Fastlane Financial Advisory: Petrocapital Share Suspension unjustified
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Fastlane Financial Advisory: Petrocapital Share Suspension unjustified
Fastlane Financial/Zurich/March 12th 2010
"The Board of Petrocapital Resources PLC has made a public announcement on February 5th 2010 requesting an immediate suspension of the company's stock on both the PLUS and the Frankfurt markets, which has wreaked havoc with the investing public", reports Bernd Schulze of Fastlane Financial GmbH in Zurich, Switzerland.
"The announcement contains flagrant material deficiencies and deliberate misstatements and misrepresentations by the board's Chairman, Manoli Olympitis. Among others, he claims no knowledge of a series of formal and urgent shareholder requests to halt an aggressive short-selling campaign in the company's stock (part of a public announcement), which was the focal point of an official board meeting of the company and subject of intense discussions with the company's legal counsel and various board members. Institutional shareholders have reacted with outrage and have filed formal objections with the PLUS Market through their respective UK legal counsel within a week of this disturbing announcement", adds Schulze. "There is plenty of evidence that has been gathered by us and other shareholders to substantiate serious claims against the board. These have been and will be forwarded to the regulators.
Since Manoli Olympitis took control of the company, the company's shares have been subject to short-selling by dozens of disillusioned investors and speculators who have lost all faith in a company now run by a team with mere regulatory experience and no track record in the industry. Shares have plummeted from over €2 to a mere 20 cents before the suspension.
The suspension, based on serious misrepresentations, has now resulted in a complete loss of investments for hundreds of shareholders, from small investors, to major institutions who claim that a mere fraction of the €8 Million+ capital raised for the company was productively invested to date and a considerable amount of these funds squandered on legal fees by a rogue board perpetuating a selfish campaign of deceit with the only goal to further their own interests in a company whose founders were ousted by the board as part of their questionable and highly reproachable conduct and strategy. Questions remain open as to the background and true motivations of the one and only investment the Chairman of the Board Olympitis has made so far in an obscure US oil project controlled by a close personal friend of his.
What is most serious in our opinion, is that the board seems to have no interest or regard for any of the shareholders and they continue to present and disseminate questionable and highly doubtful statements to the public and to the regulators."
Contact:
Fastlane Financial Advisory GmbH
Schulze Bernd
Sonnenbergstrasse 61
8032 Zürich
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Unternehmensinformation / Kurzprofil:
Petrocapital Resources PLC
11, Beauchamp Place,
London
SW3 1NQ,
Tel: +44-20-7581-1331,
Fax: +44-20-7581-4141
Datum: 12.03.2010 - 03:16 Uhr
Sprache: Deutsch
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