Tanoira Cassagne Abogados advises on the first reopening of a Closed-end Investment Fund in Argentina
Tanoira Cassagne Abogados rendered legal advice to Allaria Ledesma Fondos Administrados Sociedad Gerente de Fondos Comunes de Inversión as fund manager, agribusiness company ADBlick Granos S.A. in its role of investment advisor and Banco Comafi S.A. as custodian, in the reopening of the Closed-end Investment Fund “ADBLICK GRANOS FONDO COMÚN DE INVERSIÓN CERRADO AGROPECUARIO”(the “Fund”) in the amount of U$S 3,708,095.
The issuance constitutes the first reopening of a Closed-end Investment Fund in Argentina. Such possibility of reopening was contemplated by General Resolution No. 763/2018 of the Comisión Nacional de Valores (Argentina’s securities body) (“CNV”)
The CNV approved the transaction on August 18, 2020 and the shares were successfully placed on September 9, 2020.
The Fund has a six-year term, which can be extended, and a maximum issuance amount of U$S 10.000.000.
The Fund has been established for the exclusive purpose of granting profitability to shareholders by investing in: (i) equity rights represented or not by securities, with or without public offering of companies and / or vehicles, which may qualify as SMEs CNV in accordance with the provisions of the CNV Regulations, dedicated to agricultural exploitation including those in which ADBlick Granos S.A. and its controlling and controlled companies, are party, (ii) corporate bonds with or without a public offering, guaranteed or not, issued by companies, which may qualify as CNV SMEs in accordance with the provisions of the CNV Rules, dedicated to the exploitation of agricultural businesses, including ADBlick Granos S.A. and its controlling and controlled companies.
The Fund provided for a single class of shares. Each share gives the right to one (1) vote, to participate in the distribution of profits and to participate in the proceeds that may exist at the time of the liquidation of the Fund.
The shares of the Fund have been authorized for their listing in Bolsas y Mercados Argentinos S.A.
Allaria Ledesma & Cía. S.A., Cohen S.A. and Alfy Inversiones S.A. also participated as placement agents.
Legal Advisors of the Transaction:
Tanoira Cassagne Abogados: Partner Alexia Rosenthal and Associates Ignacio Nantes and Mariana Troncoso.