Issue of shares and directors’ dealings

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New Showroom & Office in Pristine to support anticipated Sales Growth

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 in January 2020 it will be opening a new large showroom and office in Pristina, Kosovo in which to showcase its materials in a professional and attractive environment. This will allow its material to be displayed in large format slab form under proper controlled lighting to present the stone under the best conditions. This initiative is expected to help generate increased levels of sales.

Fox Marble is experiencing a developing local market for its processed material and range of products from cut and polished tiles to stair pieces, door and window lintels to slabs, supporting increased production at the factory.

This will help underpin the 3-year factory expansion plan currently being developed by the recently appointed COO/GM Sales, in conjunction with the anticipated increased demand being generated by a new sales team both domestically and internationally.

It is expected that there is a sufficient stock of block material at Fox Marble’s Kosovo quarry sites to supply the factory for 18 – 24 months, without further quarrying there, in conjunction with the ongoing production growth from its quarry in Prilep, Macedonia.

Chris Gilbert, CEO, commented

“I am pleased this new facility has been opened, which is a demonstration of our confidence in the growth potential of the business, and I expect this to help drive continued sales growth over the coming months and the medium term. I look forward to updating the market on forward strategy in the new year.”

For more information on Fox Marble please visit www.foxmarble.net or contact:

Fox Marble Holdings plc
Chris Gilbert, Chief Executive Officer
Fiona Hadfield, Finance Director
Tel: +44 (0) 20 7380 0999

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

Optiva Securities (Joint Broker)
Christian Dennis / Jeremy King
Tel: +44 (0) 20 3981 4173

Cairn Financial Advisers LLP (Nomad)
Liam Murray / Sandy Jamieson / Ludovico Lazzaretti
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 include Alexandrian White, Alexandrian Blue, produced from the Company’s Prilep quarry in Macedonia, and Breccia Paridisea and Rosso Cait and Grigio Argento, produced from its quarries in Kosovo, 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. 

Marble demand continues to grow with stable pricing and Fox is capitalising on this growth internationally.

Commencement of New Revenue Stream

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 it is has signed its first contract for the processing of third party blocks, which represents an additional revenue stream for the Company.

Fox Marble now has three principal sources of revenue from three separate activities, those of block sales from its Prilep quarry in North Macedonia; sale of processed material from blocks of its own material quarried in Kosovo and Macedonia and block processing for third parties.

Under this new third-party agreement, Fox Marble will process stone on behalf of Inter Stone LLC at the Company’s factory at Lipjan in Kosovo.  The contract is for twelve months and it is expected that Fox Marble will continue to process blocks of material each month.  The blocks due to be processed within the first monthly batch of material have been delivered to the factory site and production has begun. The first order under this contract, expected to be fulfilled in December 2019, will generate around €100k in revenues for the Company.  The level of production will be up to a maximum of 1,000 tons per month, depending on the capacity that Fox Marble requires for its production of its own material.  

This arrangement will allow Fox Marble to expand capacity at the factory, driving performance improvements, whilst maximising operating efficiencies. 

This optimisation performance and efficiency comes in part from the adoption of a new flexible multi-shift system and is part of an overall factory improvement programme achieved since the recent appointments of Francisco Espinosa (COO and Head of Sales) and Secundino Costas da Villa (Technical Factory Manager),who bring with them a wealth of natural stone experience.

Working capital continues to be carefully managed as we implement our plans for growth.

Chris Gilbert, CEO, commented

“This new revenue stream will allow Fox Marble to utilise more of its factory capacity and increase operating efficiency, whilst still processing its own marble for sale globally as well as in the wider Balkan market. We look forward to our ongoing partnership with Inter Stone LLC. I look forward to updating the market in the New Year on our strategy and future growth plans.”

This announcement contains inside information for the purposes of Article 7 of EU 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
Fiona Hadfield, Finance Director
Tel: +44 (0) 20 7380 0999

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

Optiva Securities (Joint Broker)
Christian Dennis / Jeremy King
Tel: +44 (0) 20 3981 4173

Cairn Financial Advisers LLP (Nominated Adviser)
Liam Murray / Sandy Jamieson / Ludovico Lazzaretti
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 include Alexandrian White, Alexandrian Blue, produced from the Company’s Prilep quarry in Macedonia, and Breccia Paridisea and Rosso Cait and Grigio Argento, produced from its quarries in Kosovo, 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 Marble’s premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world. 

