Petrocapital Resources Plc

March 30, 2010 14:21 ET

Petrocapital Resources Plc: Board Statement Regarding Recent Press Coverage and Sunday Times Article

LONDON, UNITED KINGDOM--(Marketwire - March 30, 2010) - Today, the Board of Petrocapital issued the following announcement on Plus:

'Shareholders may be aware of recent press coverage regarding Petrocapital Resources Plc ("Petrocapital" or the "Company") and its chairman, Mr Emmanuel Olympitis.

The Board of Petrocapital wishes to confirm that Mr Olympitis has its full support. The Board is of the firm opinion that it (including Mr Olympitis) has at all times acted properly and in accordance with its fiduciary duties.'

On 28th March 2010, the following statement from the Company was reprinted in the Sunday Times Business Section: 

'Petrocapital Resources

Following the report in Prufrock on the 14th March that some shareholders of Petrocapital Resources were unhappy with the actions of the chairman, Emmanuel Olympitis, Petrocapital has asked us to point out that last September the board became concerned about a series of unusual share transactions. It reported the matter to the Takeover Panel. After further investigation and acting on advice, the Board requested that the Company's shares be suspended from trading because other irregularities had come to light. The board is of the firm opinion that it (including Emmanuel Olympitis) has acted properly at all times.'

Contact Information

  • Petrocapital Resources Plc
    + 44 (0) 207 930 0777
    or
    Tim Robertson
    +44 (0) 7900 927 650
    or
    James Milton
    +44 (0) 7867 548 506