Appointment of COO

27 September 2019

Fox Marble Holdings plc

(“Fox Marble” or the “Company”)

Appointment of COO

 

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region, is pleased to announce the appointment of Francisco Espinosa to the role of Chief Operating Officer to the Company in a non-Board capacity, with effect from the 1 October 2019. His role will be the executive management of all the operations of Fox Marble with specific emphasis on sales as Head of Sales worldwide, as well as the operational efficiency of the quarries and the factory.

 

Francisco has already visited the quarrying operations in Kosovo and Macedonia and spent time in the factory identifying areas of improvement. He is preparing a thorough strategic review in conjunction with Fox Marble’s recently appointed Senior Advisor, Don Nicolson.

 

Francisco has worked for Levantina Y Asociados de Minerales S.A.U., one of the largest stone companies in the world for 12 years, rising to the level of Chief Operating Officer.  Founded in 1959 and based in Spain, Levantina provides the much-famed crema marfil and emperador marble in over 100 countries around the world. In this role, Paco was responsible for 600 employees and accountable for seven factories (Marble, granite and ceramic).  He also holds an MBA from the European School of Business in Madrid. He has in previous times worked for Caterpillar, ITT Industries and ENEBE Sport Group.

 

Chris Gilbert, CEO, commented “Along with the appointment of Don Nicolson, Fox Marble is fortunate to have recruited Francisco to the role of COO thus rounding out the appointment of new members of the senior management team which will build on the achievements to date as the Company moves into a more mature phase in its development. The Company will benefit from his experience and expertise to develop and support its ambitions going forward and provide the resource to accomplish this.”

 

 

For more information on Fox Marble please visit www.foxmarble.net or contact:

 

Fox Marble Holdings plc

 

Chris Gilbert, Chief Executive Officer

Tel: +44 (0) 20 7380 0999

Fiona Hadfield, Finance Director

Tel: +44 (0) 20 7380 0999

 

 

Brandon Hill Capital (Joint Broker)

 

Oliver Stansfield

Optiva Securities (Joint Broker)

Christian Dennis / Jeremy King

Tel: +44 (0) 20 3463 5000

 

Tel: +44 (0) 20 3981 4173

 

Cairn Financial Advisers LLP (Nomad)

 

Liam Murray / Sandy Jamieson

 

Tel: +44 (0) 20 7213 0880

 

 

 

Notes to Editors:

Fox Marble (AIM:FOX), is a marble production, processing and distribution company in Kosovo and the Balkans region.  

Its marble products include Alexandrian White, Alexandrian Blue, produced from the Company’s Prilep quarry in Macedonia, and Breccia Paridisea and Rosso Cait and Grigio Argento, produced from its quarries in Kosovo, are gaining traction globally both to international wholesale companies as well as being supplied directly into luxury residential properties.

In the UK these include among others St George’s Homes and Capital and Counties Plc’s Lillie Square development. In Sydney, Australia Rosso Cait, Alexandrian White and Breccia Paradisea marble have been used in what is expected to be Australia’s most expensive residential property. These sales serve to demonstrate the desirability of Fox’s premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world. 

Marble demand continues to grow with stable pricing and Fox is capitalising on this growth internationally.

 

 

 

 

 

Appointment of Senior Advisor

17 September 2019

Fox Marble Holdings plc

(“Fox Marble” or the “Company”)

Appointment of Senior Advisor

 

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region is pleased to announce the appointment of Don Nicolson to the role of Senior Advisor with immediate effect. He will provide advice on strategy, business planning and performance improvement. It is intended that Don will join the board of Fox Marble Holdings Plc as Vice Chairman and Non-Executive Director in due course providing increased capacity and capability to the business.

 

Don is a senior business leader with over 35 years’ experience in the extractive industries (oil, gas, mining and natural stone). He has held multiple Board and senior executive roles both in the UK and internationally. This included 26 years with BP where he ran oil and gas businesses in the UK, United States and Canada. Some of his key roles included being Director North Sea, Chief of Staff to BP CEO (E&P) and VP BP Alaska. He also has significant Board level experience in mining, both in the UK and South Africa including CEO and Executive Vice Chairman roles.

 

One of Don’s most recent roles was that of Chairman, and interim CEO of Levantina –The Natural Stone Company, headquartered in Spain. Levantina is a world leader in the quarrying, processing and marketing of natural stone. It is one of the largest companies in the sector, operates several quarries including El Coto, believed to be the largest Crema Marfil quarry in the world. The company distributes and markets natural stone products to multiple countries around the globe.

 

Andrew Allner, Chairman, commented “We are very pleased to secure Don’s services for Fox Marble and look forward to benefitting from Don’s wide-ranging international Board and Executive skills, and in particular his Natural Stone industry experience and connections which will be of enormous relevance as we continue to grow the core business in addition to focusing on winning the recently announced €195 million law suit against the government of Kosovo in the relevant arbitration court in London.”

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014

 

For more information on Fox Marble please visit www.foxmarble.net or contact:

 

Fox Marble Holdings plc

 

Chris Gilbert, Chief Executive Officer

Tel: +44 (0) 20 7380 0999

Fiona Hadfield, Finance Director

Tel: +44 (0) 20 7380 0999

 

 

Brandon Hill Capital (Joint Broker)

 

Oliver Stansfield

Optiva Securities (Joint Broker)

Christian Dennis / Jeremy King

Tel: +44 (0) 20 3463 5000

 

Tel: +44 (0) 7712 620 936  

 

Cairn Financial Advisers LLP (Nomad)

 

Liam Murray / Sandy Jamieson

 

Tel: +44 (0) 20 7213 0880

 

 

Notes to Editors:

Fox Marble (AIM:FOX), is a marble production, processing and distribution company in Kosovo and the Balkans region.  

Its marble products including Alexandrian White, Alexandrian Blue, produced from the Company’s Prilep quarry in Macedonia, and Breccia Paridisea and Rosso Cait and Grigio Argento, produced from its quarries in Kosovo, are gaining traction globally both to international wholesale companies as well as being supplied directly into luxury residential properties.

In the UK these include among others St George’s Homes and Capital and Counties Plc’s Lillie Square development. In Sydney, Australia Rosso Cait, Alexandrian White and Breccia Paradisea marble have been used in what is expected to be Australia’s most expensive residential property. These sales serve to demonstrate the desirability of Fox’s premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world. 

Marble demand continues to grow with stable pricing and Fox is capitalising on this growth internationally.

 

 

 

Fox Marble launches €195m international arbitration claim against the Republic of Kosovo

04 September 2019

 

 Fox Marble launches €195m international arbitration claim against the Republic of Kosovo

 

Fox Marble Holdings plc

(“Fox Marble” or the “Company”)

 

Fox Marble, the AIM listed company focused on marble quarrying and processing in Kosovo and the Balkans region, has today launched United National Commission on International Trade Law international (UNCITRAL) arbitration proceedings, against the Republic of Kosovo for damages in excess of €195 million, as a result of the failure of the State to protect Fox Marble’s rights over the Malesheva quarry.

 

The Company is represented by its legal advisers, Stephenson Harwood LLP, as well as its Kosovan lawyers.  As the Company believes the Kosovan Government to be in clear breach of its responsibilities towards the Company which is a foreign investor in Kosovo, the Company is of the opinion that this action is in the best interests of its shareholders and employees and anticipates a fair and satisfactory resolution.  

 

All the Company’s other operations, including the quarries and processing factory in Kosovo and the Prilep quarry in Northern Macedonia, are unaffected.

