Fox Marble Holdings PLC Update re Acquisition of Green Power and Scope (9001F)
18 Juillet 2019 - 8:00AM
UK Regulatory
TIDMFOX
RNS Number : 9001F
Fox Marble Holdings PLC
18 July 2019
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
Chris Gilbert, Chief Executive Officer Tel: +44 (0) 20 7380
0999
Fiona Hadfield, Finance Director Tel: +44 (0) 20 7380
0999
Brandon Hill Capital (Joint Broker)
Oliver Stansfield Tel: +44 (0) 20 3463
Optiva Securities (Joint Broker) 5000
Christian Dennis/Jeremy King Tel:+44 (0) 20 3137
1902
Cairn Financial Advisers LLP (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 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
identi ed 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 re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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