A profit of €47,3 million that won't reach shareholders. LS Invest AG, the German holding company linked to the Canary Islands tourism group Lopesan, faces a general meeting marked by tension: the Schutzgemeinschaft der Kapitalanleger (SdK), the main German association of minority shareholders, has filed a formal counterattack to prevent the company from retaining the full €47.382.766 of distributable profit for the 2024 fiscal year.
LS Invest's management proposes to allocate the entire profit to reserves, without distributing a single euro as a dividend.
A direct clash with German company law. The SdK (German Association of Stockholders) denounces the proposal as “legally untenable,” noting that Section 254 Paragraph 1 of the German Stock Exchange Act (AktG) establishes a minimum dividend of 4% of share capital, unless the company demonstrates it is in a critical situation. With a share capital of €128,7 million, this 4% equates to €5,15 million, or €0,10 per share. The association maintains that LS Invest “is not in any risk scenario that justifies eliminating shareholder payouts.”
The counterattack: distribute €0,10 per share
SdK will present an alternative counterproposal at the shareholders' meeting on December 11: to distribute €4.934.675 in dividends—€0,10 per share entitled to receive them—and transfer the remaining €42,4 million to new accounts. It argues that its proposal is "the only one compatible with the law" and requests that it be voted on before the board's proposal because it is "more favorable to shareholders."
Lopesan, in the spotlight of the German market
Although the document doesn't mention Lopesan, the prevailing interpretation in Frankfurt is clear: the conflict reopens doubts about the governance of the Canary Islands-based group, which controls strategic positions in Meloneras and Playa del Inglés and operates through LS Invest in Germany. Analysts point out that friction with institutional investors could increase financing costs, affect future hotel projects, and create uncertainty at a time of intense competition among Mediterranean destinations.
Risks in the lead-up to peak season
The tension arises just as winter tourism—Lopesan's peak cash flow season in Gran Canaria—is about to begin. Any split vote or potential challenge could lead to reputational damage in the German market, its main source of clients, and possible litigation for infringement of minority shareholders' rights. It could also result in reduced investment freedom for corporate transactions or hotel renovations.
In the end, it all comes down to one number: 47 million euros. For LS Invest's management, it represents a prudent financial cushion in the face of macroeconomic uncertainty. For SdK, it symbolizes a violated shareholder right. December 11 will determine which interpretation prevails… and what message the German market sends to Lopesan at a crucial moment for its expansion and financial reputation.