 

As was announced on 26 June 2019, the sellers of Green Power Sh.p.k (“Green Power”), the licence holding partner of Fox Marble’s Malesheva quarry, and Scope Sh.p.k (“Scope”) reneged on the agreement, announced on 4 April 2019, for Fox Marble to purchase these assets.

 

Since then Fox Marble has been working to resolve the dispute concerning the purchase of Green Power and Scope with the appropriate Kosovan Government agencies, namely the Kosovo mining regulator, the Independent Commission of Mines and Mineral (“ICMM”) and the Agjencia e Regjistrimit të Bizneseve (“ARBK”), the Kosovo business registration agency. However, in what is a clear breach of Kosovo Law 04/L-220 “On Foreign Investment” (2014), Fox Marble has been prevented from asserting its rights in these matters. This is a law that should provide extensive protection to foreign investors, such as Fox Marble, and promises even handedness in the treatment of foreign investors and local businesses.

 

The company has presented detailed evidence to the ICMM that it holds the relevant rights to grant develop, exploit and operate its Malesheva quarry to Fox Marble Kosova Sh.p.k (“FMK”), Fox Marble’s local subsidiary, which has been the case since 2015. However, as disclosed on 18 July 2019, operations at the Malesheva quarry were suspended. Numerous procedural and legal channels open to it in Kosovo to have failed to bring the matter to a satisfactory conclusion.

 

The company has also presented the ICMM with detailed evidence of its purchase of Green Power and Scope and shown that their owners had no basis to rescind the share purchase agreements.  Despite the cumulative weight of evidence, Fox Marble was denied the right to appeal any decision relating to the Malesheva quarry in direct contravention of the provisions of the Kosovo foreign investment law, Law 04 /L-220 as well as its own rules and procedures.

 

In parallel to its efforts with the ICMM, Fox Marble has made repeated attempts to register the transfer of ownership of Green Power and Scope at the ARBK.  This agency has the established authority to accept the valid share purchase agreements as evidence of ownership.  However, the ARBK has rejected Fox’s application to register the change of ownership in direct contravention of the provisions of the Kosovo foreign investment law.

 

As a direct consequence of the ARBK and ICMM decisions, the company has brought arbitration proceedings against the Republic of Kosovo pursuant to Article 16 of the Kosovo foreign investment law (as above). The basis of the claim for damages is the investment made to date in the Malesheva quarry, loss of future revenues associated with the site and future investment plans in Kosovo. Significant future investment plans are the subject of the MOU signed in October 2016 by the Government of Kosovo and Stone Alliance LLC which is majority owned by Fox Marble

 

Chris Gilbert, CEO, commented, “Fox Marble has always sought to work in partnership with Kosovo and its government. We have therefore taken this step with the greatest reluctance, but the current circumstances and decisions made have left us with no choice.  There has been a clear failure by the Kosovo government and its agencies to apply their own laws and regulation in a fair and equitable manner. It is beyond doubt that Fox Marble has a strong case.  I am confident that the claim will be decided in our favour and that the award obtained will protect our investment, our shareholders and show that Kosovo is a place where international businesses can invest.”

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014

 

 

For more information on Fox Marble please visit www.foxmarble.net or contact:

 

Fox Marble Holdings plc

 

Chris Gilbert, Chief Executive Officer

Tel: +44 (0) 20 7380 0999

Fiona Hadfield, Finance Director

Tel: +44 (0) 20 7380 0999

 

 

Brandon Hill Capital (Joint Broker)

 

Oliver Stansfield

Optiva Securities (Joint Broker)

Christian Dennis/Jeremy King

Tel: +44 (0) 20 3463 5000

 

Tel:+44 (0) 20 3137 1902

Cairn Financial Advisers LLP (Nomad)

 

Liam Murray

Tel: +44 (0) 20 7213 0880

 

Notes to Editors:

Fox Marble (AIM: FOX), is a marble production, processing and distribution company in Kosovo and the Balkans region.  

Its marble products, which includes Illirico Bianco, Illirico Selene, Grigio Argento and are gaining sales globally both to international wholesale companies as well as being supplied directly into luxury residential properties. In the UK these include among others St George’s Homes and Capital and Counties Plc’s Lillie Square development. In Sydney, Australia Rosso Cait, Alexandrian White and Breccia Paradisea marble have been used in what is expected to be Australia’s most expensive residential property. These sales serve to demonstrate the desirability of Fox’s premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world. 

 

 

Update re Acquisition of Green Power and Scope

18 July 2019

Fox Marble Holdings plc

(“Fox Marble” or the “Company”)

Update re Acquisition of Green Power and Scope

Fox Marble, the AIM listed company focused on marble quarrying and processing in Kosovo and the Balkans region has suspended operations in its Malesheva quarry in Kosovo pending a resolution to the dispute disclosed on the 26 June 2019.

 

In the meantime Fox Marble is concentrating on its operations in the Cervenilla and Syrigane quarries in Kosovo which contain its desirable Grigio Argento, Flora, Rosso Cait, Etrusco Dorato and Breccia Paradisea stone.  In addition the Alexandrian White and Alexandrian Blue material from its quarry in Macedonia continues to attract more demand around the world with increasing sales due to increased production.

 

The Company, based on legal advice, continues to believe that the claims challenging the enforceability of the acquisition agreement of Green Power and Scope are wholly unfounded.

 

Chris Gilbert, CEO, commented “We are working hard to resolve this temporary difficulty in this one quarry and believe that our rights will be asserted successfully as has been the case in the past.  In the meantime I anticipate that orders for our processed material from our factory will increase and we will update the market with growing sales of this higher margin part of our business”.

 

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

 

For more information on Fox Marble please visit www.foxmarble.net or contact:

 

Fox Marble Holdings plc

 

Chris Gilbert, Chief Executive Officer

Tel: +44 (0) 20 7380 0999

Fiona Hadfield, Finance Director

Tel: +44 (0) 20 7380 0999

 

 

Brandon Hill Capital (Joint Broker)

 

Oliver Stansfield

Optiva Securities (Joint Broker)

Christian Dennis/Jeremy King

Tel: +44 (0) 20 3463 5000

 

Tel:+44 (0) 20 3137 1902

Cairn Financial Advisers LLP (Nomad)

 

Liam Murray / Sandy Jamieson

Tel: +44 (0) 20 7213 0880

 

Notes to Editors:

Fox Marble (AIM: FOX), is a marble production, processing and distribution company in Kosovo and the Balkans region.  

Its marble products, which includes Illirico Bianco, Illirico Selene, Grigio Argento and are gaining traction globally both to international wholesale companies as well as being supplied directly into luxury residential properties. In the UK these include among others St George’s Homes and Capital and Counties Plc’s Lillie Square development. In Sydney, Australia Rosso Cait, Alexandrian White and Breccia Paradisea marble have been used in what is expected to be Australia’s most expensive residential property. These sales serve to demonstrate the desirability of Fox’s premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world. 

Fox Marble holds 40 year mining licences for six separate marble quarries with a maiden JORC resource indicating an in-situ valuation of approximately Euro 16.5 billion. Fox has taken three of the six sites into production (the Drini and Maleshevë quarries, both in Kosovo and from the Prilep Quarry in Macedonia) and continues to increase production. Notably, Fox has access to over 300 million cubic metres (over 1bn tons) of premium quality marble.

Marble demand continues to grow with stable pricing, predominantly driven by the construction and real-estate industries, on which Fox is looking to capitalise.

New Sales Agreement

04 July 2019

Fox Marble Holdings plc

(“Fox Marble” or the “Company”)

New Sales Agreement

 

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region is pleased to announce it has entered into a new sales agreement with a customer based in China.

