UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Pampa Energía S.A. |
(Name of Issuer) |
American Depositary Shares (“ADSs”), each representing 25 shares of common stock (“Common Stock”) |
(Title of Class of Securities) |
N/A |
(CUSIP Number) |
Romina Benvenuti Ortiz de Ocampo 3302 Building #4, C1425DSR Buenos Aires, Argentina Tel: (54-11) 4809-9500 |
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) |
November 15, 2010 |
(Date of Event which Requires Filing of this Statement) |
If the Reporting Person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d -1(e), 240.13d -1(f) or 240.13d -1(g), check the following box. o
Note. Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d -7 for other parties to whom copies are to be sent.
The remainder of this cover page shall be filled out for a Reporting Person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
(Continued on following pages)
CUSIP No. N/A | 13D | Page 2 of 12 Pages |
1 | NAMES OF REPORTING PERSONS Pampa Holdings LLC | ||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) o (b) o | ||
3 | SEC USE ONLY | ||
4 | SOURCE OF FUNDS WC | ||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) o | ||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION Delaware | ||
NUMBER OF SHARES | 7 | SOLE VOTING POWER -0- | |
BENEFICIALLY OWNED BY | 8 | SHARED VOTING POWER 171,788,457 | |
EACH REPORTING PERSON | 9 | SOLE DISPOSITIVE POWER -0- | |
WITH | 10 | SHARED DISPOSITIVE POWER 171,788,457 | |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 171,788,457 | ||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES o | ||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13.1% | ||
14 | TYPE OF REPORTING PERSON HC |
CUSIP No. N/A | 13D | Page 3 of 12 Pages |
1 | NAMES OF REPORTING PERSONS Pampa F&F LLC | ||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) o (b) o | ||
3 | SEC USE ONLY | ||
4 | SOURCE OF FUNDS AF | ||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) o | ||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION Delaware | ||
NUMBER OF SHARES | 7 | SOLE VOTING POWER -0- | |
BENEFICIALLY OWNED BY | 8 | SHARED VOTING POWER 171,788,457 | |
EACH REPORTING PERSON | 9 | SOLE DISPOSITIVE POWER -0- | |
WITH | 10 | SHARED DISPOSITIVE POWER 171,788,457 | |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 171,788,457 | ||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES o | ||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13.1% | ||
14 | TYPE OF REPORTING PERSON HC |
CUSIP No. N/A | 13D | Page 4 of 12 Pages |
1 | NAMES OF REPORTING PERSONS Dolphin Fund Management S.A. | ||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) o (b) o | ||
3 | SEC USE ONLY | ||
4 | SOURCE OF FUNDS WC, AF | ||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) o | ||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION Uruguay | ||
NUMBER OF SHARES | 7 | SOLE VOTING POWER -0- | |
BENEFICIALLY OWNED BY | 8 | SHARED VOTING POWER 171,788,475 | |
EACH REPORTING PERSON | 9 | SOLE DISPOSITIVE POWER -0- | |
WITH | 10 | SHARED DISPOSITIVE POWER 171,788,475 | |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 171,788,475 | ||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES o | ||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13.1% | ||
14 | TYPE OF REPORTING PERSON HC |
CUSIP No. N/A | 13D | Page 5 of 12 Pages |
1 | NAMES OF REPORTING PERSONS Consultores Fund Management Ltd. | ||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) o (b) o | ||
3 | SEC USE ONLY | ||
4 | SOURCE OF FUNDS AF | ||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) o | ||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands | ||
NUMBER OF SHARES | 7 | SOLE VOTING POWER -0- | |
BENEFICIALLY OWNED BY | 8 | SHARED VOTING POWER 171,788,475 | |
EACH REPORTING PERSON | 9 | SOLE DISPOSITIVE POWER -0- | |
WITH | 10 | SHARED DISPOSITIVE POWER 171,788,475 | |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 171,788,475 | ||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES o | ||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13.1% | ||
14 | TYPE OF REPORTING PERSON HC |
CUSIP No. N/A | 13D | Page 6 of 12 Pages |
1 | NAMES OF REPORTING PERSONS Dolphin Inversora S.A. | ||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) o (b) o | ||
3 | SEC USE ONLY | ||
4 | SOURCE OF FUNDS AF | ||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) o | ||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION Argentina | ||
NUMBER OF SHARES | 7 | SOLE VOTING POWER -0- | |
BENEFICIALLY OWNED BY | 8 | SHARED VOTING POWER 171,788,475 | |
EACH REPORTING PERSON | 9 | SOLE DISPOSITIVE POWER -0- | |
WITH | 10 | SHARED DISPOSITIVE POWER 171,788,475 | |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 171,788,475 | ||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES o | ||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13.1% | ||
14 | TYPE OF REPORTING PERSON HC |
CUSIP No. N/A | 13D | Page 7 of 12 Pages |
1 | NAMES OF REPORTING PERSONS Marcelo Mindlin | ||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) o (b) o | ||
3 | SEC USE ONLY | ||
4 | SOURCE OF FUNDS PF, AF | ||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) o | ||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION Argentina | ||
NUMBER OF SHARES | 7 | SOLE VOTING POWER 27,220,691 | |
BENEFICIALLY OWNED BY | 8 | SHARED VOTING POWER 171,796,646 | |
EACH REPORTING PERSON | 9 | SOLE DISPOSITIVE POWER 27,220,691 | |
WITH | 10 | SHARED DISPOSITIVE POWER 171,796,646 | |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 199,017,337 | ||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES o | ||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 15.1% | ||
14 | TYPE OF REPORTING PERSON IN |
Item 1. Security and Issuer.
