LONDON, May 27, 2010 /PRNewswire/ -- In the continuing story concerning the board room dispute at PetroCapital Resources Plc, which has resulted in the resignation of the founder and most of the board of that company, a notification to the PLUS market regulators and a delisting of the shares of the company, a High Court claim was filed today against another exiting director and chairman Manoli Olympitis, as well as the company itself, for defamation, intimidation, breach of contract and malicious falsehood brought by its former COO and shareholder, Axel von Schubert.

The Claim states that the notification which the Board of the Company brought to the attention of the Regulators of the PLUS Market without Mr Von Schubert's consent, concerning a Rule 9 Breach (acquisition of 30% of the issued shares in the company without prior warning) was not merely incorrect but also defamatory of Mr Axel von Schubert. Mr. von Schubert anticipates that the Takeover and Mergers Panel will provide a decision which supports his claim that the notification was wrong despite PetroCapital's statements to the contrary. The Claim further states that the public announcement the company made on February 4th 2010, which led to the suspension of the shares, was misleading and factually incorrect.

SOURCE: James Ware Baxter Schoenfeld LLP

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