 

The Sales Agreement is for a minimum of 10,000 tonnes of Illirico Selene marble over the next year, and includes a range of grades of marble blocks.   The buyer will be granted priority seller status in China. 

 

Chris Gilbert, CEO, commented “This buyer has been a recurring customer of Fox Marble over the last year, however this sales agreement formalises the relationship between us, ahead of an expected increase in volume of sales.   We look forward to a long ongoing relationship. “

 

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

 

For more information on Fox Marble please visit www.foxmarble.net or contact:

 

Fox Marble Holdings plc

 

Chris Gilbert, Chief Executive Officer

Tel: +44 (0) 20 7380 0999

Fiona Hadfield, Finance Director

Tel: +44 (0) 20 7380 0999

 

 

Brandon Hill Capital (Joint Broker)

 

Oliver Stansfield

Optiva Securities (Joint Broker)

Christian Dennis/Jeremy King

Tel: +44 (0) 20 3463 5000

 

Tel:+44 (0) 20 3137 1903

Cairn Financial Advisers LLP (Nomad)

 

Liam Murray / Sandy Jamieson

Ludovico Lazzaretti

Tel: +44 (0) 20 7213 0880

 

Notes to Editors:

Fox Marble (AIM: FOX), is a marble production, processing and distribution company in Kosovo and the Balkans region.  

Its marble products, which includes Illirico Bianco, Illirico Selene, Grigio Argento and are gaining traction globally both to international wholesale companies as well as being supplied directly into luxury residential properties. In the UK these include among others St George’s Homes and Capital and Counties Plc’s Lillie Square development. In Sydney, Australia Rosso Cait, Alexandrian White and Breccia Paradisea marble have been used in what is expected to be Australia’s most expensive residential property. These sales serve to demonstrate the desirability of Fox’s premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world. 

Fox Marble holds 40 year mining licences for marble quarries in Kosovo and Macedonia. Fox has taken four sites into production (Maleshevë, Syriganë and Cervenillë quarries, in Kosovo and from the Prilep Quarry in Macedonia) and continues to increase production.

Marble demand continues to grow with stable pricing, predominantly driven by the construction and real-estate industries, on which Fox is looking to capitalise.

 

Update and AGM statement

 

Fox Marble Holdings plc

 (“Fox Marble” or the “Company”)

Update and AGM Statement

 

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region is pleased to provide the market with an operational and financial update ahead of its Annual General Meeting being held this morning at 11 am at CMS’s offices at 78 Cannon St London EC4N 6AF.  Additionally, the Company provides an update to the announcement dated 4 April 2019 regarding  the conditional acquisition of Green Power Sh.p.k ("Green Power") and Scope Sh.p.k. ("Scope").

 

Sales and Marketing update:

  • As previously announced on 17 June 2019, Fox Marble has received an order for 1,850 tons of Illirico Selene (the silver grey marble) from an existing customer. The order is notable because it consists not only of the higher quality large blocks of stone but also large quantities of small and semi blocks which constitute a lesser grade of block. This has the additional effect of clearing out old stock extracted some years ago and freeing up space in the quarry to further extend the quarrying area and reach additional resources of good quality stone.

  • On 5 June 2019, Fox Marble announced the confirmation of its biggest single order for its prized Alexandrian White marble. This order has been placed by the Swaminarayan Hindu religious order who are building a temple in Abu Dhabi on land donated by the Royal family of the UAE. Construction of this monument is due to commence shortly. Fox Marble will be providing bespoke, cut-to-size marble, varying in size from small blocks to large beams which will be shipped by the temple to India to first be hand carved and then shipped to the temple site. The schedule for the first of these shipments has been received. Fox Marble has received a minimum firm commitment for this material to be supplied during 2019 and 2020. The minimum value of this order will be $2.4m and Fox has received the first good faith deposit of $100,000 by way of confirmation.

 

Financial:

  • Sales for the period to 30 May 2019 are €791k (2018: €413k) Production for the period to 30 May was 7,532 tonnes (2018: 4,079 tonnes).

  • The cash balance as at 26 June 2019 is €0.8 million.

 

Updated on on Acquisition of Green Power and Scope:

  • On 4 April 2019 the Company announced the conditional acquisitions of Green Power, the licence holder of the Maleshevë quarry, and Scope, a company through which Fox Marble has entered into two hire purchase agreements (the “Acquisitions”).

  • As previously stated, the Acquisitions are conditional, inter alia, on shareholders approving certain resolutions at the forthcoming Annual General Meeting (“AGM”) of the Company on 26 June 2019, relating to authorities to issue new ordinary shares in the Company (the “Resolutions”).

  • The Company announces that it has now received notification from the legal representatives of Green Power and Scope, challenging the enforceability of the acquisition agreements relating to the proposed Acquisitions.

  • The Company is seeking advice from its legal advisers in respect of these claims, which they believe to be wholly unfounded. An update will be made to the market in due course, and the Company will seek shareholder approval of the Resolutions at the forthcoming AGM.

 

Other:

  • On 11 June 2019 Fox Marble announced the appointment of Optiva Securities as Joint Broker to the Company with immediate effect.

 

Chris Gilbert, CEO, commented: “We have had a positive start for the year with sales developing well, and a number of major contracts being signed.  We look forward to providing a half  year update in July.  A major focus for the year is to expand our sales base beyond our most popular materials, Illirico Selene and Alexandrian White, to encompass all the Fox products, and to further develop our market for material processed at our factory.”

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

 

For more information on Fox Marble please visit www.foxmarble.net  or contact:

 

Fox Marble Holdings plc

 

Chris Gilbert, Chief Executive Officer

Tel: +44 (0) 20 7380 0999

Fiona Hadfield, Finance Director

Tel: +44 (0) 20 7380 0999

 

 

Brandon Hill Capital (Joint Broker)

 

Oliver Stansfield

Optiva Securities (Joint Broker)

Christian Dennis/Jeremy King

Tel: +44 (0) 20 3463 5000

 

Tel:+44 (0) 20 3137 1903

 

 

Cairn Financial Advisers LLP (Nomad)

 

Liam Murray / Sandy Jamieson

Ludovico Lazzaretti

Tel: +44 (0) 20 7213 0880

Notes to Editors:

Fox Marble (AIM: FOX), is a marble production, processing and distribution company in Kosovo and the Balkans region.

 

Its marble products, which includes Illirico Bianco, Illirico Selene, Grigio Argento and are gaining traction globally both to international wholesale companies as well as being supplied directly into luxury residential properties. In the UK these include among others St George’s Homes and Capital and Counties Plc’s Lillie Square development. In Sydney, Australia Rosso Cait, Alexandrian White and Breccia Paradisea marble have been used in what is expected to be Australia’s most expensive residential property. These sales serve to demonstrate the desirability of Fox’s premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world.

 

Fox Marble holds 40 year mining licences for six separate marble quarries with a maiden JORC resource indicating an in-situ valuation of approximately Euro 16.5 billion. Fox has taken three of the six sites into production (the Drini and Maleshevë quarries, both in Kosovo and from the Prilep Quarry in Macedonia) and continues to increase production. Notably, Fox has access to over 300 million cubic metres (over 1bn tons) of premium quality marble.

 

Marble demand continues to grow with stable pricing, predominantly driven by the construction and real-estate industries, on which Fox is looking to capitalise.

