Fox Marble Holdings PLC Sales Agency Agreement (6509Z)
15 Décembre 2014 - 8:00AM
UK Regulatory
TIDMFOX
RNS Number : 6509Z
Fox Marble Holdings PLC
15 December 2014
15 December 2014
AIM: FOX
FOX MARBLE HOLDINGS PLC
("Fox Marble" or the "Company")
Sales Agency Agreement
Fox Marble, the AIM listed company focused on marble quarrying
and finishing in Kosovo and the Balkans region, is pleased to
announce that Fox Marble Kosovo Sh.p.K, a wholly-owned subsidiary
of the Company, has entered into a sales agency agreement
("Agreement") with Zhong Shengdestone Co., Ltd, ("ZSC")
headquartered in Beijing, China.
Under the terms of the Agreement, which is for an initial period
of 12 months effective 1 January 2015, the Company has granted to
ZSC exclusivity to sell the Company's block marble in China
conditional on ZSC selling a minimum of 10,000 tons of marble per
annum ("Minimum Quantity"). As well as acting as agent, ZSC is a
purchaser of marble and intends to buy block product from Fox
Marble on its own account. ZSC indicated that, in 2013, it
purchased in excess of 100,000 tons of marble in total and hopes to
exceed the Minimum Quantity specified in the Agreement.
The Company retains the right to terminate exclusivity if
quarterly sales achieved through ZSC are not in line with the
stated Minimum Quantity. If the Minimum Quantity of sales is
achieved, this would translate to incremental revenues of between
US$2.5 million and US$5.0 million per annum.
CEO Chris Gilbert commented: "We are pleased to have finalised
an agreement with a company in China which itself is a buyer of
marble as well as having extensive relationships with other
significant buyers who have indicated their interest in our stone.
These buyers will be visiting our quarries in Kosovo after the
Chinese New Year (February 2015) in order to start selecting blocks
under the terms of the Agreement. China is of course a large market
and this arrangement forms part of our planned strategy to sell our
stone around the world."
For more information on Fox Marble please visit
www.foxmarble.net or contact:
Fox Marble Holdings plc
Chris Gilbert, Chief Executive Tel: +44 (0) 20 7380 0999
Officer
Fiona Hadfield, Chief Financial
Officer
Cairn Financial Advisers LLP Tel: +44 (0) 20 7148 7900
(Nomad)
Avi Robinson / Liam Murray
Fox Davies Capital Limited
(Broker)
Jonathan Evans Tel: +44 (0) 20 3463 5000
Yellow Jersey PR
Dominic Barretto Tel: +44 (0) 77 6853 7739
Kelsey Traynor Tel: +44 (0) 77 9900 3220
Notes to Editors
Fox Marble Holdings Plc is an AIM quoted natural stone
extraction and production Company operating in Kosovo and the
Balkans region, with headquarters in the United Kingdom.
Established in 2011, Fox Marble has access to over 300 million
cubic metres of premium quality marble and completed a maiden JORC
resource indicating an in-situ valuation of approximately Euro 16.5
billion. As announced in October 2013, it now has four quarries in
operation and in August 2014 it completed the acquisition of the
Prilep Omega Sivec Quarry, thus increasing its exposure to the
highly desirable Sivec marble.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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