This statement relates to the shares of common stock (“Common Stock”) and American Depositary Shares (“ADSs” and together with the share of Common Stock, the “Shares”), each representing 25 shares of Common Stock, of Pampa Energia S.A., a sociedad anonima organized under the laws of Argentina (the “Issuer”).
The address and principal executive office of the Issuer is Ortiz de Ocampo 3302, Building #4, C1425DSR, Buenos Aires, Argentina.
Item 2. Identity and Background.
This Statement is filed pursuant to Rule 13d-1(a) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), by the persons listed below (the “Reporting Persons”).
(1) Pampa Holdings LLC (“Pampa Holdings”) is a Delaware limited liability company. The address of its principal business and principal office is 2711 Centerville Road, Suite 400 in the City of Wilmington, DE 19808. Pampa Holdings is a holding company whose primary investment is the Shares of the Issuer disclosed herein. The Managing Member of Pampa Holdings is Pampa F&F.
(2) Pampa F&F LLC (“Pampa F&F”) is a Delaware limited liability company. The address of its principal business and principal office is 2711 Centerville Road, Suite 400 in the City of Wilmington, DE 19808. Pampa F&F is a holding company whose sole investment is its interest in Pampa Holdings, through which it indirectly owns the Shares of the Issuer disclosed herein. The Managing Member of Pampa F&F is Dolphin Fund Management S.A.
(3) Dolphin Fund Management S.A. (“DFM”) is a sociedad anonima organized under the laws of the Republic of Uruguay. The address of its principal business and principal office is Zabala 1422, Piso 2, Montevideo, Uruguay. DFM is a holding company whose primary investments are the Shares of the Issuer disclosed herein and its interest in Pampa F&F LLC.
(4) Consultores Fund Management Ltd. (“Consultores”) is an ordinary company organized under the laws of the Cayman Islands. The address of its principal business and principal office is Regatta Office Park, West Bay Road, Grand Cayman KY1-1205, Cayman Islands. Consultores is a holding company whose primary investment is its interest in DFM, through which it indirectly owns the Shares of the Issuer disclosed herein.
(5) Dolphin Inversora S.A. (“DISA”) is a sociedad anonima organized under the laws of the Republic of Argentina. The address of its principal business and principal office is Ortiz de Ocampo 3302, Edificio 4, Piso 4, Buenos Aires (C1425DSR), Argentina. DISA is a holding company whose primary investment is its interest in Consultores, through which it indirectly owns the Shares of the Issuer disclosed herein.
(6) Marcelo Mindlin is a citizen of Argentina. Marcelo Mindlin is the Chairman of the Board, Chief Executive Officer and Chief Generation Manager of the Issuer.
The directors of each of DFM, Consultores and DISA are Marcelo Mindlin, Damian Mindlin and Gustavo Mariani. None of the Reporting Persons has executive officers.
None of the Reporting Persons nor, to the best of their knowledge, any of the directors DFM, Consultores or DISA has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
Page 8 of 12 Pages
Item 3. Sources and Amount of Funds or Other Consideration.
Each of the Reporting Persons that owns Shares directly, except Marcelo Mindlin, purchased its respective Shares with working capital contributed by its members or shareholders, as applicable. Marcelo Mindlin purchased the Shares that he owns directly with personal funds.
Item 4. Purpose of Transaction.
Each of the Reporting Persons purchases and sells Shares as market opportunities arise. The transactions that are the subject of this Schedule 13D were executed in response to such market opportunities.