 

 

New Order

17 June 2019

Fox Marble Holdings plc

(“Fox Marble” or the “Company”)

 

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region is pleased to announce the largest single order of its highly prized Illirico Selene marble from the Maleshevë quarry in Kosovo.

Fox Marble has received an order for 1,850 tons of Illirico Selene (the silver grey marble) from an existing customer.  Loading of the material has begun, and the order will only be recognised as revenue as the material is despatched from the quarry over the next few weeks.

The order is notable because it consists not only of the higher quality large blocks of stone but also large quantities of small and semi blocks which constitute a lesser grade of block. This has the additional effect of clearing out old stock extracted some years ago and freeing up space in the quarry to further extend the quarrying area and reach additional resources of good quality stone.

This has taken place in part because the demand for this material is expanding with the increased penetration in various markets and the competition for this material from our quarry is growing.

 

Fox Marble is now focussing on penetrating these markets with material from Fox Marble’s other quarries including Grigio Argento, Rosso Cait and Flora from the Cervenilla quarry and the Breccia Paradisea and Etrusco Dorato from its Syriganë quarry. 

 

Chris Gilbert, CEO, commented “Demand for Illirico Selene is high, with sales being constrained by our ability to extract sufficient quantities to sell into these growing markets and our success in selling our lesser grades of blocks is a consequence of this demand. As a result, we expect to see growth in our sales in 2019 and look forward to updating the market accordingly”.

 

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

 

For more information on Fox Marble please visit www.foxmarble.net or contact:

 

Fox Marble Holdings plc

 

Chris Gilbert, Chief Executive Officer

Tel: +44 (0) 20 7380 0999

Fiona Hadfield, Finance Director

Tel: +44 (0) 20 7380 0999

 

 

Brandon Hill Capital (Joint Broker)

 

Oliver Stansfield

Optiva Securities (Joint Broker)

Christian Dennis/Jeremy King

Tel: +44 (0) 20 3463 5000

 

Tel:+44 (0) 20 3137 1903

Cairn Financial Advisers LLP (Nomad)

 

Liam Murray / Sandy Jamieson

Ludovico Lazzaretti

Tel: +44 (0) 20 7213 0880

 

Notes to Editors:

Fox Marble (AIM: FOX), is a marble production, processing and distribution company in Kosovo and the Balkans region.  

Its marble products, which includes Illirico Bianco, Illirico Selene, Grigio Argento and are gaining traction globally both to international wholesale companies as well as being supplied directly into luxury residential properties. In the UK these include among others St George’s Homes and Capital and Counties Plc’s Lillie Square development. In Sydney, Australia Rosso Cait, Alexandrian White and Breccia Paradisea marble have been used in what is expected to be Australia’s most expensive residential property. These sales serve to demonstrate the desirability of Fox’s premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world. 

Fox Marble holds 40 year mining licences for six separate marble quarries with a maiden JORC resource indicating an in-situ valuation of approximately Euro 16.5 billion. Fox has taken three of the six sites into production (the Drini and Maleshevë quarries, both in Kosovo and from the Prilep Quarry in Macedonia) and continues to increase production. Notably, Fox has access to over 300 million cubic metres (over 1bn tons) of premium quality marble.

Marble demand continues to grow with stable pricing, predominantly driven by the construction and real-estate industries, on which Fox is looking to capitalise.

 

 

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors. 

Appointment of Joint Broker

11 June 2019

Fox Marble Holdings plc

(“Fox Marble” or the “Company”)

Appointment of Joint Broker

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region is pleased to announce that Optiva Securities Limited has been appointed Joint Broker to the Company with immediate effect.

 

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

For more information on Fox Marble please visit www.foxmarble.net or contact:

 

Fox Marble Holdings plc

 

Chris Gilbert, Chief Executive Officer

Tel: +44 (0) 20 7380 0999

Fiona Hadfield, Finance Director

Tel: +44 (0) 20 7380 0999

 

 

Brandon Hill Capital (Joint Broker)

 

Oliver Stansfield

Tel: +44 (0) 20 3463 5000

Optiva Securities Limited (Joint Broker)

 

Christian Dennis / Jeremy King

 

Tel:+44 (0) 20 3137 1903

Cairn Financial Advisers LLP (Nomad)

 

Liam Murray, Sandy Jamieson

Tel: +44 (0) 20 7213 0880

Notes to Editors:

Fox Marble (AIM: FOX), is a marble production, processing and distribution company in Kosovo and the Balkans region.  

Its marble products, which includes Illirico Bianco, Illirico Selene, Grigio Argento and are gaining traction globally both to international wholesale companies as well as being supplied directly into luxury residential properties. In the UK these include among others St George’s Homes and Capital and Counties Plc’s Lillie Square development. In Sydney, Australia Rosso Cait, Alexandrian White and Breccia Paradisea marble have been used in what is expected to be Australia’s most expensive residential property. These sales serve to demonstrate the desirability of Fox’s premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world. 

Fox Marble holds 40 year mining licences for six separate marble quarries with a maiden JORC resource indicating an in-situ valuation of approximately Euro 16.5 billion. Fox has taken three of the six sites into production (the Drini and Maleshevë quarries, both in Kosovo and from the Prilep Quarry in Macedonia) and continues to increase production. Notably, Fox has access to over 300 million cubic metres (over 1bn tons) of premium quality marble.

Marble demand continues to grow with stable pricing, predominantly driven by the construction and real-estate industries, on which Fox is looking to capitalise.

 

Temple in Abu Dhabi

05 June 2019

Fox Marble Holdings plc

(“Fox Marble” or the “Company”)

 

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region is pleased to announce the confirmation of its biggest single order for its prized Alexandrian White marble. This order has been placed by the Swaminarayan Hindu religious order who are building a temple in Abu Dhabi on land donated by the Royal family of the UAE. Construction of this monument will commence shortly now that the Foundation ceremony has taken place on the 20 April 2019.

 

Fox Marble will be providing bespoke cut to size marble varying in size from small blocks to large beams which will be shipped by the temple to India to be hand carved and shipped to the temple site and has received the schedule for the first shipment to be shaped and sent to India.

 

Fox Marble has received a minimum firm commitment for this material to be supplied during 2019 and 2020. The minimum value of this order will be $2.4m and Fox has received the first good faith deposit of $100,000 by way of confirmation.

 

The final timing of the delivery of this material will be subject to the construction schedule of the temple which is subject to change.  Further announcements will be made in due course as to the progress of this project as material is actually shipped and paid for.

 

The marble that Fox is supplying is the same type that was used in the construction of the Sheik Zayad Grand Mosque in Abu Dhabi extracted from the neighbouring quarry in Prilep and reflects the enduring appeal of this material.

 

 

Brahmavihari Swami commented:-

“We have been working hard to establish the BAPS Hindu Mandir temple in Abu Dhabi which is an iconic and historic temple which is a spiritual oasis of global harmony.

While every acre and inch is being designed elegantly and meaningfully, the heart of the entire project will be done in your beautiful white marble.

The entire interior of the stone temple will be intricately sculpted from your Alexandrian White and is the epicentre for our temple”

 

Chris Gilbert, CEO, commented

 

“We are privileged to be in partnership with the Swaminarayan religious order who have built over 1000 temples around the world. This temple will be the first such place of worship in the UAE and will be a monument for many generations to come. ”

 

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

For more information on Fox Marble please visit www.foxmarble.net or contact:

 

Fox Marble Holdings plc

 

Chris Gilbert, Chief Executive Officer

Tel: +44 (0) 20 7380 0999

Fiona Hadfield, Finance Director

Tel: +44 (0) 20 7380 0999

 

 

Brandon Hill Capital (Broker)

 

Oliver Stansfield

Tel: +44 (0) 20 3463 5000

Cairn Financial Advisers LLP (Nomad)

 

Liam Murray, Sandy Jamieson

Tel: +44 (0) 20 7213 0880

Notes to Editors:

Fox Marble (AIM:FOX), is a marble production, processing and distribution company in Kosovo and the Balkans region.  

