29 Nov 2012 16:00
AIM: FOX 29 November 2012
Fox Marble Holdings Plc
("Fox Marble" or the "Company")
Completion of deferred element of IPO placing and Total Voting Rights
Fox Marble announces that application has been made for admission of 750,000 ordinary shares to trading on AIM in respect of a £150,000 placing commitment on deferred settlement terms which was given by one investor as part of the IPO Placing. The shares are expected to be admitted to trading at 8:00am on Friday 30 November 2012.
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 30 November 2012 will consist of 107,950,000 ordinary shares of 1pence each. The Company does not hold any ordinary shares in treasury. Therefore the total number of voting rights in the Company is 107,950,000.
The above figure of 107,950,000 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.
Enquiries
For more information on Fox Marble, please visit www.foxmarble.net, or contact:
Fox Marble Holdings Plc | |
Christopher Gilbert, Chief Executive Officer | Tel: +44 (0) 20 7380 0999 |
Fiona Hadfield, Chief Financial Officer | |
Fox Davies Capital Limited (Nominated Adviser and Joint Broker) | Tel: +44 (0) 20 3463 5000 |
Susan Walker | |
Daniel Fox-Davies | |
Merchant Securities (Joint Broker) | Tel: +44 (0) 20 7375 9036 |
Lindsay Mair Chris Theis | |
Buchanan Communications | Tel: +44 (0) 20 7466 5000 |
Tim Anderson / Fiona Henson / Sophie Cowles | www.buchanan.uk.com |
Notes to editors:
Fox Marble Holdings Plc is an AIM quoted natural stone extraction company operating in Kosovo, with headquarters in the United Kingdom.
The Company has been granted mining licences in relation to five separate marble quarries and has a large high quality marble resource including white breccia and honey yellow onyx. Its maiden JORC compliant resource as set out in the Competent Person's Report prepared by Golder Associates (UK) Limited, shows indicated marble resources of 91.4 million m3 and inferred marble resources of 235 million m3 with an in-situ valuation of approximately Euro16.5 billon.
The Company has commenced quarrying operations at one quarry and expects to commence operations at a second before the end of the year prior to building a processing plant and developing a sales network for the marble. Management intends to open two subsequent quarries in the first half of 2014, with equipment funded from operating cash flows.
The Group intends to sell a limited amount of unprocessed marble blocks to generate early cashflows while the processing plant is under construction, a process which is expected to take a period of approximately 10 months. Once completed, the Group will focus primarily on selling polished marble slabs on an ex-factory gate basis to the wholesale market for ultimate use in the construction and decorative industries across the world.
Marble is substantially more valuable once processed and it attracts a broader market for sales. Once completed the plant will begin to process and polish marble blocks extracted from the quarries into slabs. The Board expect to recover 70% cent of the total volume of blocks after allowing for wastage due to quality control measures.