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

Cresud Sociedad Anonima Comercial, Inmobiliaria, Financiera y Agropecuaria
Announces Rights Offering

BUENOS AIRES, Argentina, March 3 /PRNewswire-FirstCall/ -- In connection
with its Registration Statement on Form F-3, effective as of February 25,
2008, Cresud Sociedad Anonima Comercial, Inmobiliaria, Financiera y
Agropecuaria (the "Company") (Nasdaq: CRESY) announced in the bulletin of the
Buenos Aires Stock Exchange and in the Official Gazette of Argentina that
holders of its American Depositary Shares ("ADSs") on the record date of
February 27, 2008 received rights to subscribe for 0.561141 new ADSs for every
ADSs held of record. Holders of common shares received rights to subscribe
for 0.561141 new common shares for every common share held of record. In
addition, each holder will receive free of charge, for each new common share
that it purchases in connection with the exercise of such rights, one warrant
to purchase 0.33333333 additional common shares, or for each new ADS that it
purchases, 10 warrants, each of which entitles such holder to purchase
0.33333333 additional common shares.
The non-binding indicative subscription price for each new common share
and ADS is Ps.5.37 and US$17.01, respectively. The subscription period for
the rights to acquire common shares is from March 4, 2008 to March 18, 2008
and for the rights to acquire ADSs is from March 4, 2008 to March 13, 2008.
The definitive subscription price will be published in the bulletin of the
Buenos Aires Stock Exchange and released to PR Newswire on March 11, 2008.
Subscriptions for the Company's new common shares or ADSs pursuant to the
exercise of rights based on the indicative subscription price and prior to the
publication of the definitive subscription price on March 11, 2008, will be
binding and irrevocable even though the definitive subscription price will
have not been established at the time of such exercise, and the definitive
subscription price subsequently determined may be different, perhaps
materially, than the indicative subscription price.
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.
For further information, please visit our website
www.cresud.com.ar.
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 definitive
subscription price may be higher than the non-binding indicative subscription
price. In addition to the risks and factors identified above, reference is
also made to other risks and factors detailed in reports 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

Investor Relations Department, +54 11 4323-7449, egrinberg@cresud.com.ar