US$500,000 Received – Marble Sales Agreement with OM Enterprises, India

AIM: FOX
16 October 2017

 Fox Marble Holdings plc
(“Fox Marble” or the “Company”)

 Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region is pleased to confirm that is has received the advance payment of US$500,000 from OM Enterprises (“OM”), a leading tile manufacturer and distributor based in Kolkata, India. 

As announced on the 28 September 2017, Fox Marble signed a sales agreement with OM Enterprises, to purchase 5,000 tonnes of material over three years.  As part of the agreement, OM committed to a US$500,000 advance payment.

OM has selected its first order of 411 tonnes of marble blocks, which is currently being shipped to Mundra in India.   OM’s first order comprises a range of Fox Marble stone, including Argento Grigio, Illirico Selene, Breccia Paradisea and Bianco Illirico.

OM was founded by Mr Mahawar, a Kolkata based entrepreneur, as part of his multi-sector business group.   The company started as a wholesaler for ceramic tiles in West Bengal for one of the leading ceramic companies, specialising in the largest tiles by size, available domestically in India. In 2013, the company was appointed as a distributor of another fast growing ceramic company and it is now the largest tile distributor by sales volume in West Bengal. Recently, the company ventured into the retail segment and opened a 4,000 square foot showroom at a prime location of Kolkata.

Commenting on the recent agreement with Fox Marble, OM’s Chairman Mr Mahawar said:

“We are very excited to be part of the Fox Marble family. With its varied and exciting product portfolio, we expect great success in our market.”

Chris Gilbert, Chief Executive of Fox Marble, said:

“This latest sales agreement underpins the progress Fox Marble is making in increasing its global footprint as we continue to build ourselves into a fully integrated production, processing and distribution company of pre-eminent quality marble.  We are delighted to have received this first advance payment of US$500,000 from OM and look forward to supplying to them over the next three years. We are looking to continue our sales penetration into major marble markets such as India and  thereby enhancing revenues and shareholder returns.”

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

Cairn Financial Advisers LLP (Nomad)

Liam Murray

Tel: +44 (0) 20 7213 0880

Brandon Hill Capital (Joint Broker)

Oliver Stansfield

Tel: +44 (0) 20 3463 5000

Beaufort Securities Limited (Joint Broker)

Elliott Hance

Tel: +44 (0) 207 382 8300

Yellow Jersey

Felicity Winkles

Georgia Colkin

Katie Bairsto

Tel: +44 (0) 7748 843 871

Tel: +44 (0) 7825 916 715

Tel: +44 (0) 7946 424 651

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 Illyric White, 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 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.

€400,000 sale and purchase agreement obtained from Turkey

26th April 2017

Fox Marble Holdings plc
(“Fox Marble” or the “Company”)

HIGHLIGHTS

• €400,000 sales agreement with Simsekler, a premier natural stone group in Turkey

• First entry into the Turkish market and deliveries expected during 2017

• Sales order book for 2017 now revised up to €4.4m

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region, announces that it has entered into a minimum €400,000 Sales Agreement with Simsekler Mermer Company (“Simsekler”), one of Turkey’s premier natural stone groups to supply its IIIirico Selene and Sivec marble product (“The Agreement”).  Simsekler owns 9 marble quarries in Turkey as well as 3 factories and 2 showrooms and warehouses located in Ankara and Istanbul.

The Agreement, which will see deliveries completed over 2017, marks the Company’s first significant customer and entry into Turkey and confirms Fox Marble’s international expansion strategy as it positions itself as a leading marble quarrying, processing and distribution company in the region.

In light of this new agreement, the Company’s has revised its estimate of for its order book to 31 December 2017 to €4.4m which it expects to be recognised as revenue in the financial year to 31 December 2017.

Further Information to the Sales Agreement

The Agreement was finalised following the satisfactory delivery and completion of a sample order of three blocks of Illirico Selene, which was paid for and shipped to Simsekler in February 2017.  Simsekler returned to the quarry in April 2017 and selected and paid for a further 21 blocks of Illirico Selene as well as 4 blocks of Sivec from our Macedonian quarries together totalling 330 tons which are being shipped to Turkey this month. This forms part of the quantity agreed in the Agreement.  