Marble demand continues to grow with stable pricing and Fox Marble is capitalising on this growth internationally.

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Change of Registered Office

30 October 2019

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 as of today its registered office will move to 160 Camden High Street, London, NW1 0NE.

For more information on Fox Marble please visit www.foxmarble.net or contact:

Fox Marble Holdings plc
Chris Gilbert, Chief Executive Officer
Fiona Hadfield, Finance Director
Tel: +44 (0) 20 7380 0999

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

Optiva Securities (Joint Broker)
Christian Dennis / Jeremy King
Tel: +44 (0) 20 3981 4173

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 include Alexandrian White, Alexandrian Blue, produced from the Company’s Prilep quarry in Macedonia, and Breccia Paridisea and Rosso Cait and Grigio Argento, produced from its quarries in Kosovo, 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. 

Marble demand continues to grow with stable pricing and Fox is capitalising on this growth internationally.

Interim Results for the six months ended 30 June 2019

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Appointment of COO

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 the appointment of Francisco Espinosa to the role of Chief Operating Officer to the Company in a non-Board capacity, with effect from the 1 October 2019. His role will be the executive management of all the operations of Fox Marble with specific emphasis on sales as Head of Sales worldwide, as well as the operational efficiency of the quarries and the factory.

Francisco has already visited the quarrying operations in Kosovo and Macedonia and spent time in the factory identifying areas of improvement. He is preparing a thorough strategic review in conjunction with Fox Marble’s recently appointed Senior Advisor, Don Nicolson.

Francisco has worked for Levantina Y Asociados de Minerales S.A.U., one of the largest stone companies in the world for 12 years, rising to the level of Chief Operating Officer.  Founded in 1959 and based in Spain, Levantina provides the much-famed crema marfil and emperador marble in over 100 countries around the world. In this role, Paco was responsible for 600 employees and accountable for seven factories (Marble, granite and ceramic).  He also holds an MBA from the European School of Business in Madrid. He has in previous times worked for Caterpillar, ITT Industries and ENEBE Sport Group.

Chris Gilbert, CEO, commented

“Along with the appointment of Don Nicolson, Fox Marble is fortunate to have recruited Francisco to the role of COO thus rounding out the appointment of new members of the senior management team which will build on the achievements to date as the Company moves into a more mature phase in its development. The Company will benefit from his experience and expertise to develop and support its ambitions going forward and provide the resource to accomplish this.”

For more information on Fox Marble please visit www.foxmarble.net or contact:

Fox Marble Holdings plc  
Chris Gilbert, Chief Executive Officer
Fiona Hadfield, Finance Director
Tel: +44 (0) 20 7380 0999

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

Optiva Securities (Joint Broker)
Christian Dennis / Jeremy King
Tel: +44 (0) 20 3981 4173

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 include Alexandrian White, Alexandrian Blue, produced from the Company’s Prilep quarry in Macedonia, and Breccia Paridisea and Rosso Cait and Grigio Argento, produced from its quarries in Kosovo, 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. 

Marble demand continues to grow with stable pricing and Fox is capitalising on this growth internationally.

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Appointment of Senior Advisor

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 the appointment of Don Nicolson to the role of Senior Advisor with immediate effect. He will provide advice on strategy, business planning and performance improvement. It is intended that Don will join the board of Fox Marble Holdings Plc as Vice Chairman and Non-Executive Director in due course providing increased capacity and capability to the business.

Don is a senior business leader with over 35 years’ experience in the extractive industries (oil, gas, mining and natural stone). He has held multiple Board and senior executive roles both in the UK and internationally. This included 26 years with BP where he ran oil and gas businesses in the UK, United States and Canada. Some of his key roles included being Director North Sea, Chief of Staff to BP CEO (E&P) and VP BP Alaska. He also has significant Board level experience in mining, both in the UK and South Africa including CEO and Executive Vice Chairman roles.