Its marble products, which includes Illirico Bianco, Illirico Selene, Grigio Argento and are gaining traction globally both to international wholesale companies as well as being supplied directly into luxury residential properties. In the UK these include among others St George’s Homes and Capital and Counties Plc’s Lillie Square development. In Sydney, Australia Rosso Cait, Alexandrian White and Breccia Paradisea marble have been used in what is expected to be Australia’s most expensive residential property. These sales serve to demonstrate the desirability of Fox’s premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world. 

Fox Marble holds 40 year mining licences for six separate marble quarries with a maiden JORC resource indicating an in-situ valuation of approximately Euro 16.5 billion. Fox has taken three of the six sites into production (the Drini and Maleshevë quarries, both in Kosovo and from the Prilep Quarry in Macedonia) and continues to increase production. Notably, Fox has access to over 300 million cubic metres (over 1bn tons) of premium quality marble.

Marble demand continues to grow with stable pricing, predominantly driven by the construction and real-estate industries, on which Fox is looking to capitalise.

 

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.  

Acquisition of Green Power and Scope

04 April 2019

Fox Marble Holdings plc

(“Fox Marble” or the “Company”)

Acquisition of Green Power and Scope

 

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region, is pleased to announce that it has conditionally acquired Green Power Sh.p.k (“Green Power”) the licence holder of the Maleshevë quarry and Scope Sh.p.k. (“Scope”), a company through which Fox Marble has entered into two hire purchase agreements (the “Acquisitions” or “Transactions”). 

The Acquisitions will give Fox Marble the direct rights to the Maleshevë quarry in their entirety, eliminate the annual royalty which would have been due under the operating agreement, and reduce monthly outgoings for equipment and maintenance at the factory.

The Acquisitions are conditional, inter alia, on shareholders approving certain resolutions at the forthcoming Annual General Meeting of the Company relating to authorities to issue new ordinary shares in the Company.

The total consideration for the Acquisitions is £1,300,000 to be satisfied by the issue of new ordinary shares in the Company, further details of which are set out below.

Background and further information

On 19 November 2015, Fox Marble announced the opening of a new quarry at Maleshevë which comprised initially a five hectare area within a larger licensed deposit area, which contained high quality, compact and consistent dolomitic marble.  Two benches at that time had been dug at the site.

The quarry was operated subject to an agreement with the licence holder, Green Power, a company incorporated in Kosovo, which granted the Company’s Kosovan subsidiary the rights to develop and operate the quarry.

As previously notified, the Company has developed the Maleshevë quarry since 2015 and since the beginning of 2016 has been extracting and selling Illirico Selene (silver grey) found at that site as well as Illirico Bianco (off white).  Production has steadily grown and the Company has extracted circa 15,000 tonnes to date.

Fox Marble has conditionally acquired the entire share capital of Green Power, for a consideration of £1,000,000 to be satisfied by the issue of 13,000,000 new ordinary shares in the Company at a price of 7.69 pence per share.

In the period since entering into the initial agreement with Green Power for nil consideration no royalty payment has been paid, due to the costs associated with development of the quarry.  However with increasing production and expected sales of the materials it is anticipated that royalty payments over the remaining period of the agreement are expected to be paid and as such the Board believes that it is in the best interest of the Company to control the asset.

In 2018 Fox Marble entered into certain hire purchase arrangements with Scope, a company incorporated in Kosovo, to acquire and install in its factory including a new CNC machine which was announced on 16 April 2018.  The consideration paid for Scope is less than the value of the future payments due under the hire purchase agreements being acquired as part of its acquisition.

The Company has conditionally agreed to acquire the entire issued share capital of Scope for a consideration of £300,000 to be satisfied by the issue of 3,000,000 new ordinary shares in the Company at a price of 10 pence per share. 

All of the new ordinary shares being issued as part of the Acquisitions will be subject to lock-in provisions of 2 years with a further twelve month being subject to orderly market agreement.

Related Party Transaction

Florije Rrustemi has a beneficial interest in Green Power and Scope. Florije Rrustemi is the wife of Naim Rrustemi – a director of Fox Marble Kosovo Sh.p.k (“FMK”).  FMK is a wholly owned subsidiary of Fox Marble Limited (“FML”) and FML is a wholly owned subsidiary of the Company. The Transactions are therefore related party transactions pursuant to the AIM Rules.  The Directors of the Company, none of whom have an interest in the Transactions believe that the terms of the Transactions, having consulted with the Company’s nominated adviser, are fair and reasonable insofar as shareholders are concerned.

The Company will seek the authority to allot the ordinary shares referred to in this announcement at its annual general meeting, which is expected to be held in June 2019.

Chris Gilbert commented, “The opportunity to acquire the Maleshevë quarry in Kosovo will benefit the Company and its shareholders going forward not only with respect to the elimination of the royalty costs, but also in benefiting from the underlying value of the quarry itself. I anticipate this value increasing as we continue to drive production rates in the quarry to satisfy the demand we have generated around the world.   The acquisition of Scope reduces the Company’s monthly outgoings at the Factory.  We look forward to updating the market in due course”.

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

 

For more information on Fox Marble please visit www.foxmarble.net or contact:

 

Fox Marble Holdings plc

 

Chris Gilbert, Chief Executive Officer

Tel: +44 (0) 20 7380 0999

Fiona Hadfield, Finance Director

Tel: +44 (0) 20 7380 0999

 

 

Brandon Hill Capital (Broker)

 

Oliver Stansfield

Tel: +44 (0) 20 3463 5000

Cairn Financial Advisers LLP (Nomad)

 

Liam Murray / Sandy Jamieson

Tel: +44 (0) 20 7213 0880

 

Notes to Editors:

Fox Marble (AIM: FOX), is a marble production, processing and distribution company in Kosovo and the Balkans region.  

Its marble products, which includes Illirico Bianco, Illirico Selene, Grigio Argento and are gaining traction globally both to international wholesale companies as well as being supplied directly into luxury residential properties. In the UK these include among others St George’s Homes and Capital and Counties Plc’s Lillie Square development. In Sydney, Australia Rosso Cait, Alexandrian White and Breccia Paradisea marble have been used in what is expected to be Australia’s most expensive residential property. These sales serve to demonstrate the desirability of Fox’s premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world. 

Fox Marble holds 40 year mining licences for six separate marble quarries with a maiden JORC resource indicating an in-situ valuation of approximately Euro 16.5 billion. Fox has taken three of the six sites into production (the Drini and Maleshevë quarries, both in Kosovo and from the Prilep Quarry in Macedonia) and continues to increase production. Notably, Fox has access to over 300 million cubic metres (over 1bn tons) of premium quality marble.

Marble demand continues to grow with stable pricing, predominantly driven by the construction and real-estate industries, on which Fox is looking to capitalise.

Resumption of production in Northern Macedonia and new sales

5 March 2019

Fox Marble Holdings plc

(“Fox Marble” or the “Company”)

Resumption of production in Northern Macedonia and new sales

 

  • Commercial extraction resumed of Alexandrian marble from Prilep Quarry.

  • 400 tonne order of Alexandrian white completed and paid for in February 2019.

  • New equipment deployed in quarry to increase production.