Fox Marble, CEO Chris Gilbert, commented:

“This new sales order marks our first move into the significant and potentially lucrative Turkish marble market. This new relationship with Simsekler, we believe further underpins the commercial viability of our marble and we look forward to working with Simsekler during the course of 2017 and beyond as we anticipate receiving further material orders.

“It is significant that Fox Marble is able to supply marble to a territory which is itself one of the major exporters of natural stone and a testament to the quality and colour of the marble within its quarries in Kosovo.”

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

Cairn Financial Advisers LLP (Nomad)
Liam Murray/ Sandy Jamieson
Tel: +44 (0) 20 7213 0800

Brandon Hill Capital (Broker)
Oliver Stansfield (CEO)
Tel: +44 (0) 20 3463 5000

Yellow Jersey PR
Felicity Winkles
Tel: +44 (0) 77 4884 3871
Francesca Hillier
Tel: +44 (0) 7708 400 470

Notes to Editors

Fox Marble Holdings Plc is an AIM quoted natural stone extraction Company operating in Kosovo and the Balkans region, with headquarters in the United Kingdom.

The Company has 40 year mining licences for six separate marble quarries of which three are now in production and completed a maiden JORC resource indicating an in-situ valuation of approximately Euro 16.5 billion. Established in 2011, Fox Marble has access to over 300 million cubic metres (over 1bn tons) of marble of premium quality marble.

In addition, Fox Marble has rights to extract marble from two further premium quality marble quarries, at Drini and at Malesheva in Kosovo, which is in full production, and from the Prilep Quarry in Macedonia which is also in full production and, one of only two sources worldwide of  highly prized white marble.

US$1.8 million sale and purchase agreement for Marble obtained from India

07 February 2017

Fox Marble Holdings plc
(“Fox Marble” or the “Company”)

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region, announces that is has entered into a US$1.8m per annum sale and purchase agreement with Mahadev Marmo PVT Ltd (‘Mahadev’), India’s second largest green marble export house, following the satisfactory delivery and completion of a block marble sample order, which was shipped in December 2016. This order and sales agreement marks the Company’s first customer and entry into India and is in line with Fox Marble’s international expansion strategy as it positions itself as a leading low cost marble production, processing and distribution company globally.

In light of this new agreement, the Company has increased its estimate of its order book in 2017 to €4.1m.

Sample order shipped

Following an inspection of the quarry, Mahadev paid for three blocks of Fox Marble’s Illirico Selene (silver grey) block marble.  This order was shipped in December 2016 from Fox Marble’s newest quarry – the Malesheva quarry in Kosovo and arrived in India early this year. The blocks were processed in the Mahadev facility in Udaipur.

Sale and Purchase agreement

In November 2016 Fox Marble completed a full Sale and Purchase Deed of agreement with Mahadev to supply a minimum quantity of its Illirico Selene marble over a three year period valued at approximately US$1.8 million per year, subject to satisfactory receipt and inspection of the sample order, which has now taken place.  It is anticipated that the block marble will be shipped at the rate of approximately 1,000 tonnes per month once Fox Marble quarry operations re-open in March 2017, following the annual scheduled winter shutdown (January – March) due to the usual cold weather conditions.

Fox Marble, CEO Chris Gilbert, commented:

“This new sales order and sales agreement marks our first move into the significant and potentially lucrative Indian marble market. After a marketing drive in country, we were delighted to see commercial traction and demand for our marble product as a new and exciting stone.  This new relationship with Mahadev has been the result of many months of work to establish a secure supply chain in India and we look forward to working with them during the course of 2017, where we anticipate receiving further significant orders.”

Mahadev Marmo PVT Ltd

The company was established in 1988 by Shri Shankar Singh Sisodia and has an excellent track record in supplying premium natural stones to National and International Markets.  Notably the Mahadev Marmo group of Companies is India's second largest Green Marble Export House. The Company is headquartered at Udaipur in Rajasthan-the Western State of India, which is the hub of the stone industry.

Mahadev owns fully mechanised developed quarries in Udaipur, the heart of Aravali Mountains range quarrying region, and a Black Galaxy quarry at ONGOLE in Andhra Pradesh. It also has the most modern, environment friendly, versatile & high capacity machinery, The company has built a state of the art factory at Udaipur with an annual production capacity of 100,000 ton marble blocks and 125,000 sq.m. of slabs.