One of Don’s most recent roles was that of Chairman, and interim CEO of Levantina –The Natural Stone Company, headquartered in Spain. Levantina is a world leader in the quarrying, processing and marketing of natural stone. It is one of the largest companies in the sector, operates several quarries including El Coto, believed to be the largest Crema Marfil quarry in the world. The company distributes and markets natural stone products to multiple countries around the globe.

Andrew Allner, Chairman, commented

“We are very pleased to secure Don’s services for Fox Marble and look forward to benefitting from Don’s wide-ranging international Board and Executive skills, and in particular his Natural Stone industry experience and connections which will be of enormous relevance as we continue to grow the core business in addition to focusing on winning the recently announced €195 million law suit against the government of Kosovo in the relevant arbitration court in London.”

This announcement contains inside information for the purposes of Article 7 of EU 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
Fiona Hadfield, Finance Director
Tel: +44 (0) 20 7380 0999

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

Optiva Securities (Joint Broker)
Christian Dennis / Jeremy King
Tel: +44 (0) 7712 620 936  

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 including Alexandrian White, Alexandrian Blue, produced from the Company’s Prilep quarry in Macedonia, and Breccia Paridisea and Rosso Cait and Grigio Argento, produced from its quarries in Kosovo, 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. 

Marble demand continues to grow with stable pricing and Fox is capitalising on this growth internationally.

Fox Marble launches €195m international arbitration claim against the Republic of Kosovo

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

Fox Marble, the AIM listed company focused on marble quarrying and processing in Kosovo and the Balkans region, has today launched United National Commission on International Trade Law international (UNCITRAL) arbitration proceedings, against the Republic of Kosovo for damages in excess of €195 million, as a result of the failure of the State to protect Fox Marble’s rights over the Malesheva quarry.

The Company is represented by its legal advisers, Stephenson Harwood LLP, as well as its Kosovan lawyers.  As the Company believes the Kosovan Government to be in clear breach of its responsibilities towards the Company which is a foreign investor in Kosovo, the Company is of the opinion that this action is in the best interests of its shareholders and employees and anticipates a fair and satisfactory resolution.  

All the Company’s other operations, including the quarries and processing factory in Kosovo and the Prilep quarry in Northern Macedonia, are unaffected.

As was announced on 26 June 2019, the sellers of Green Power Sh.p.k (“Green Power”), the licence holding partner of Fox Marble’s Malesheva quarry, and Scope Sh.p.k (“Scope”) reneged on the agreement, announced on 4 April 2019, for Fox Marble to purchase these assets.

Since then Fox Marble has been working to resolve the dispute concerning the purchase of Green Power and Scope with the appropriate Kosovan Government agencies, namely the Kosovo mining regulator, the Independent Commission of Mines and Mineral (“ICMM”) and the Agjencia e Regjistrimit të Bizneseve (“ARBK”), the Kosovo business registration agency. However, in what is a clear breach of Kosovo Law 04/L-220 “On Foreign Investment” (2014), Fox Marble has been prevented from asserting its rights in these matters. This is a law that should provide extensive protection to foreign investors, such as Fox Marble, and promises even handedness in the treatment of foreign investors and local businesses.

The company has presented detailed evidence to the ICMM that it holds the relevant rights to grant develop, exploit and operate its Malesheva quarry to Fox Marble Kosova Sh.p.k (“FMK”), Fox Marble’s local subsidiary, which has been the case since 2015. However, as disclosed on 18 July 2019, operations at the Malesheva quarry were suspended. Numerous procedural and legal channels open to it in Kosovo to have failed to bring the matter to a satisfactory conclusion.

The company has also presented the ICMM with detailed evidence of its purchase of Green Power and Scope and shown that their owners had no basis to rescind the share purchase agreements.  Despite the cumulative weight of evidence, Fox Marble was denied the right to appeal any decision relating to the Malesheva quarry in direct contravention of the provisions of the Kosovo foreign investment law, Law 04 /L-220 as well as its own rules and procedures.

In parallel to its efforts with the ICMM, Fox Marble has made repeated attempts to register the transfer of ownership of Green Power and Scope at the ARBK.  This agency has the established authority to accept the valid share purchase agreements as evidence of ownership.  However, the ARBK has rejected Fox’s application to register the change of ownership in direct contravention of the provisions of the Kosovo foreign investment law.

