19 May 2021 07:00
19 May 2021
Fox Marble Holdings plc
("Fox Marble" or the "Company")
Update on Fox Marble's €195M Arbitration Proceedings against Republic of Kosovo
Samuel Wordsworth QC joins legal team
Fox Marble, the AIM listed marble production company with operations in Kosovo and the Balkans, has further strengthened its legal team with the appointment of eminent British Barrister and Queens Counsel, Samuel Wordsworth QC of Essex Court Chambers. He will complement the existing legal team, led by Dentons Europe CS LLP, the world's largest law firm by number of lawyers, in support of the Company's €195M claim against the Republic of Kosovo.
Mr Wordsworth is a highly regarded specialist in investor-state arbitration, public international law and international arbitration. He is regularly instructed by governments and has appeared before numerous international tribunals (For more information go to https//www.essexcourt.com/barrister/Samuel-wordsworth-qc).
Chris Gilbert, CEO of Fox Marble Holdings, commented:
"We are pleased to welcome Mr Wordsworth aboard. His strong reputation and impressive achievements, particularly in investor-state arbitration cases, will further boost the best-in-class legal team Fox Marble has already assembled.
As previously announced, we have already sourced all the required litigation funding to cover expected costs throughout the whole of the Arbitration proceedings and believe the anticipated finding in the Company's favour will unlock material value to shareholders.
Legal proceedings will commence imminently following the nomination of the Company's Arbitration panellist, which is expected to take place this quarter."
Background to legal proceedings
On 4 September 2019, Fox Marble launched United Nations Commission on International Trade (UNCITRAL) arbitration proceedings against the Republic of Kosovo for damages in excess of €195M as a result of the failure of the state to protect Fox Marble's rights over the Malesheve quarry.
The Company believes the Kosovan Government to be in clear breach of its responsibilities towards the Company as a foreign investor in Kosovo and that this action is in the best interests of its shareholders and employees.
On 16 December 2020, Fox Marble announced the appointment of Dentons Europe CS LLP as legal counsel for the €195M proceedings against the Republic of Kosovo and the Company also secured firm commitments of a further £0.5M in the form of litigation funding from private investors.
Further announcements will be made in due course.
This announcement contains inside information for the purposes of Regulation 11 of the Market Abuse (amendment) (EU exit) Regulations 2019/310.
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
Quatro PR
Gary Pleasants
Tel: +44 (0)207 566 7963/+44 (0)7966 487 739
Mark Herbert
Tel: +44 (0)7770 381608
Brandon Hill (Joint Broker)
Oliver Stansfield
Tel: +44 (0)20 3463 5000
Allenby Capital (Joint Broker)
Nick Taylor/Nick Athanas/Liz Kirchner (Corporate Finance)
Amrit Nahal (Sales and Corporate Broking)
Tel: +44 (0)20 3394 2973
Cairn Financial Advisers (Nomad)
Liam Murray/Sandy Jamieson
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.