Item 5. Interest in Securities of the Issuer.
(a) and (b). The Reporting Persons have, as of December 20, 2010, the following interests in the Shares:
Shares Beneficially Owned | % of Class | Sole Power to Vote | Shared Power to Vote | Sole Power to Dispose | Shared Power to Dispose | |
Pampa Holdings | 171,788,457 | 13.1% | -0- | 171,788,457 | -0- | 171,788,457 |
Pampa F&F | 171,788,457 | 13.1% | -0- | 171,788,457 | -0- | 171,788,457 |
DFM | 171,788,475 | 13.1% | -0- | 171,788,475 | -0- | 171,788,475 |
Consultores | 171,788,475 | 13.1% | -0- | 171,788,475 | -0- | 171,788,475 |
DISA | 171,788,475 | 13.1% | -0- | 171,788,475 | -0- | 171,788,475 |
Marcelo Mindlin | 199,017,337 | 15.1% | 27,220,691 | 171,796,646 | 27,220,691 | 171,796,646 |
To the knowledge of the Reporting Persons, (i) Gustavo Mariani, a director of DFM, Consultores and DISA, owns 461,432 Shares, or 0.04% of the outstanding Shares and has the sole power to vote and dispose of these 461,432 Shares, and (ii) Damian Mindlin, a director of DFM, Consultores and DISA, does not own any Shares.
(c) In the past sixty days, Pampa Holdings has effected the following transactions in the Common Stock through brokers on the Bolsa de Comercio de Buenos Aires (Buenos Aires Stock Exchange):
Date of Transaction | Shares Sold | Price per Share (Ps.) | Broker |
11/23/2010 | 140,000 | 2.44 | SBS Sociedad de Bolsa |
11/24/2010 | 953,214 | 2.59 | Allaria Ledesma |
11/25/2010 | 1,500,000 | 2.71 | Allaria Ledesma |
11/25/2010 | 2,000,000 | 2.73 | SBS Sociedad de Bolsa |
11/26/2010 | 1,000,000 | 2.79 | Allaria Ledesma |
11/26/2010 | 500,000 | 2.80 | SBS Sociedad de Bolsa |
11/29/2010 | 50,000 | 2.80 | Raymond James |
12/01/2010 | 325,000 | 2.83 | Raymond James |
In the past sixty days, Marcelo Mindlin has effected the following transaction in the Common Stock through a broker on the Bolsa de Comercio de Buenos Aires:
Date of Transaction | Shares Sold | Price per Share (Ps.) | Broker |
10/18/2010 | 1,450,000 | 2.00 | Allaria Ledesma |
12/10/2010 | 2,000 | 2.44 | Allaria Ledesma |
12/15/2010 | 2,000 | 2.44 | Allaria Ledesma |
12/15/2010 | 2,000 | 2.54 | Allaria Ledesma |
12/16/2010 | 2,000 | 2.44 | Allaria Ledesma |
12/17/2010 | 517,000 | 2.44 | Allaria Ledesma |
12/17/2010 | 448,000 | 2.54 | Allaria Ledesma |
Page 9 of 12 Pages
In the past sixty days, Pampa Holdings has effected the following transactions in the ADSs through brokers on the New York Stock Exchange:
Date of Transaction | ADSs Sold | Equivalent Number of Shares | Price per ADSs (U.S. dollars) | Broker |
11/15/2010 | 19,900 | 497,500 | 14.40 | Bear Stearns |
11/17/2010 | 31,200 | 780,000 | 13.65 | Allaria Ledesma |
11/18/2010 | 32,591 | 814,775 | 14.10 | Bear Stearns |
11/19/2010 | 74,446 | 1,861,150 | 14.24 | Bear Stearns |
11/23/2010 | 190,250 | 4,756,250 | 15.20 | Bear Stearns |
11/24/2010 | 95,000 | 2,375,000 | 16.08 | Bear Stearns |
11/24/2010 | 85,000 | 2,125,000 | 15.87 | Raymond James |
11/24/2010 | 133,600 | 3,340,000 | 16.39 | Merrill Lynch |
11/26/2010 | 137,000 | 3,425,000 | 17.42 | Merrill Lynch |
11/26/2010 | 50,000 | 1,250,000 | 17.50 | Bear Stearns |
11/29/2010 | 8,412 | 210,300 | 17.60 | Merrill Lynch |
11/30/2010 | 30,000 | 750,000 | 17.32 | Bear Stearns |
11/30/2010 | 45,590 | 1,139,750 | 17.31 | Merrill Lynch |
12/01/2010 | 63,000 | 1,575,000 | 17.74 | Merrill Lynch |
12/01/2010 | 25,000 | 625,000 | 17.75 | Bear Stearns |
12/01/2010 | 600 | 15,000 | 17.78 | Lek Securities LLC |
12/02/2010 | 10,000 | 250,000 | 18.00 | Merrill Lynch |
12/02/2010 | 50,000 | 1,250,000 | 17.90 | Bear Stearns |