As a direct consequence of the ARBK and ICMM decisions, the company has brought arbitration proceedings against the Republic of Kosovo pursuant to Article 16 of the Kosovo foreign investment law (as above). The basis of the claim for damages is the investment made to date in the Malesheva quarry, loss of future revenues associated with the site and future investment plans in Kosovo. Significant future investment plans are the subject of the MOU signed in October 2016 by the Government of Kosovo and Stone Alliance LLC which is majority owned by Fox Marble

Chris Gilbert, CEO, commented,

“Fox Marble has always sought to work in partnership with Kosovo and its government. We have therefore taken this step with the greatest reluctance, but the current circumstances and decisions made have left us with no choice.  There has been a clear failure by the Kosovo government and its agencies to apply their own laws and regulation in a fair and equitable manner. It is beyond doubt that Fox Marble has a strong case.  I am confident that the claim will be decided in our favour and that the award obtained will protect our investment, our shareholders and show that Kosovo is a place where international businesses can invest.”

This announcement contains inside information for the purposes of Article 7 of EU 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
Fiona Hadfield, Finance Director
Tel: +44 (0) 20 7380 0999

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

Optiva Securities (Joint Broker)
Christian Dennis/Jeremy King
Tel:+44 (0) 20 3137 1902

Cairn Financial Advisers LLP (Nomad)
Liam Murray
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 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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Update re Acquisition of Green Power and Scope

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

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
Fiona Hadfield, Finance Director
Tel: +44 (0) 20 7380 0999

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

Optiva Securities (Joint Broker)
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.

New Sales Agreement

04 July 2019

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 it has entered into a new sales agreement with a customer based in China.

The Sales Agreement is for a minimum of 10,000 tonnes of Illirico Selene marble over the next year, and includes a range of grades of marble blocks.   The buyer will be granted priority seller status in China. 

Chris Gilbert, CEO, commented

“This buyer has been a recurring customer of Fox Marble over the last year, however this sales agreement formalises the relationship between us, ahead of an expected increase in volume of sales.   We look forward to a long ongoing relationship. “

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

Optiva Securities (Joint Broker)

Christian Dennis/Jeremy King

Tel: +44 (0) 20 3463 5000

Tel:+44 (0) 20 3137 1903

Cairn Financial Advisers LLP (Nomad)

Liam Murray / Sandy Jamieson

Ludovico Lazzaretti

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 marble quarries in Kosovo and Macedonia. Fox has taken four sites into production (Maleshevë, Syriganë and Cervenillë quarries, in Kosovo and from the Prilep Quarry in Macedonia) and continues to increase production.

Marble demand continues to grow with stable pricing, predominantly driven by the construction and real-estate industries, on which Fox is looking to capitalise.

Results of AGM

26 June 2019

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

Fox Marble, the AIM listed company focused on marble quarrying in Kosovo and the Balkans region is pleased to announce that at its AGM held today, all resolutions were duly passed. 

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

Optiva Securities (Joint Broker)

Christian Dennis/Jeremy King

Tel: +44 (0) 20 3463 5000

Tel:+44 (0) 20 3137 1903

Cairn Financial Advisers LLP (Nomad)

Liam Murray / Sandy Jamieson

Ludovico Lazzaretti

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 marble quarries in Kosovo and Macedonia. Fox has taken four sites into production (Maleshevë, Syriganë and Cervenillë quarries, in Kosovo and from the Prilep Quarry in Macedonia) and continues to increase production.

Marble demand continues to grow with stable pricing, predominantly driven by the construction and real-estate industries, on which Fox is looking to capitalise.

Update and AGM statement

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 market with an operational and financial update ahead of its Annual General Meeting being held this morning at 11 am at CMS’s offices at 78 Cannon St London EC4N 6AF.  Additionally, the Company provides an update to the announcement dated 4 April 2019 regarding  the conditional acquisition of Green Power Sh.p.k ("Green Power") and Scope Sh.p.k. ("Scope").

Sales and Marketing update:

• As previously announced on 17 June 2019, Fox Marble has received an order for 1,850 tons of Illirico Selene (the silver grey marble) from an existing customer. The order is notable because it consists not only of the higher quality large blocks of stone but also large quantities of small and semi blocks which constitute a lesser grade of block. This has the additional effect of clearing out old stock extracted some years ago and freeing up space in the quarry to further extend the quarrying area and reach additional resources of good quality stone.