 

Fox Marble is pleased to announce the resumption of production after the usual winter shut down in our Prilep quarry in Northern Macedonia. The quarry, which contains white marble marketed as Alexandrian White, is now also producing substantial quantities of Alexandrian Blue from a newly developed section on the east side of the site. The quarry is expected to benefit from the deployment of additional equipment to significantly increase production levels to satisfy growing demand.

 

In February Fox Marble sold, and received payment for, 400 tonnes of Alexandrian White blocks to a new customer.  The customer is shipping these blocks to their facility in Drama in Northern Greece for processing. This customer was responsible for supplying similar material to the Sheik Zayed Grand Mosque in Abu Dhabi and has indicated their intention to purchase additional quantities of this marble on a regular basis throughout the year.

 

Chris Gilbert, CEO, commented “This large volume block order to a new customer so early in the year following the winter break is an encouraging sign for the upcoming year. The customer, who has a long history of selling material from the Prilep area throughout the world, has indicated an intent to buy further quantities of this material throughout 2019.  The increase in monthly production at this quarry, following the investment made in equipment and resourcing, gives us the ability to supply more significant orders having developed robust markets for our stone worldwide”.

 

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

 

 

For more information on Fox Marble please visit www.foxmarble.net or contact:

 

Fox Marble Holdings plc

 

Chris Gilbert, Chief Executive Officer

Tel: +44 (0) 20 7380 0999

Fiona Hadfield, Finance Director

Tel: +44 (0) 20 7380 0999

 

 

Brandon Hill Capital (Broker)

 

Oliver Stansfield

Tel: +44 (0) 20 3463 5000

Cairn Financial Advisers LLP (Nomad)

 

Liam Murray

Tel: +44 (0) 20 7213 0880

 

Notes to Editors:

Fox Marble (AIM:FOX), is a marble production, processing and distribution company in Kosovo and the Balkans region.  

Its marble products, which includes Illirico Bianco, Illirico Selene, Grigio Argento and are gaining traction globally both to international wholesale companies as well as being supplied directly into luxury residential properties. In the UK these include among others St George’s Homes and Capital and Counties Plc’s Lillie Square development. In Sydney, Australia Rosso Cait, Alexandrian White and Breccia Paradisea marble have been used in what is expected to be Australia’s most expensive residential property. These sales serve to demonstrate the desirability of Fox’s premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world. 

Fox Marble holds 40 year mining licences for six separate marble quarries with a maiden JORC resource indicating an in-situ valuation of approximately Euro 16.5 billion. Fox has taken three of the six sites into production (the Drini and Maleshevë quarries, both in Kosovo and from the Prilep Quarry in Macedonia) and continues to increase production. Notably, Fox has access to over 300 million cubic metres (over 1bn tons) of premium quality marble.

Marble demand continues to grow with stable pricing, predominantly driven by the construction and real-estate industries, on which Fox is looking to capitalise.

 

 

 

Operating Update and Issue of Shares

7 February 2019

Fox Marble Holdings plc

(“Fox Marble” or the “Company”)

Operating Update and Issue of Shares

 

·         Unaudited sales for the year ended 31 December 2018 of c. €1.4 million, (2017 – c. €1.2million).

·         Production for the year ended 31 December 2018 of 12,561 tonnes (2017 – 8,811 tonnes) driven by an increase in production in Prilep in the last quarter of the year, not yet reflected in sales. 

·         Fundraising completed raising £2 million with the funds planned to increase capital equipment at the quarries in order to expand production and meet the confirmed demand for material in 2019. 

·         Block order book from existing customers for the year ended 31 December 2019 of around €3 million.

 

Operating Update

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region, is pleased to provide the following operational update ahead of the publication of its preliminary results for year ended 31 December 2018 which are anticipated to be notified in May 2019.

 

Sales

 

Unaudited sales for the year ended 2018 were c. €1.4 million, with a further €0.3 million in advances which have not yet been recognised in sales. Whilst sales growth has not been as strong as expected, this has been driven by lower than expected quarry production volumes in Maleshevë.  The demand for our Illirico Selene marble is currently outpacing production. We have seen encouraging signs in the development of our customer base, with a core of recurring block sale customers, with steady and regular demand for our material. We expect these customers to form the backbone of expected revenues in 2019.

·         In 2018, the Company has seen its first significant orders from China. A single Chinese customer has purchased and paid for 894 tonnes of Illirico Selene in three separate shipments.  This customer has confirmed it wishes to take 300 tonnes of this material each month for the next 12 months.

·         Turkey continues to be a consistent market for the Company, with over 1,200 tonnes of material sold in 2018. The customer has confirmed its expected demand in 2019 will be increased to 2,000 tonnes. 

 

·         In January 2019, the Company announced that it had started production of a new material at the Prilep quarry called Alexandrian Blue.  The new material has dense blue grey banding with smaller bands of white which produce a marked blue tone and is akin to the highly desirable Zebrino marble from Northern Italy.  This new material will be quarried alongside Alexandrian White which is already in commercial production at the quarry.  Fox Marble sold, and received payment for, 441 tonnes of Alexandrian Blue extracted in December 2018 to a single customer. Following this order, the Company entered into a sales agreement with this customer to purchase Alexandrian Blue with an expected value in excess of €1 million over the next twelve months. The same customer has confirmed its intention to purchase 3,500 tonnes of Illirico Selene. 

·         In 2018, the Company has established an office in Dubai to service the Gulf Cooperation Council region and has entered into a forward purchase agreement for processed marble including a $500,000 advance. The Company completed two large cut-to-size orders to a client in the UAE at the end of 2018, including the production of 50,000 10 cm x 10 cm tiles, which were secured via our new Dubai office.

 

Quarry Production

 

Our focus has continued to be on the Maleshevë quarry in Kosovo and Prilep quarry in Macedonia.  Total production has increased to 12,561 tonnes, a 42% increase since 2017. 

 

Production at the Maleshevë quarry, which produces the Illirico Bianco and Illirico Selene stone was 7,278 tonnes (2017 – 6,526 tonnes). This was below the Company’s expectations for the year, particularly in relation to the second half of 2018. The Company intends to make a significant investment in capital equipment in order to address the production shortfall and meet demand for these types of stone.  

 

In Prilep, the introduction of a new quarry team at the site in November 2018 increased the total production for the quarry to 5,282 tonnes (2017 - 2,285 tonnes). This 130% increase in production was achieved primarily in the last six weeks of the year, and provides an encouraging outlook for 2019 production at this quarry. The Company is also intending to invest in capital equipment in this quarry.

 

 

Factory

 

2018 was a transformative year for our factory.  With full slab production operational from the end Q3 2017, 2018 was focused on meeting growing demand for cut to size stone in addition to finished slabs.  The Italian Gravellona Machine Marmo Computer Numerical Control (“CNC”) machine was installed in March 2018 and was very quickly producing its first tiles for export.  Since then, cut to size capacity has been increased with the purchase of four bridge saws, two edge polishers, a cylinder (column) milling machine and a dedicated tile polishing line which will become operational in Q1 2019.  Operating processes have been consistently refined and the factory is now operating two full shifts year round.

 

The factory has been showcased as a key example of the benefits of investment in Kosovo and visited by various dignitaries including the Prime Minister of Kosovo, HE Ramush Haradinaj, the British Ambassador, Ruairi O’Connell and the Chairman of the Kosovo All Parties Parliamentary Group from Westminster, Martin Vickers MP.

