18 Jul 2019 07:00
18 July 2019
Fox Marble Holdings plc
("Fox Marble" or the "Company")
Update re Acquisition of Green Power and Scope
Fox Marble, the AIM listed company focused on marble quarrying and processing in Kosovo and the Balkans region has suspended operations in its Malesheva quarry in Kosovo pending a resolution to the dispute disclosed on the 26 June 2019.
In the meantime Fox Marble is concentrating on its operations in the Cervenilla and Syrigane quarries in Kosovo which contain its desirable Grigio Argento, Flora, Rosso Cait, Etrusco Dorato and Breccia Paradisea stone. In addition the Alexandrian White and Alexandrian Blue material from its quarry in Macedonia continues to attract more demand around the world with increasing sales due to increased production.
The Company, based on legal advice, continues to believe that the claims challenging the enforceability of the acquisition agreement of Green Power and Scope are wholly unfounded.
Chris Gilbert, CEO, commented "We are working hard to resolve this temporary difficulty in this one quarry and believe that our rights will be asserted successfully as has been the case in the past. In the meantime I anticipate that orders for our processed material from our factory will increase and we will update the market with growing sales of this higher margin part of our business".
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
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 Optiva Securities (Joint Broker) Christian Dennis/Jeremy King | Tel: +44 (0) 20 3463 5000
Tel:+44 (0) 20 3137 1902 |
Cairn Financial Advisers LLP (Nomad) |
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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 in Kosovo and the Balkans region.
Its marble products, which includes Illirico Bianco, 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 residential 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.
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.