Its products are exported to Italy, Australia, Canada, Hong Kong, Taiwan, China, Japan, America, and Middle East etc. Some of the prestigious projects in which its products have been used include the Hotel Micaso, Johor Baru, Malaysia, Rasa Shangri La, Kota Kinabala & Star City, Kualalumpur, Raniwara as well as the Mandarin Orientale, Kualalumpur, the Pantai Plaza, Kualalumpur and the Colmer Tropicale, Bukittinggi, Malaysia.

Shankar Singh Sisodia of Mahadev commented,

“Equally we are pleased to be working with a prestigious company such as Fox Marble which supplies high grade marble from Europe.  The Indian market has always been welcoming of marble product from other parts of Europe, therefore I am confident that the demand for materials from Fox Marble will likely be high.”

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

Cairn Financial Advisers LLP (Nomad)
Liam Murray
Tel: +44 (0) 20 7213 0880

Brandon Hill Capital (Broker)
Oliver Stansfield (CEO)
Tel: +44 (0) 20 3463 5000

Yellow Jersey PR
Felicity Winkles
Tel: +44 (0) 77 4884 3871

Francesca Hillier
Tel: +44 (0) 7708 400 470

Notes to Editors

Fox Marble Holdings Plc is an AIM quoted natural stone extraction Company operating in Kosovo and the Balkans region, with headquarters in the United Kingdom.

The Company has 40 year mining licences for six separate marble quarries of which three are now in production and completed a maiden JORC resource indicating an in-situ valuation of approximately Euro 16.5 billion. Established in 2011, Fox Marble has access to over 300 million cubic metres (over 1bn tons) of premium quality marble.

In addition, Fox Marble has rights to extract marble from two further premium quality marble quarries, at Drini and at Malesheva in Kosovo, which is in full production, and from the Prilep Quarry in Macedonia which is also in full production and, one of only two sources worldwide of the highly prized white Alexandrian White marble.

Forward Looking Statements

Although any forward looking statements contained in this announcement are based upon what the directors believe to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such forward looking statements. 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

Orders and specifications achieved for premium finished marble product from leading luxury property developments in the UK and Australia

AIM: FOX
15 December 2016

Fox Marble Holdings plc
(“Fox Marble” or the “Company”)

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosova and the Balkans region, is pleased to report on orders and specifications worth approximately €300,000 from leading property developments in the UK and Australia that underscore the continued development of the Company’s customer base globally.

The prominent developments that have selected Fox Marble include:

• Audley Square in Mayfair, London being developed by the Caudwell Collection - and regarded as one of the most prestigious residential buildings in the world - has specified Fox Marble’s Illyric White and Selene Grigio marble for all of the interior common areas.  Once final plans for the property are complete Fox Marble expects to receive a formal purchase order.

• An exclusive residential property located in Point Piper, Sydney, Australia, which is expected to be the most expensive house in Australia when completed, has ordered Fox Marble’s Sivec, Flora, Rosso Cait and Etruscan gold marble to be used in its construction. The materials were shipped in December 2016.

• The developers of a large residential mansion in West London, valued at £40m, have ordered Fox marble’s Flora, Grigio Argento and Sivec marble, due for shipment in the next two months with the project due for completion in the spring of 2017.

Chris Gilbert, CEO commented:

“These latest orders continue to demonstrate the desirability of our premium marble products as the stone of choice in some of the most prestigious and expensive residential developments taking place around the world. 

Furthermore, in line with our strategy of offering a low-capex and integrated approach to our marble production, processing and distribution globally, these developments also show that our brand is gaining reputation as a trusted supplier, capable of effective production and distribution of marble at the high standard of quality required in such projects”

The directors’ expectations for the Company’s order book which will be realised in 2017 remain broadly in line with what was announced on 13 December 2016.  The Audley Square development will not be recognised in the order book until such point as a formal purchase order is received.

Forward Looking Statements

Although any forward looking statements contained in this announcement are based upon what the directors believe to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such forward looking statements.  Accordingly, readers are cautioned not to place undue reliance on forward looking statements. 