 

Outlook for 2019

 

The investment in capital equipment is expected to significantly increase production, and allow further development of both major quarries. Currently the Company has confirmed orders from existing customers of approximately 16,000 tonnes of block material with anticipated gross revenue value of around €3 million for the year end 31 December 2019. 

 

Fox Marble does not expect to be significantly impacted by the expected departure of the United Kingdom from the European Union, due to the location of its operations and the majority of its customer base being located outside the European Union. The Board will continue to monitor the situation in order to address and mitigate associated risks as they arise. 

 

 

Issue of shares and convertible loan notes

 

Fox Marble has issued 13,263,161 new ordinary shares in the Company (“New Ordinary Shares”) at 9.5p per share. Gross proceeds of this issue of equity amounts to £1,260,000. The New Ordinary Shares will rank pari passu with the existing ordinary shares.  Admission to AIM of the New Ordinary Shares will occur on or around 12 February 2019.

 

Fox Marble has issued a further £700,000 in Convertible Loan Notes under the same terms as existing Loan Notes issued by the Company. The Convertible Loan Notes will carry an interest rate of 8%, per annum. The Convertible Loan Notes are due for conversion or repayment on 4 February 2022 with a conversion price set at 10.5p.

 

Proceeds from the issue of shares are intended to be used to fund capital equipment at the Fox Marble’s quarry sites to expand production capabilities to supply increased demand for material in 2019.

 

Chris Gilbert, CEO, commented “Our efforts in marketing our material globally are bearing fruit as we develop our markets in India, China Turkey and Italy.  We have repeat orders from multiple customers, ordering marble principally from our quarries in Prilep in Macedonia and Maleshevë in Kosovo. We have generated significant demand for our product, as such we are increasing our investment in these two quarries to increase our production capacity and grow revenues.  I expect this trend to continue this year and look forward to being able to report that Fox Marble has a stable and growing customer base with increasing revenues across the Group.

 

Our factory is now capable of processing a full range of marble products. We look forward to the sales of processed marble increasingly contributing to the bottom line throughout the year.

 

I expect to be advising the market of further sales as a result of our continuing focus on marketing selling and distributing our highly desirable premium quality stone throughout the world. Our new offices in Dubai and Mumbai will contribute to this momentum going forward.”

 

Total Voting Rights

 

In accordance with Rule 5.6.1 of the Disclosure Rules and Transparency Rules of the Financial Services Authority ("DTRs"), the Company's issued share capital at 12 February 2019 will consist of 231,148,483 ordinary shares of 1 pence each. The Company does not hold any ordinary shares in treasury. Therefore the total number of voting rights in the Company is 231,148,483.

 

The above figure of 231,148,483 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the DTRs.

 

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

 

 

For more information on Fox Marble please visit www.foxmarble.net or contact:

 

Fox Marble Holdings plc

 

Chris Gilbert, Chief Executive Officer

Tel: +44 (0) 20 7380 0999

Fiona Hadfield, Finance Director

Tel: +44 (0) 20 7380 0999

 

 

Brandon Hill Capital (Broker)

 

Oliver Stansfield

Tel: +44 (0) 20 3463 5000

Cairn Financial Advisers LLP (Nomad)

 

Liam Murray / Sandy Jamieson

Tel: +44 (0) 20 7213 0880

 

Notes to Editors:

Fox Marble (AIM: FOX), is a marble production, processing and distribution company in Kosovo and the Balkans region.  

Its marble products, which includes Illirico Bianco, Illirico Selene, Grigio Argento and are gaining traction globally both to international wholesale companies as well as being supplied directly into luxury residential properties. In the UK these include among others St George’s Homes and Capital and Counties Plc’s Lillie Square development. In Sydney, Australia Rosso Cait, Alexandrian White and Breccia Paradisea marble have been used in what is expected to be Australia’s most expensive residential property. These sales serve to demonstrate the desirability of Fox’s premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world. 

Fox Marble holds 40 year mining licences for six separate marble quarries with a maiden JORC resource indicating an in-situ valuation of approximately Euro 16.5 billion. Fox has taken three of the six sites into production (the Drini and Maleshevë quarries, both in Kosovo and from the Prilep Quarry in Macedonia) and continues to increase production. Notably, Fox has access to over 300 million cubic metres (over 1bn tons) of premium quality marble.

Marble demand continues to grow with stable pricing, predominantly driven by the construction and real-estate industries, on which Fox is looking to capitalise.

 

 

New Material and Order

 17 January 2019

Fox Marble Holdings plc

(“Fox Marble” or the “Company”)

New Material and Orders

 

  • Commercial extraction commenced of Alexandrian Blue marble from Prilep Quarry.

  • 441 tonne order of Alexandrian Blue completed and paid in December 2018.

  • Sales agreement entered into with an indicative value in excess of €1 million.

 

Fox Marble announces the start of commercial extraction of Alexandrian Blue from our Prilep quarry in Northern Macedonia.  Alexandrian Blue has dense blue grey banding with smaller bands of white which produce a marked blue tone and is akin to the highly desirable Zebrino marble from Northern Italy.   The quarry, which is already producing the highly sought after white marble marketed as Alexandrian White, is now also producing substantial quantities of Alexandrian Blue from a newly developed section on the East side of the quarry.

 

Fox Marble sold, and received payment for, 441 tonnes of Alexandrian Blue extracted in December 2018 to a single customer. This material compliments the Alexandrian White from the same quarry, as well as the highly popular Illirico Selene from the Maleshevë quarry in Kosovo.

 

Following this order, the Company entered into a sales agreement with this customer to purchase Alexandrian Blue with an expected value in excess of €1 million over the next twelve months. 

 

Under this sale and purchase deed the Company agrees to supply a minimum monthly quantity of Alexandrian Blue blocks for a 12 month period, commencing 16 January 2019.  The indicative value of the agreement is dependent upon the company making available sufficient material to the client to meet the minimum monthly commitment.

 

Fox Marble is now focussing on penetrating the markets in Italy, India, China, Turkey and Dubai where it has established a base with its most popular marbles, the Alexandrian White and Illirico Selene, with material from the Cervenilla quarry including Argento Grey, Rosso Cait and Flora, and Syriganë quarry which contains Breccia Paradisea and Etrusco Dorato. 

 

Chris Gilbert, CEO, commented “Orders of our premium material are gaining traction and we expect to see growth in our sales in 2019. This will produce a corresponding increase in our revenues during the year as a result, and l look forward to updating the market accordingly”.

 

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

 

 

For more information on Fox Marble please visit www.foxmarble.net or contact:

 

Fox Marble Holdings plc

 

Chris Gilbert, Chief Executive Officer

Tel: +44 (0) 20 7380 0999

Fiona Hadfield, Finance Director

Tel: +44 (0) 20 7380 0999

 

 

Brandon Hill Capital (Broker)

 

Oliver Stansfield

Tel: +44 (0) 20 3463 5000

Cairn Financial Advisers LLP (Nomad)

 

Liam Murray / Sandy Jamieson

Tel: +44 (0) 20 7213 0880

 

Notes to Editors:

Fox Marble (AIM:FOX), is a marble production, processing and distribution company in Kosovo and the Balkans region.  

Its marble products, which includes Illirico Bianco, Illirico Selene, Grigio Argento and are gaining traction globally both to international wholesale companies as well as being supplied directly into luxury residential properties. In the UK these include among others St George’s Homes and Capital and Counties Plc’s Lillie Square development. In Sydney, Australia Rosso Cait, Alexandrian White and Breccia Paradisea marble have been used in what is expected to be Australia’s most expensive residential property. These sales serve to demonstrate the desirability of Fox’s premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world. 

