If new issuances of IDBD shares are carried out, Dolphin Netherlands will have to pledge additional shares until complete the amount of 28% of IDBD total capital.</font></div>
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<td width="3%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;By:</font></td>
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<td width="42%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;Name: Sa&#250;l Zang</font></td>
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<td width="42%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;Title: Responsible&#160;for the Relationship with the Markets</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Dated:&#160;March 18, 2016</font></div>
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