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.

 

 

 

Issue of Convertible Loan Notes

4 October 2018

Fox Marble Holdings plc

(“Fox Marble” or the “Company”)

Issue of Convertible Loan Notes

 

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region announces that a shareholder in Fox Marble has subscribed for £300,000 of Convertible Loan Notes (“CLNs”) on the same terms as previously issued to the existing and previous CLN holders.  The principal terms of which are set out below:-

 

Term                                     2 years

Conversion price              10.5 p

Interest rate                      8 %

 

The CLNs are convertible at the discretion of the Holder

 

Following the issue set out above the Company has a total of £1,275,000 outstanding CLNs.

 

These funds will be largely utilised in the purchase of plant and equipment to facilitate meeting the strong demand for its block material.

 

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.

 

 

 

Issue of Equity

14 Aug 2018

Fox Marble Holdings plc

(“Fox Marble” or the “Company”)

Issue of Equity

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region announces that it has issued 2,800,000 new ordinary shares in the Company (“New Ordinary Shares”) at par value (1p) to a consultant and two employees of the Company in recognition of services provided to the Company and in lieu of cash payments.  Gross proceeds of this issue of equity amounts to £28,000. The issue of shares reflect the contributions made to the Company by these individuals, which has exceeded their compensation to date.

 

 

Name

Number of new ordinary shares

Dr Etrur Albani

2,500,000

Employees

300,000

 

Total

2,800,000

 

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 17 August 2018.

 

Chris Gilbert, CEO, commented: “This issue of equity recognises the contribution that these members of the Fox Marble team have made, and continue to make toward the development of the Company. I am very grateful to them for their efforts in driving the Company forward and their achievements – of which we are now starting to see the benefits.”

 

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 17 August will consist of 217,885,322 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 217,885,322.

 

The above figure of 217,885,322 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.

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 and has been arranged for release by Fiona Hadfield, Finance Director of the Company.

 

 

 

 

 

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.

 

 

 

Operational Update

31 July 2018

Fox Marble Holdings plc

(“Fox Marble” or the “Company”)

Operational 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 unaudited interim results for 6 months to 30 June 2018 which are anticipated to be notified on 25 September 2018.

Sales for the six months to 30 June 2018 are €614,000 (2017 - €329,000), a significant increase compared with the same period in the previous year. In addition, the Company has started the second half of the year strongly and expects to see continued good revenue growth through the balance of the year.

The newly installed state-of-the-art Computer Numerical Control (“CNC”) machine has allowed the company to expand its cut to size and shape capabilities for its own marble. The machine is capable of automatically processing many varied shapes and thicknesses of material from slabs to small blocks, including 1,500 square metres of marble tiles per day. The CNC machine was supplied by Gravellona Machine Marmo, one of the leading manufacturers of dimensional stone cutting and polishing machinery based in Northern Italy. The machine is the only one of its kind in the Balkans.

This has allowed the Company to win and complete several large bespoke cut to size tile orders in the first half of this year, including:

  • 3,000 square metres of “cut-to-size” Alexandrian White tiles to a large manufacture in Greece, Rekalis G Gregarios Marble. This order consists of more than 8,000 tiles, each measuring 60x60 cm and weighing 250 tonnes in total.

  • 7,500 square metres of “cut-to-size” 60cm x 60cm Alexandrian White tiles to large scale retailer based in Mumbai in India.

    Following additional capital expenditure, new equipment has been delivered to the quarries, and despite an extended winter break arising from a late thaw, production was an encouraging 5,429 tonnes over the 6 months to June 2018 (2017 – 3,817 tonnes). We expect production levels to continue to improve over the remainder of 2018. 

    Sales of block marble are again focused primarily on Illirico Selene and Alexandrian White material. 

