Fox Marble Holdings PLC Update on EUR195M Arbitration Proceedings (4809S)
17 Mars 2021 - 8:00AM
UK Regulatory
TIDMFOX
RNS Number : 4809S
Fox Marble Holdings PLC
17 March 2021
17(th) March 2021
Fox Marble Holdings plc
("Fox Marble" or the "Company")
Update on EUR195M Arbitration Proceedings against Republic of
Kosovo
Fox Marble, the AIM listed company focused on marble quarrying
and processing in Kosovo and the Balkans region is pleased to
announce that eminent British Barrister and Queen's Counsel, Simon
Nesbitt QC (of the Maitland Chambers in London) has been retained
to act on Fox Marble's behalf in support of the ongoing case
against the Republic of Kosovo. Mr Nesbitt QC practises exclusively
in the field of international arbitration often involved in some of
the world's largest and most high-profile disputes (
https://www.maitlandchambers.com/barristers/simon-nesbitt ).
Mr Nesbitt QC now joins Dentons Europe CS LLP, the world's
largest law firm by number of lawyers, as part of the legal team
acting on the Company's behalf in its EUR195M claim against the
Republic of Kosovo. As previously announced, the Company has
already sourced the required capital to cover all expected costs
throughout the Arbitration proceedings.
Fox Marble will now nominate its choice of Arbitration panellist
as a final step ahead of the commencement of litigation
proceedings. This is well advanced and the Company expects to make
it's submission within the next few days.
In support of its recovery strategy Fox Marble has also now
engaged Kroll Associates, another market leader in their field with
circa 5,000 professionals operating in 30 countries, to identify
and investigate the assets that are owned and under the control of
the Republic of Kosovo both within the country and overseas. This
will help satisfy any future judgement made in favour of Fox Marble
in a timely manner.
Chris Gilbert, CEO of Fox Marble Holdings plc, commented:
"The Company and its advisors continue to strongly believe in
the merits of Fox Marble's EUR195M case against the Republic of
Kosovo. We welcome the appointment of Mr Nesbitt QC to the legal
team and look forward to the commencement of legal proceedings
following the imminent nomination of the Company's Arbitration
panellist."
Background to Legal Proceedings
On 4 September 2019, Fox Marble launched United National
Commission on International Trade Law (UNCITRAL) arbitration
proceedings, against the Republic of Kosovo for damages in excess
of EUR195 million, as a result of the failure of the State to
protect Fox Marble's rights over the Maleshevë 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 EUR195 million
arbitration proceedings against Republic of Kosovo and the Company
also secured firm commitments of a further GBP0.5 million 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.
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
5000
Allenby Capital (Joint Broker)
Nick Naylor/Nick Athanas/Liz Kirchner Tel: +44 (0) 20 3394
(Corporate Finance) 2973
Amrit Nahal (Sales and Corporate Broking)
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 Alexandrian Blue,
Alexandrian White, Breccia Paradisea, Etruscan gold and Grigio
Argento and are gaining sales 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.
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