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
    
Cairn Financial Advisers LLP (Nomad)
Liam Murray
Tel: +44 (0) 20 7213 0880
    
Brandon Hill Capital (Broker)     
Oliver Stansfield (CEO)
Tel: +44 (0) 20 3463 5000
    
Yellow Jersey PR     
Felicity Winkles    Tel: +44 (0) 7748 843 871
Francesca Hiller    Tel: +44 (0) 7708 400 470  

Notes to Editors

Fox Marble Holdings Plc is an AIM quoted natural stone extraction Company operating in Kosova and the Balkans region, with headquarters in the United Kingdom. 
The Company has 40-year mining licences for six separate marble quarries of which three are now in production and completed a maiden JORC resource indicating an in-situ valuation of approximately Euro 16.5 billion. Established in 2011, Fox Marble has access to over 300 million cubic metres (over 1bn tons) of marble of premium quality marble.
In addition, Fox Marble has rights to extract marble from two further premium quality marble quarries, at Drini and at Maleshevë in Kosova, which is in full production, and from the Prilep Quarry in Macedonia which is also in full production and, one of only two sources worldwide of the highly prized Alexandrian White marble. 

New order for Lillie Square, Earls Court

AIM: FOX
8 September 2016

Fox Marble Holdings plc
(“Fox Marble” or the “Company”)

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region, is pleased to announce that its Bianco Illirico stone has been specified via our distribution partner, Pisani Plc, for use in the Lillie Square development in Earls Court, London. This is one of the largest developments in the UK with 7,500 homes ultimately planned.

Lillie Square is owned and developed by a joint venture between Capital & Counties Properties Plc and interests of certain members of the Kwok family. The general contractor on the project is Sir Robert McAlpine Limited. Phase 1 of this development has been sold, with the Company’s stone selected for the ten penthouses. The material is to be installed in the kitchens, entrances and common areas. It is also being used in various other apartments with terraces. The first shipment of Bianco Illirico slabs is due to be delivered to Lillie Square within two weeks, with the total order anticipated to be 2,000 square metres over the next two years.

Chris Gilbert, CEO, commented:

“We are pleased that our newest quarry is now supplying our Bianco Illirico marble to such a large and prestigious development in London. We have now sold a variety of our marble types into two of the largest London developers’ projects, Berkeley Homes Plc and Capital & Counties Properties Plc. This is a testament to the excellent quality of our stone and its desirability for new and exciting projects.”

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014 of the European Parliament.

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

Cairn Financial Advisers LLP (Nomad)
Liam Murray
Sandy Jamieson
Tel: +44 (0) 20 7148 7900

Brandon Hill Capital (Broker)
Oliver Stansfield Tel: +44 (0) 20 3463 5000

Yellow Jersey PR
Aidan Stanley
Dominic Barretto
Tel: +44 (0) 75 8408 5670

Notes to Editors

Fox Marble Holdings Plc is an AIM quoted natural stone extraction Company operating in Kosovo and the Balkans region, with headquarters in the United Kingdom.

The Company has been granted mining licences in relation to six separate marble quarries and completed a maiden JORC resource indicating an in-situ valuation of approximately Euro 16.5 billion. Established in 2011, Fox Marble has access to over 300 million cubic metres of premium quality marble.

Fox Marble also has rights to extract marble from the Drini and Malesheva quarries, both in Kosovo and from the Prilep Quarry in Macedonia.

Block Sales and Factory Update Agreement

AIM:  FOX
15th March 2016

 Fox Marble Holdings plc
(“Fox Marble” or the “Company”)

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region, is pleased to provide the following update to the market.

The Italian supplier of the equipment needed to complete the slab processing and resining production lines at the Company’s factory has confirmed delivery of the lines within the next two months.  The purchase agreement has been amended to reflect the delays in 2015. The total discounted cost of this equipment is €900,000.  Of this, €400,000 will be a cash payment of which €112,500 has already been paid.  The balance of €500,000  will be satisfied by the sale of a range of marble blocks from the Company’s quarries to the supplier, upon completion of delivery and installation of the equipment.