    Fox is pleased to announce that in July it sold 300 tonnes of its Illirico Selene marble to a new Chinese customer following a visit to the quarry site. The customer has indicated their intention to take a further 300 tonnes of this material each month for the next 12 months. This is the first significant order from China and represents a breakthrough in that market. Fox understands that this material is for a project that its customer is supplying and will require a minimum of 5,000 tonnes to complete the project.

    In June 2018 the Company announced that it had completed the delivery of over 2,000 tonnes of marble to Simsekler Mermer Company (“Simsekler”) with Fox Marble supplying 850 tonnes of marble to Simsekler in the current year, thereby fulfilling the original agreement. Simsekler’s latest purchase of over 600 tonnes of block marble represents the largest single order that the Company has completed since it opened its quarries in 2012. Fox Marble is now well placed to meet the demand for an additional minimum quantity of 2,000 tonnes.

     

    The Company has recently opened a new showroom for its material in London. The showroom exhibits slabs from the complete range of Fox Marble stone, including Illirico Selene, Illirico Bianco, Rosso Cait, Breccia Paradisea, and Alexandrian White. It is intended that the showroom will support the marketing of material to projects in the United Kingdom and Northern Europe.

    The showroom is conveniently located for European sales being less than 10 miles from Heathrow Airport and 35 miles from Stanstead Airport. Located at 2 Courtenay Road, East Lane, Wembley HA9 7ND, it is also very close to North Wembley Station, and can be visited by appointment. 

    In addition, a natural stone cleansing plinth designed by Studio Juju and carved from Fox Marble stone was recently featured in an exhibition by Wallpaper which toured the Far East. The altar was carved from a single block of Alexandrian White marble, whose fine dolomitic structure lends itself to intricate carving, and featured one raised and one sunken basin.

    The strong demand for the Company’s range of white and grey stone has lead to the need for additional capital expenditure to increase production in the quarries as well as to finance increased working capital requirements now that the factory is operating at higher capacity.

    The Company is pleased to announce that the holders of the series 3 and 5 Loan notes have subscribed for an additional £300,000 of Loan notes on the same terms as previously announced.

    The Company’s cash balance as at 27 July 2018 amounted to €289,000.

    Chris Gilbert, CEO of Fox Marble, commented: “We are pleased to update the market on the progress made in the first half of this year. Additional capital expenditure and the installation of new machinery has enhanced our production and processing capabilities, enabling us to complete and win a number of new sales orders. As we move into the second half of the year our focus will remain on capitalising on growth, increasing our capacity and enhancing our product range in order to strengthen our position in the market.”

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 tonnes) 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.

 

 

 

Completion of Order to Turkey

28 June 2018

Fox Marble Holdings plc

(“Fox Marble” or the “Company”)

Completion of Order to Turkey

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 completed the delivery of over 2,000 tonnes of marble to Simsekler Mermer Company (“Simsekler”). 

 

In the current year, Fox Marble has supplied 850 tonnes of marble to Simsekler,  thereby fulfilling the original agreement for 2,000 tonnes, with Simsekler’s latest purchase of over 600 tonnes of block marble representing the largest single order that the Company has completed since it opened its quarries in 2012. Fox Marble is now well placed to meet the demand for an additional minimum quantity of 2,000 tonnes over the course of 2018.

 

Simsekler owns nine marble quarries in Turkey, in addition to three factories, two showrooms, and its warehouses located in both Ankara and Istanbul. Fox Marble anticipates that Simsekler will remain a significant customer for Fox Marble for the remainder of 2018 and beyond.

 

Chris Gilbert, CEO of Fox Marble, commented: “The completion of this milestone underlines the progress that the Company has made in its ability to identify, win and successfully complete large scale sales agreements. Fox Marble looks forward to supplying further material to Simsekler, and to establishing an ongoing commercial relationship with the company.”

 

Fox Marble intends to release a trading update at the end of July.

 

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.

 

 

 

Result of Annual General Meeting

5 May 2018

Fox Marble Holdings plc

(“Fox Marble” or the “Company”)

 

Result of Annual General Meeting

 

Fox Marble, the AIM listed company focused on marble quarrying in Kosovo and the Balkans region, announces that at its AGM held earlier today all resolutions were duly passed.

