Even in the era of financial digitalization, physical documents remain the Achilles' heel of corporate ownership. VR España, a subsidiary of Airtours, has initiated an emergency process to rebuild its share capital. The company, headquartered in San Fernando de Maspalomas, has confirmed the loss of its first multiple share certificate, a document representing its entire shareholding structure: 50.000 registered shares.
The incident takes on a particularly delicate dimension when the source of the error is identified. According to the official announcement signed by the chairman of the board, Tomás Massanet, the loss occurred while the document was in the custody of the depository bank, which held it as a pledgee (debt guarantee). This breach in the bank's chain of custody has forced the board to declare the original document null and void and to issue a duplicate to ensure the legal security of the entity.
This matter is being resolved under Article 117 of the Spanish Companies Act. VR España has activated an administrative stop-loss mechanism. The company has granted a one-month period for any legitimate holder to present the original share certificate at its registered office on Avenida de Tunte. Should the exchange not take place, a likely scenario given the creditor's acknowledgment of the loss, share certificate no. 1 will be automatically cancelled and replaced with a new one.
This procedure is not merely bureaucratic; it is a safeguard against the risk of duplicate shares circulating in the market. If the registered shareholder cannot be located after the cancellation, the new shares will be deposited on behalf of whoever proves their ownership, ensuring that control of the company does not fall into a legal limbo caused by the negligence of a third party.
Although the Capital Companies Act permits this format, the loss by a creditor bank highlights the operational frictions that can arise in financial guarantee relationships. The affected shares correspond to the entire series from 1 to 50.000, representing total control of the sole proprietorship.
