US$500,000 Received – Marble Sales Agreement with OM Enterprises, India 

AIM: FOX                                                                                                                  16 October 2017

 Fox Marble Holdings plc (“Fox Marble” or the “Company”)

US$500,000 Received – Marble Sales Agreement with OM Enterprises, India  

 Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region is pleased to confirm that is has received the advance payment of US$500,000 from OM Enterprises (“OM”), a leading tile manufacturer and distributor based in Kolkata, India. 

As announced on the 28 September 2017, Fox Marble signed a sales agreement with OM Enterprises, to purchase 5,000 tonnes of material over three years.  As part of the agreement, OM committed to a US$500,000 advance payment.

OM has selected its first order of 411 tonnes of marble blocks, which is currently being shipped to Mundra in India.   OM’s first order comprises a range of Fox Marble stone, including Argento Grigio, Illirico Selene, Breccia Paradisea and Bianco Illirico.

OM was founded by Mr Mahawar, a Kolkata based entrepreneur, as part of his multi-sector business group.   The company started as a wholesaler for ceramic tiles in West Bengal for one of the leading ceramic companies, specialising in the largest tiles by size, available domestically in India. In 2013, the company was appointed as a distributor of another fast growing ceramic company and it is now the largest tile distributor by sales volume in West Bengal. Recently, the company ventured into the retail segment and opened a 4,000 square foot showroom at a prime location of Kolkata.

Commenting on the recent agreement with Fox Marble, OM’s Chairman Mr Mahawar said: “We are very excited to be part of the Fox Marble family. With its varied and exciting product portfolio, we expect great success in our market.”

Chris Gilbert, Chief Executive of Fox Marble, said: “This latest sales agreement underpins the progress Fox Marble is making in increasing its global footprint as we continue to build ourselves into a fully integrated production, processing and distribution company of pre-eminent quality marble.  We are delighted to have received this first advance payment of US$500,000 from OM and look forward to supplying to them over the next three years. We are looking to continue our sales penetration into major marble markets such as India and  thereby enhancing revenues and shareholder returns.”

 

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

 

Cairn Financial Advisers LLP (Nomad)

Liam Murray

Tel: +44 (0) 20 7213 0880

 

Brandon Hill Capital (Joint Broker)

Oliver Stansfield

Tel: +44 (0) 20 3463 5000

 

Beaufort Securities Limited (Joint Broker)

Elliott Hance

Tel: +44 (0) 207 382 8300

 

Yellow Jersey

Felicity Winkles

Georgia Colkin

Katie Bairsto

Tel: +44 (0) 7748 843 871

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.

Fox Marble signs a Memorandum of Understanding with Pristine Stone NYC LLC

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region is pleased to announce it has signed a Memorandum of Understanding with Pristine Stone  NYC LLC (“Pristine Stone”) in New York, a natural stone importer and distributor in the USA, to establish a new distribution outlet for Fox Marble products in the United States.  

Issue of Convertible Loan Note

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region, is pleased to provide the following update to the market.

The Company confirms that it has issued a new convertible loan note with a value of£440,000 (“Series 3 Loan Note”) to a non related party.  This new Series 3 Loan Note has an interest rate of 8%, in line with the Series 1 Loan Note issued to Amati Global Investors Limited.  The Loan Note is due for conversion or repayment on 31st August 2019 with a conversion price set at 10p.

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 10 am at CMS’s offices at 78 Cannon St London EC4N 6AF

Directorate Change

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region, announces that Richard Round, a non executive director of the Company, will be stepping down from the Board with immediate effect in order to pursue other professional commitments.

€400,000 sale and purchase agreement obtained from Turkey

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region, announces that it has entered into a minimum €400,000 Sales Agreement with Simsekler Mermer Company (“Simsekler”), one of Turkey’s premier natural stone groups to supply its IIIirico Selene and Sivec marble product (“The Agreement”).  Simsekler owns 9 marble quarries in Turkey as well as 3 factories and 2 showrooms and warehouses located in Ankara and Istanbul.

US$1.8 million sale and purchase agreement for Marble obtained from India

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region, announces that is has entered into a US$1.8m per annum sale and purchase agreement with Mahadev Marmo PVT Ltd (‘Mahadev’), India’s second largest green marble export house, following the satisfactory delivery and completion of a block marble sample order, which was shipped in December 2016. This order and sales agreement marks the Company’s first customer and entry into India and is in line with Fox Marble’s international expansion strategy as it positions itself as a leading low cost marble production, processing and distribution company globally.

Orders and specifications achieved for premium finished marble product from leading luxury property developments in the UK and Australia

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosova and the Balkans region, is pleased to report on orders and specifications worth approximately €300,000 from leading property developments in the UK and Australia that underscore the continued development of the Company’s customer base globally.

New Factory Opening in Kosovo to Process Marble In-House for Global Distribution

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region, is pleased to announce the opening of its new marble processing factory in Kosovo, where the Company today has processed its first block of marble (Illyric White) through its gangsaws. The opening of the factory is in line with Fox Marble’s strategy of offering a low-capex and integrated approach to its marble production, processing and distribution globally. 

Issue of Equity, Directors’ Dealings and Total Voting Rights

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region, announces that on 31 October 2016 it issued 460,361ordinary shares of 1p each (“Ordinary Shares”) in the Company to the Non-Executive Directors of the Company,and to Executive Directors Christopher Gilbert and Dr Etrur Albani, at a price of 9.9pence per share, being the 30-day volume weighted average price as at 27 October 2016.

New order for Lillie Square, Earls Court

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region, is pleased to announce that its Bianco Illirico stone has been specified via our distribution partner, Pisani Plc, for use in the Lillie Square development in Earls Court, London. This is one of the largest developments in the UK with 7,500 homes ultimately planned.