12/02/2010 | 33,680 | 842,000 | 17.98 | Lek Securities LLC |
12/03/2010 | 13,500 | 337,500 | 18.19 | Merrill Lynch |
12/06/2010 | 1,289 | 32,225 | 18.11 | Lek Securities LLC |
12/06/2010 | 12,000 | 300,000 | 18.13 | Merrill Lynch |
In the past sixty days, DISA has effected the following transaction in the ADSs through a broker on the New York Stock Exchange:
Date of Transaction | ADSs Sold | Equivalent Number of Shares | Price per ADSs (U.S. dollars) | Broker |
11/15/2010 | 30,600 | 765,000 | 14.35 | Raymond James |
In the past sixty days, DFM has effected the following transactions in the ADSs through brokers on the New York Stock Exchange:
Date of Transaction | ADSs Sold | Equivalent Number of Shares | Price per ADSs (U.S. dollars) | Broker |
11/15/2010 | 172,299 | 4,307,475 | 14.35 | Raymond James |
11/16/2010 | 53,184 | 1,329,600 | 13.70 | Raymond James |
In the past sixty days, Marcelo Mindlin has effected the following transactions in the ADSs through brokers on the New York Stock Exchange:
Date of Transaction | ADSs Sold | Equivalent Number of Shares | Price per ADSs (U.S. dollars) | Broker |
10/18/2010 | 40,000 | 1,000,000 | 12.47 | Raymond James |
10/18/2010 | 60,000 | 1,500,000 | 12.50 | Raymond James |
10/18/2010 | 13,600 | 340,000 | 12.65 | Allaria Ledesma |
Except as described above, no Reporting Persons has and, to the knowledge of the Reporting Persons, no director of DFM, Consultores or DISA has effected any transactions in the Shares or ADSs in the past sixty days.
Page 10 of 12 Pages
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to the Securities of the Issuer.
Marcelo Mindlin from time to time sells call options for Shares of the Issuer on the Bolsa de Comercio de Buenos Aires. From November 23, 2010 to November 30, 2010, Marcelo Mindlin sold call options on 8,787,000 Shares, or 0.7% of the outstanding Shares. The exercise prices on the options ranged from Ps. 3.04 to Ps. 2.44. From December 10 to December 17, 2010, pursuant to these options, Marcelo Mindlin sold 973,000 Shares of the Issuer.
On December 17, 2010, Marcelo Mindlin sold various call options for Shares of the Issuer on the Bolsa de Comercio de Buenos Aires. Each of these options is exercisable by its respective holder on February 18, 2010. The exercise prices on the options range from Ps. 2.94 to Ps. 2.74. The total amount of Shares that Marcelo Mindlin could be required to sell pursuant to these options is 502,000 Shares, or 0.04% of the outstanding Shares.
Except as described above, none of the Reporting Persons nor, to the knowledge of the Reporting Persons, any director of DFM or DISA has entered into any contract, arrangement, understanding or relationship with respect to the securities of the Issuer.
Item 7. Exhibits.
Exhibit 1 | Joint Filing Agreement, dated December 20, 2010, among Pampa Holdings LLC, Pampa F&F LLC, Dolphin Fund Management S.A., Consultores Fund Management Ltd., Dolphin Inversora S.A. and Marcelo Mindlin. |
Page 11 of 12 Pages
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Dated: December 20, 2010
Pampa Holdings LLC
By: /s/ Marcelo Mindlin
Name: Marcelo Mindlin
Title: Director of the Managing Member
Pampa F&F LLC
By: /s/ Marcelo Mindlin
Name: Marcelo Mindlin
Title: Director of the Managing Member
Dolphin Fund Management S.A.
By: /s/ Marcelo Mindlin
Name: Marcelo Mindlin
Title: President
Consultores Fund Management Ltd.
By /s/ Marcelo Mindlin
Name: Marcelo Mindlin
Title: President
Dolphin Inversora S.A.
By: /s/ Marcelo Mindlin
Name: Marcelo Mindlin
Title: President
Marcelo Mindlin
/s/ Marcelo Mindlin
Page 12 of 12 Pages