Fastlane Financial Advisory: PETROCAPITAL RESOURCES PLC BOARD SUSPECTED OF WRONGDOINGS
ID: 168184
Fastlane Financial Advisory: PETROCAPITAL RESOURCES PLC BOARD SUSPECTED OF WRONGDOINGS
Zurich, March 2nd 2010
Investors in Petrocapital Resources PLC, PCR, a UK PLUS Market quoted company, have been watching their investment capital erode since September 2009. “We assisted in raising Millions of Euros in development funds for PCR in mid-2009”, comments a spokesperson for Fastlane Financial GmbH, a Swiss based financial brokerage firm.
“Manoli Olympitis, its Chairman, together with his puppet board of directors have deliberately inflicted serious damage to a once promising investment company by ousting its trusted founder and COO who were instrumental in creating the company and the reason we were able to attract large institutional investors. By fabricating a web of unsubstantiated shreds of circumstantial evidence, Olympitis alleged a Rule 9 breach by a series of shareholders as far back as September of 2009 to the UK Takeover Panel. A ruling is still outstanding.
Representations made in connection with these allegations are factually incorrect and include defamatory and accusatory statements against shareholders. Various shareholders have retained UK legal counsel to defend their positions. Olympitis has absolutely no experience in the oil and gas sector and has invested only a fraction of the € 7 Million+ funds raised by us and our associated investors in now almost one year.
It is furthermore disturbing, that US$ 1.75 Million (less than 20% of the capital raised by investors to be invested in lucrative oil and gas prospects) were dumped into a little known oil development play owned and promoted by a personal friend of Olympitis without having obtained proper independent third party valuations. The board has clearly failed to represent the interests of investors and shareholders and through its incompetence and lack of management skills caused the price of PCR stock to plummet from over € 2 to a mere 20 cents on the Frankfurt markets, where all the fund raising was conducted”. Fastlane’s spokesman added: “Olympitis was well aware of the importance of the Frankfurt markets. At no time did he or the board attempt to interface with shareholders and try to provide any kind of market support. We are currently preparing legal action against the board members individually for breach of duty and possible criminal actions in Europe and will be advising the regulators accordingly”.
Contact:
Fastlane Financial Advisory GmbH
Schulze Bernd
Sonnenbergstrasse 61
8032 Zürich
Unternehmensinformation / Kurzprofil:
Leseranfragen:
Petrocapital Resources PLC
11, Beauchamp Place,
London
SW3 1NQ,
Tel: +44-20-7581-1331,
Fax: +44-20-7581-4141
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Datum: 03.03.2010 - 15:24 Uhr
Sprache: Deutsch
News-ID 168184
Anzahl Zeichen: 2708
Kontakt-Informationen:
Stadt:
Wien
Kategorie:
Wirtschaft (allg.)
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