Fox Marble holds 40 year mining licences for six separate marble quarries with a maiden JORC resource indicating an in-situ valuation of approximately Euro 16.5 billion. Fox has taken three of the six sites into production (the Drini and Maleshevë quarries, both in Kosovo and from the Prilep Quarry in Macedonia) and continues to increase production. Notably, Fox has access to over 300 million cubic metres (over 1bn tons) of premium quality marble.

Marble demand continues to grow with stable pricing, predominantly driven by the construction and real-estate industries, on which Fox is looking to capitalise.

 

 

 

Establishment of new Dubai office

11 December 2018

Fox Marble Holdings plc

(“Fox Marble” or the “Company”)

 

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region is pleased to announce the establishment of an office in the United Arab Emirates with the formation of Fox Marble FZC a company based in a free trade zone area in Dubai and confirmation of the first orders via this operation.

 

Deposits have been received for two orders of marble totalling in excess of 1,000 square metres of Alexandrian white. The first order is for 500 square metres of cut to size tiles currently being processed in Fox Marble’s factory in Kosovo and due to be shipped within the next 10 days. The second order is for 450 square metres of slabs of Alexandrian white marble and 50 square metres of slabs in total comprising Illirico Selene, Grigio Argento, Rosso Cait, Breccia Paradisea and Flora which are being shipped to a new customer in Dubai prior to the end of the year.

 

Chris Gilbert, CEO, commented “Our new office in Dubai is already proving to be effective in establishing our premium material in the region from which orders are currently being processed to large local customers.  It is worth noting that the first order is for an unusual size of tile – being 10cm x 10 cm x 2 cm whose small dimensions involves producing 50,000 pieces for this one order, which thanks to our tile processing equipment we are able to manage with ease.

 

We expect to see a significant level of business developing in the region as a result, and look forward to updating the market accordingly in the near future”

 

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

 

For more information on Fox Marble please visit www.foxmarble.net or contact:

 

Fox Marble Holdings plc

Chris Gilbert, Chief Executive Officer

Tel: +44 (0) 20 7380 0999

Fiona Hadfield, Finance Director

Tel: +44 (0) 20 7380 0999

Brandon Hill Capital (Broker)

Oliver Stansfield

Tel: +44 (0) 20 3463 5000

Cairn Financial Advisers LLP (Nomad)

Liam Murray

Jo Turner

Tel: +44 (0) 20 7213 0880

 

Notes to Editors:

Fox Marble (AIM:FOX), is a marble production, processing and distribution company in Kosovo and the Balkans region.  

Its marble products, which includes Illirico Bianco, Illirico Selene, Grigio Argento and are gaining traction globally both to international wholesale companies as well as being supplied directly into luxury residential properties. In the UK these include among others St George’s Homes and Capital and Counties Plc’s Lillie Square development. In Sydney, Australia Rosso Cait, Alexandrian White and Breccia Paradisea marble have been used in what is expected to be Australia’s most expensive residential property. These sales serve to demonstrate the desirability of Fox’s premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world. 

Fox Marble holds 40 year mining licences for six separate marble quarries with a maiden JORC resource indicating an in-situ valuation of approximately Euro 16.5 billion. Fox has taken three of the six sites into production (the Drini and Maleshevë quarries, both in Kosovo and from the Prilep Quarry in Macedonia) and continues to increase production. Notably, Fox has access to over 300 million cubic metres (over 1bn tons) of premium quality marble.

Marble demand continues to grow with stable pricing, predominantly driven by the construction and real-estate industries, on which Fox is looking to capitalise.

Acquisition of Gulf Marble Investments Limited

 11 October 2018

Fox Marble Holdings plc

(“Fox Marble” or the “Company”)

Acquisition of Gulf Marble Investments Limited

 

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region is pleased to announce that it has acquired Gulf Marble Investments Limited (Dubai) its joint venture partner based in the Prilep Alpha Quarry in Macedonia, including all the rights attached to that Company.

 

Under the terms of the original agreement to acquire the Prilep Alpha quarry in Macedonia in 2013, Gulf Marble Investments Limited provided the funds to acquire the license to the site and capital investment amounting to €1.7 million, and then entered into an operating agreement with Fox Marble to operate the quarry.  In compensation Gulf Marble Investments Limited was provided with a royalty amounting to 40% of the gross revenues received from the sale of its block marble from the quarry.  The acquisition of the quarry rights in Prilep Alpha was originally announced on the 4 July 2013.

 

Through the acquisition of 100% of the share capital of Gulf Marble Investments Limited, Fox Marble will effectively re-acquire all the 40% gross revenue royalty, as well as all the assets and capital equipment held by the entity.

 

As consideration for the acquisition Fox Marble has issued an Unsecured Convertible Loan Note (“Loan Note”) in the amount of €1.785 million.  Under the terms of the Loan Note, the holder may elect to convert at a conversion price of 130% of the 3 month volume weighted average share price.   The Loan Note is repayable from the 1 October 2020.  The Loan Note carries an interest rate of Libor plus 1.5% payable annually in arrears.

 

Following the issue of the Convertible Loan Note detailed above the Company has a total of £2.85 million Convertible Loan Notes outstanding.

 

Chris Gilbert, CEO, commented “Our arrangements at the time afforded us the unique opportunity to not only acquire the rights to a white marble quarry containing the world famous white from the Prilep region of Macedonia but to develop the quarry to commercial standards.  Our joint venture partners Gulf Marble have been instrumental in achieving this and we are grateful to them for helping us reach this goal.  We look forward to seeing the benefits of our increased participation in the Prilep Alpha quarry feeding through to the bottom line going forward from our activities in Macedonia”

 

 

For more information on Fox Marble please visit www.foxmarble.net or contact:

 

Fox Marble Holdings plc

 

Chris Gilbert, Chief Executive Officer

Tel: +44 (0) 20 7380 0999

Fiona Hadfield, Finance Director

Tel: +44 (0) 20 7380 0999

 

 

Brandon Hill Capital (Broker)

 

Oliver Stansfield

Tel: +44 (0) 20 3463 5000

Cairn Financial Advisers LLP (Nomad)

 

Liam Murray

Jo Turner

Tel: +44 (0) 20 7213 0880

Yellow Jersey PR (PR & IR)

 

Georgia Colkin

Katie Bairsto

Tel: +44 (0) 7825 916 715

Tel: +44 (0) 7946 424 651

 

Notes to Editors:

Fox Marble (AIM: FOX), is a marble production, processing and distribution company in Kosovo and the Balkans region.  

Its marble products, which includes Illirico Bianco, Illirico Selene, Grigio Argento and are gaining traction globally both to international wholesale companies as well as being supplied directly into luxury residential properties. In the UK these include among others St George’s Homes and Capital and Counties Plc’s Lillie Square development. In Sydney, Australia Rosso Cait, Alexandrian White and Breccia Paradisea marble have been used in what is expected to be Australia’s most expensive residential property. These sales serve to demonstrate the desirability of Fox’s premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world. 

Fox Marble holds 40 year mining licences for six separate marble quarries with a maiden JORC resource indicating an in-situ valuation of approximately Euro 16.5 billion. Fox has taken three of the six sites into production (the Drini and Maleshevë quarries, both in Kosovo and from the Prilep Quarry in Macedonia) and continues to increase production. Notably, Fox has access to over 300 million cubic metres (over 1bn tons) of premium quality marble.

Marble demand continues to grow with stable pricing, predominantly driven by the construction and real-estate industries, on which Fox is looking to capitalise.