 

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 Illyrico 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 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.

Posting of Annual Report and Notice of AGM

 

11 May 2018

 

Fox Marble Holdings plc

 (“Fox Marble” or the “Company”)

 

Posting of Annual Report and Notice of AGM

 

Fox Marble, the AIM listed company focused on marble quarrying in Kosovo and the Balkans region, confirms that it has posted its Annual Report and Accounts for the year ended 31 December 2017 to shareholders together with the Notice of Annual General Meeting and the associated form of proxy.

 

The Annual Report, the Notice and related documents are available on Fox Marble's website and can be downloaded from: www.foxmarble.net/investors.

 

The AGM will be held at 11.00am on 5 June 2018 at CMS Cameron McKenna Nabarro Olswang LLP, Cannon Place, 78 Cannon Street, London, EC4N 6AF.

 

 For further information please visit www.foxmarble.net.

 

Fox Marble Holdings plc

 

Chris Gilbert, Chief Executive Officer

Tel: +44 (0) 20 7380 0999

 

 

Cairn Financial Advisers LLP (Nomad)

Liam Murray

Jo Turner

 

 

Tel: +44 (0) 20 7213 0880

 

Brandon Hill Capital (Broker)

 

Oliver Stansfield

Tel: +44 (0) 20 3463 5000

 

 

Yellow Jersey PR

 

Georgia Colkin

Katie Bairsto

Henry Wilkinson

Tel: +44 (0) 7825 916 715

 

 

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 private residence. 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.

 

 

Installation of CNC machine and block vacuum pump machine in Kosovo factory

Monday 16 April 2018

Fox Marble Holdings plc

(“Fox Marble” or the “Company”)

Installation of CNC machine and block vacuum pump machine in Kosovo factory

Fox Marble (AIM: FOX), the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region, is pleased to announce that it has installed a new state-of-the-art Computer Numerical Control (“CNC”) machine and a block vacuum pump machine in the Company’s processing factory in Pristine, Kosovo. These additions to the new marble processing factory will provide additional capacity to meet increased order flow and improve margins.

The brand new, CNC machine is capable of automatically processing many varied shapes of material from slabs and small blocks, including 1,500 square metres of marble tiles per day. The machine is fully operational and has just manufactured the Company’s first order in which the whole process has been completed in house for “cut-to-size” tiles. Currently the only one of its kind throughout the Balkans and Greece, the CNC machine has been supplied by Gravellona Macchine Marmo, one of the leading manufacturers of cutting and polishing machinery based in Northern Italy.

In addition, Fox Marble has just completed the installation of a block vacuum pump machine, which is a more cost-effective way of adding to the inventory of marble blocks eligible for sale. This machine allows resin to be absorbed by blocks that have micro-cracks or fractures in them. As a result, the machine will improve the yield achievable from the quarries and increase the pricing of blocks which would otherwise have been considered lower quality.

Chris Gilbert, CEO of Fox Marble, commented:  

“Our fully operational factory now has the additional capability to process material-to-order at speed. We are confident that the cost effectiveness, flexibility and improved sophistication in our processing, delivered by this machinery, will impact positively on margins in the current year.

The installation of this new machinery also allows us to more effectively access the local market for tiles and “cut-to-size” orders, as well as servicing our international customers.”

 

 

 

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

Yellow Jersey PR (PR & IR)

 

Georgia Colkin

Katie Bairsto

Tel: +44 (0) 7825 916 715

Tel: +44 (0) 7946 424 651

 

 

Monday 16 April 2018

Fox Marble Holdings plc

(“Fox Marble” or the “Company”)

 

Installation of CNC machine and block vacuum pump machine in Kosovo factory

 

Fox Marble (AIM: FOX), the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region, is pleased to announce that it has installed a new state-of-the-art Computer Numerical Control (“CNC”) machine and a block vacuum pump machine in the Company’s processing factory in Pristine, Kosovo. These additions to the new marble processing factory will provide additional capacity to meet increased order flow and improve margins.