The Company is further pleased to confirm broader work at the factory site in Lipjan, Kosovo, is progressing well and as previously announced, commissioning and opening of the factory is anticipated by the middle of the year.  Both internal and external gantry cranes have been delivered to the site, with the five tonne internal gantry crane now fully installed and tested.  The thirty-five tonne external gantry crane is expected to be installed shortly. 

Chris Gilbert, CEO, commented:

“This confirmation is a key milestone on the path towards the factory becoming fully operational.  We expect to be able to produce cut and polished marble slabs in Kosovo by the middle of the year and in so doing reduce our cost of production. Furthermore, with facilities in country, Fox Marble expects to open upadditional sales channels to local Balkan markets for finished stone, as well as allowing the Company to make more efficient use of all of its production and improve yields within the quarries.  The progress on installation of equipment and the advance payment from Eboracum show the Company making progress towards a new phase in marble processing and revenue generation.” 

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

Cairn Financial Advisers LLP (Nomad)

Avi Robinson / Liam Murray 

Tel: +44 (0) 20 7148 7900

Brandon Hill Capital (Broker)

Oliver Stansfield

Tel: +44 (0) 20 3463 5000

Yellow Jersey PR  

Dominic Barretto

Aidan Stanley

Tel: +44 (0) 77 6853 7739

Notes to Editors 

Fox Marble Holdings Plc is an AIM quoted natural stone extraction Company operating in Kosovo and the Balkans region, with headquarters in the United Kingdom.

The Company has been granted mining licences in relation to six separate marble quarries and completed a maiden JORC resource indicating an in-situ valuation of approximately Euro 16.5 billion. Established in 2011, Fox Marble has access to over 300 million cubic metres of premium quality marble.  

Fox Marble also has rights to extract marble from the Drini and Malesheva quarries, both in Kosovo and from the Prilep Quarry in Macedonia.

Advance Payment Received

AIM:  FOX
7th March 2016

Fox Marble Holdings plc
(“Fox Marble” or the “Company”)

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region, is pleased to confirm that of the €2,000,000 order placed through Fox Marble’s new long-term distribution agreement entered into with Eboracum Limited (“Eboracum”), as reported in the Company’s announcement dated 21 January 2016, the Company has received confirmation from Eboracum’s accountants of receipt of an advance payment of £300,000 (€390,000) into their client account, which will shortly be transferred to the Company.  This advance reflects the material on hand that is ready for shipment, for which delivery is now expected to commence.  The balance is payable prior to further shipments.

Malesheva quarry

The first blocks extracted from the Malesheva quarry in Kosovo have been processed and samples have been distributed to potential buyers.  In addition to the milk-white marble known as Illirico Bianco, the quarry has been found to contain a light, silver grey marble, known as Illirico Selene.  Slabs of both types have been cut and polished in Carrara and are attracting a positive response already.  The Company has opened the quarry in such a way that both stone types can be extracted to fufill demand.  

Chris Gilbert, CEO, commented:

“We are pleased to announce the  confirmation of payment of this advance and that we are now beginning to deliver this order.  We look forward to a successful relationship with this newly appointed distributor, Eboracum Limited, in addition to our already existing sales channels around the world.  

“Further, the interest we are already receiving in our Illirico Bianco and Illirico Selene marble is very encouraging and we expect to see this reflected in our order book as the year progresses."

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

Cairn Financial Advisers LLP (Nomad)

Avi Robinson / Liam Murray

Tel: +44 (0) 20 7148 7900

Brandon Hill Capital (Broker) 

Oliver Stansfield

Tel: +44 (0) 20 3463 5000

Yellow Jersey PR

Dominic Barretto

Aiden Stanley

Tel: +44 (0) 77 6853 7739

Notes to Editors

Fox Marble Holdings Plc is an AIM quoted natural stone extraction Company operating in Kosovo and the Balkans region, with headquarters in the United Kingdom. 

The Company has been granted mining licences in relation to six separate marble quarries and completed a maiden JORC resource indicating an in-situ valuation of approximately Euro 16.5 billion. Established in 2011, Fox Marble has access to over 300 million cubic metres of premium quality marble.

Fox Marble also has rights to extract marble from the Drini and Malesheva quarries, both in Kosovo and from the Prilep Quarry in Macedonia.

Offtake Agreement Signed

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