19 May 2016 07:00
AIM: FOX | 19 May 2016 |
Fox Marble Holdings plc
("Fox Marble" or the "Company")
Corporate update and increased order book
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 has signed an agreement with Karailias Marble Limited ("Karailias") for the supply of a minimum of €440,000 worth of Sivec marble blocks during 2016. Karailias is an international trader of marble and other commodities with a head office and marble processing facility in northern Greece. Karailias has agreed to a minimum purchase quantity of 200 tonnes per month with the first shipment scheduled this week.
Consequently the Board is pleased to report that the Fox Marble order book has increased to €3.9 million for the year.
Furthermore, Manchester-based developer Renaker Build Limited ("Renaker") has supplied Fox Marble with a letter of confirmation that the Company has been appointed Renaker's preferred supplier of natural stone on their projects. This significant step was achieved via Fox Marble's distribution agreement with Eboracum Marble Limited. Renaker supplies services to a range of developments throughout the United Kingdom, including commercial, residential and retail projects, and has 1,850 residential units currently in planning with an additional projected 5,000 units in their development pipeline over the next few years.
Finally, Antolini Luigi & C. Spa ("Antolini"), one of the largest block buyers based in Verona, Italy, has visited the Company's Sivec quarry in Macedonia and purchased two Sivec blocks to be used in an initial trial at their processing facilities in Verona. Subsequently, the company has confirmed it will be returning to the Fox Marble quarry to purchase further material in the near term. The Company looks forward to updating the market with progress achieved in this respect.
Chris Gilbert, CEO, commented: "We are pleased to be able to update the market with the strong progress made this year on new orders. Moreover, Fox Marble's status as a preferred supplier for Renaker, an organisation with a proven track record of customer delivery and strong outlook, is most encouraging. We look forward to long-term strategic relationships with these customers."
For more information on Fox Marble please visit www.foxmarble.net or contact:
Fox Marble Holdings plc |
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Chris Gilbert, Chief Executive Officer | Tel: +44 (0) 20 7380 0999 |
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Cairn Financial Advisers LLP (Nomad) Liam Murray |
Tel: +44 (0) 20 7148 7900
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Brandon Hill Capital (Broker) |
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Oliver Stansfield | Tel: +44 (0) 20 3463 5000 |
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Yellow Jersey PR |
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Dominic Barretto Aidan Stanley | Tel: +44 (0) 7584 085 670
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Notes to Editors:
Fox Marble Holdings Plc is an AIM quoted natural stone extraction Company operating in Kosovo and the Balkans region, with headquarters in the United Kingdom.
The Company has been granted mining licences in relation to six separate marble quarries and completed a maiden JORC resource indicating an in-situ valuation of approximately Euro 16.5 billion. Established in 2011, Fox Marble has access to over 300 million cubic metres of premium quality marble.
Fox Marble also has rights to extract marble from the Drini and Malesheva quarries, both in Kosovo and from the Prilep Quarry in Macedonia.