7 Dec 2017 07:00
07 December 2017
Fox Marble Holdings plc
("Fox Marble" or the "Company")
Director Loan and Related Party Transaction
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 received an unsecured loan (the "Loan") from Roy Harrison OBE, a non-executive director of the Company. The Loan is for £500,000 and has an attached interest rate of 5% for the outstanding period of the Loan, which may be repaid at any time within the two year term.
These funds will be used to purchase additional equipment in order to accommodate the increasing demand for the Company's marble products. Marble production is due to recommence once the quarries are operational again in March 2018, after the usual planned winter shutdown.
The Loan is a related party transaction, pursuant to AIM Rule 13. Accordingly, following a consultation with the Company's nominated adviser, the directors independent of the Loan, believe that the terms of the Loan are fair and reasonable insofar as shareholders are concerned.
Chris Gilbert, CEO of Fox Marble, commented:
"This facility, which falls outside our normal operating budget, will allow us to provide the quarries with additional essential equipment and it will give us the ability to increase production substantially, in order to meet the current and growing, global demand for our 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 (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 | |
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.