1 Dec 2022 07:00
1 December 2022
Fox Marble Holdings plc
("Fox Marble" or the "Company")
Fox Marble wins damages and costs of c £800,000 re Arbitration Award
Fox Marble, the dimension stone company focused on marble quarrying and processing in Kosovo and the Balkans region announces the results of its arbitration proceedings in the London Court of International Arbitration ("LCIA") against a customer based in India.
In 2017, Fox Marble signed an off-take agreement with the customer. The parties fell into dispute about their respective obligations under, and the performance of, that agreement. On 13 August 2020, commercial arbitration proceedings at the LCIA were initiated.
Following a hearing, on 11 November 2022, the LCIA issued an award in favour of Fox Marble with an award of €383,177 in damages plus £454,584 in costs. No other issues remain to be determined in the arbitration.
Each party now has 28 days to submit corrections and also to seek to challenge the award, subject to which the award is final and binding, and the customer is obliged to carry out its obligations under it. The amounts awarded bears an interest rate of 8% per annum, compounded annually.
Fox Marble intend to pursue recovery of these amounts. Fox Marble would like to thank Edwin Co LLP for their assistance in the proceedings.
The Directors of the Company are responsible for the release of this announcement.
Ends
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
Tavira Securities Limited (Broker)
Oliver Stansfield/Jonathan Evans
+44 (0)203 192 1739
Cairn Financial Advisers (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 with operations in Kosovo and the Balkans.
Its marble products, which include Alexandrian Blue, Alexandrian White, Breccia Paradisea, Etruscan gold and Grigio Argent, are gaining sales globally to wholesale companies and directly to luxury residential properties. In the UK these include St George's Homes and Capital and Counties Plc's Lillie Square development. In Sydney, Australia, Rosso Cait, Alexandrian White and Breccia Paradisea have been used in what is expected to be Australia's most expensive residential property. These sales serve to demonstrate the desirability of Fox Marble's premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world.