 

The brand new, CNC machine is capable of automatically processing many varied shapes of material from slabs and small blocks, including 1,500 square metres of marble tiles per day. The machine is fully operational and has just manufactured the Company’s first order in which the whole process has been completed in house for “cut-to-size” tiles. Currently the only one of its kind throughout the Balkans and Greece, the CNC machine has been supplied by Gravellona Macchine Marmo, one of the leading manufacturers of cutting and polishing machinery based in Northern Italy.

 

In addition, Fox Marble has just completed the installation of a block vacuum pump machine, which is a more cost-effective way of adding to the inventory of marble blocks eligible for sale. This machine allows resin to be absorbed by blocks that have micro-cracks or fractures in them. As a result, the machine will improve the yield achievable from the quarries and increase the pricing of blocks which would otherwise have been considered lower quality.

 

Chris Gilbert, CEO of Fox Marble, commented:  

 

“Our fully operational factory now has the additional capability to process material-to-order at speed. We are confident that the cost effectiveness, flexibility and improved sophistication in our processing, delivered by this machinery, will impact positively on margins in the current year.

 

The installation of this new machinery also allows us to more effectively access the local market for tiles and “cut-to-size” orders, as well as servicing our international customers.”

 

 

 

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

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 Illyrico 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 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.

 

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 Illyrico 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 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.

 

Statement re broker

Fox Marble Holdings plc

 (“Fox Marble” or the “Company”)

 

Statement re broker

 

The Company notes the announcement today regarding Beaufort Securities Limited ("BSL") and Beaufort Asset Clearing Services Limited ("BACSL") being placed into insolvency and that the Financial Conduct Authority (the "FCA") has imposed requirements on BSL and BACSL to cease all regulatory activity.

BSL was the joint broker to the Company pursuant to the AIM Rules for Companies (the "AIM Rules").  As a result of the requirements imposed by the FCA, BSL will no longer be able to provide broking services to the Company in accordance with the AIM Rules.

Consequently BSL is no longer joint broker to the Company.

The broker to the Company is Brandon Hill Capital.

 

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

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 Illyric White, 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 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.

Receipt of Funds and Issue of Shares

AIM:  FOX

29 January 2018

Fox Marble Holdings plc

 (“Fox Marble” or the “Company”)

 

Receipt of Funds and Issue of Shares

Fox Marble, the AIM listed company focused on marble quarrying in Kosovo and the Balkans region is pleased to announce that it has received the £2,000,000 due in respect of the Subscription Shares as announced on the 19 January 2018.

Application has now been made for admission of the 19,047,619 Subscription Shares to trading on AIM. The shares are expected to be admitted to trading at 8:00am on 1 February 2018 and will rank equally in all respects with the Company's existing ordinary shares.

As previously announced in a circular dated 3 January 2018, it is the Company’s intention to use these funds to retire existing debt of the Company and increase production at the quarries and processing factory

 

Chris Gilbert, CEO of Fox Marble commented: “With the receipt of these funds, the Company is now able to focus on increasing production ahead of the reopening of the quarries, following the winter shut down to meet the demand for its products from customers developed across multiple territories. We look forward to capitalising on new opportunities in a productive year ahead.”

 

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 1 February 2018 will consist of 215,085,322 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 215,085,322.

The above figure of 215,085,322 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.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 and has been arranged for release by Fiona Hadfield, Finance Director of the Company.

 

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

Cairn Financial Advisers LLP (Nomad)

 

Liam Murray / Sandy Jamieson

Tel: +44 (0) 20 7213 0880

Beaufort Securities Limited (Joint Broker)

 

Elliott Hance

Tel: +44 (0) 207 382 8300

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 Bianco Illirico, 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 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 four of the six sites into production 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.