Edenor: Helikon and Riggio disclose 8.09% ADS ownership

Rhea-AI Filing Summary

Edenor (EDN) disclosures show that Helikon Investments Limited and Federico Riggio report beneficial ownership of 1,788,285 American Depositary Shares (ADSs), representing 8.09% of the class based on an aggregate of 22,110,519 shares outstanding. Each ADS represents 20 Class B Shares.

The filing states the reporting persons have 0 sole voting and 0 sole dispositive power, and 1,788,285 shared voting and 1,788,285 shared dispositive power. Helikon UK is described as an FCA-authorized investment manager and the holders certify the securities were acquired and are held in the ordinary course of business and not for the purpose of changing control.

Positive

• Beneficial ownership of 1,788,285 ADSs disclosed, representing 8.09% of the class
• ADS structure clarified: each ADS represents 20 Class B Shares
• Helikon UK identified as an FCA-authorized investment manager, indicating regulated institutional ownership
• Filing certifies holdings were acquired in the ordinary course and not to effect a change of control

Negative

• No sole voting or dispositive power (0 shares), indicating limited unilateral influence
• Shared voting/dispositive power only, which may complicate clarity around who directs voting decisions

Insights

Financial Analyst

TL;DR: A material >5% passive stake is disclosed, but no sole control rights are reported.

The filing documents a 1,788,285 ADS position equal to 8.09% of the class, which is a material ownership level for investors to note. The ADSs are held by the Helikon Long Short Equity Fund Master ICAV managed by Helikon UK, indicating fund-level exposure rather than direct individual accumulation. The statement that there is 0 sole voting and dispositive power while showing identical shared voting and dispositive figures implies coordinated ownership with shared authority rather than unilateral control. The filing also explicitly states the holdings were acquired in the ordinary course and not to change control, which frames the position as non-hostile and likely passive.

Corporate Governance Expert

TL;DR: Joint filing and shared powers highlight coordinated reporting but not control intent.

The Schedule 13G is filed jointly by Helikon Investments Limited (classified on the cover as IA, PN) and Federico Riggio (classified as HC, IN), and includes a joint filing statement acknowledging shared responsibility for amendments. The reported shared voting and dispositive power of 1,788,285 ADSs indicates these reporting persons have influence through combined holdings, yet the certification in the filing denies any intent to effect a change in control. From a governance perspective, the lack of sole voting or dispositive power reduces immediate corporate control risk, though shareholders and the board should monitor any future amendments that alter voting powers or ownership levels.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

EDENOR

(Name of Issuer)

American Depositary Shares ("ADSs"), each representing 20 Class B Shares ("Class B Shares")

(Title of Class of Securities)

29244A102

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 29244A102

1

Names of Reporting Persons

Helikon Investments Limited

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,788,285.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,788,285.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,788,285.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.09 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP No. 29244A102

1

Names of Reporting Persons

Federico Riggio

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ITALY

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,788,285.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,788,285.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,788,285.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.09 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: EDENOR
(b)	Address of issuer's principal executive offices: Avenida del Libertador 6363, Quarto Piso, CP 1428, Buenos Aires, Argentina
Item 2.
(a)	Name of person filing: (i) Helikon Investments Limited a United Kingdom public limited company ("Helikon UK"), with respect to American Depositary Shares ("ADSs"), each representing 20 Class B Shares ("Class B Shares") of Skeena Resources Ltd., a Vancouver corporation (the "Company"), held by Helikon Long Short Equity Fund Master ICAV (the "Helikon Fund") managed by Helikon UK (ii) Federico Riggio ("Mr. Riggio", and together with Helikon UK, the "Reporting Persons"), with respect to the ADSs directly held by the Helikon Fund.
(b)	Address or principal business office or, if none, residence: (i) Helikon UK; 17 Waterloo Place, London SW1Y 4AR. (ii) Mr. Riggio 17 Waterloo Place, London SW1Y 4AR.
(c)	Citizenship: Helikon UK is a United Kingdom public limited company organized under the laws of the United Kingdom. Mr. Riggio is a citizen of the Italy.
(d)	Title of class of securities: American Depositary Shares ("ADSs"), each representing 20 Class B Shares ("Class B Shares")
(e)	CUSIP No.: 29244A102
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	Helikon UK is an investment manager, authorized and regulated by the Financial Conduct Authority in the United Kingdom which is comparable to the regulatory scheme applicable to the investment advisers covered by Item 3(e) above.
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference. The percentage set forth in this Schedule 13G is calculated based upon an aggregate of 22,110,519 Shares outstanding.
(b)	Percent of class: 8.09 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(ii) Shared power to vote or to direct the vote: The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iii) Sole power to dispose or to direct the disposition of: The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iv) Shared power to dispose or to direct the disposition of: The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to Helikon UK is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

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.

Helikon Investments Limited

Signature:	/s/ Paul McLernon
Name/Title:	Paul McLernon - Director
Date:	08/13/2025

Federico Riggio

Signature:	/s/ Federico Riggio
Name/Title:	Federico Riggio
Date:	08/13/2025

Exhibit Information

Exhibit I JOINT FILING STATEMENT PURSUANT TO RULE 13d-1(k) The undersigned acknowledge and agree that the foregoing statement on Schedule 13G, is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13G, shall be filed on behalf of each of the undersigned without the necessity of filing additional joint acquisition statements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate. Dated: August 14, 2025 Helikon Investments Limited By: /s/ Paul McLernon Paul McLernon | Director Federico Riggio By: /s/ Federico Riggio

FAQ

How many EDN ADSs do Helikon Investments and Federico Riggio report owning?

The reporting persons disclose beneficial ownership of 1,788,285 ADSs, representing 8.09% of the class.

What does each EDN ADS represent?

Each ADS represents 20 Class B Shares of Edenor as stated in the filing.

Do the reporting persons have sole voting or dispositive power over the EDN ADSs?

No. The filing reports 0 sole voting power and 0 sole dispositive power; both voting and dispositive power are reported as shared for 1,788,285 ADSs.

On whose behalf are the ADSs held?

The ADSs are held by the Helikon Long Short Equity Fund Master ICAV, which is managed by Helikon Investments Limited.

Does the filing indicate an intent to change or influence Edenor's control?

The reporting persons certify the securities were acquired and are held in the ordinary course of business and were not acquired to change or influence control of the issuer.