29 Jan 2018 07:00
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 will be 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 |
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Chris Gilbert, Chief Executive Officer | Tel: +44 (0) 20 7380 0999 |
Fiona Hadfield, Finance Director | Tel: +44 (0) 20 7380 0999 |
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Brandon Hill Capital (Joint Broker) |
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Oliver Stansfield | Tel: +44 (0) 20 3463 5000 |
Cairn Financial Advisers LLP (Nomad) |
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Liam Murray / Sandy Jamieson | Tel: +44 (0) 20 7213 0880 |
Beaufort Securities Limited (Joint Broker) |
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Elliott Hance | Tel: +44 (0) 207 382 8300 |
Yellow Jersey PR (PR & IR) |
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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.