• On 5 June 2019, Fox Marble announced the confirmation of its biggest single order for its prized Alexandrian White marble. This order has been placed by the Swaminarayan Hindu religious order who are building a temple in Abu Dhabi on land donated by the Royal family of the UAE. Construction of this monument is due to commence shortly. Fox Marble will be providing bespoke, cut-to-size marble, varying in size from small blocks to large beams which will be shipped by the temple to India to first be hand carved and then shipped to the temple site. The schedule for the first of these shipments has been received. Fox Marble has received a minimum firm commitment for this material to be supplied during 2019 and 2020. The minimum value of this order will be $2.4m and Fox has received the first good faith deposit of $100,000 by way of confirmation.

Financial:

• Sales for the period to 30 May 2019 are €791k (2018: €413k) Production for the period to 30 May was 7,532 tonnes (2018: 4,079 tonnes).

• The cash balance as at 26 June 2019 is €0.8 million.

Updated on on Acquisition of Green Power and Scope:

• On 4 April 2019 the Company announced the conditional acquisitions of Green Power, the licence holder of the Maleshevë quarry, and Scope, a company through which Fox Marble has entered into two hire purchase agreements (the “Acquisitions”).

• As previously stated, the Acquisitions are conditional, inter alia, on shareholders approving certain resolutions at the forthcoming Annual General Meeting (“AGM”) of the Company on 26 June 2019, relating to authorities to issue new ordinary shares in the Company (the “Resolutions”).

• The Company announces that it has now received notification from the legal representatives of Green Power and Scope, challenging the enforceability of the acquisition agreements relating to the proposed Acquisitions.

• The Company is seeking advice from its legal advisers in respect of these claims, which they believe to be wholly unfounded. An update will be made to the market in due course, and the Company will seek shareholder approval of the Resolutions at the forthcoming AGM.

Other:

• On 11 June 2019 Fox Marble announced the appointment of Optiva Securities as Joint Broker to the Company with immediate effect.

Chris Gilbert, CEO, commented:

“We have had a positive start for the year with sales developing well, and a number of major contracts being signed.  We look forward to providing a half  year update in July.  A major focus for the year is to expand our sales base beyond our most popular materials, Illirico Selene and Alexandrian White, to encompass all the Fox products, and to further develop our market for material processed at our factory.”

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

Optiva Securities (Joint Broker)

Christian Dennis/Jeremy King

Tel: +44 (0) 20 3463 5000

Tel:+44 (0) 20 3137 1903

Cairn Financial Advisers LLP (Nomad)

Liam Murray / Sandy Jamieson

Ludovico Lazzaretti

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.

New Order

17 June 2019

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 the largest single order of its highly prized Illirico Selene marble from the Maleshevë quarry in Kosovo.

Fox Marble has received an order for 1,850 tons of Illirico Selene (the silver grey marble) from an existing customer.  Loading of the material has begun, and the order will only be recognised as revenue as the material is despatched from the quarry over the next few weeks.

The order is notable because it consists not only of the higher quality large blocks of stone but also large quantities of small and semi blocks which constitute a lesser grade of block. This has the additional effect of clearing out old stock extracted some years ago and freeing up space in the quarry to further extend the quarrying area and reach additional resources of good quality stone.

This has taken place in part because the demand for this material is expanding with the increased penetration in various markets and the competition for this material from our quarry is growing.

Fox Marble is now focussing on penetrating these markets with material from Fox Marble’s other quarries including Grigio Argento, Rosso Cait and Flora from the Cervenilla quarry and the Breccia Paradisea and Etrusco Dorato from its Syriganë quarry. 

Chris Gilbert, CEO, commented

“Demand for Illirico Selene is high, with sales being constrained by our ability to extract sufficient quantities to sell into these growing markets and our success in selling our lesser grades of blocks is a consequence of this demand. As a result, we expect to see growth in our sales in 2019 and look forward to updating the market accordingly”.

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

Optiva Securities (Joint Broker)

Christian Dennis/Jeremy King

Tel: +44 (0) 20 3463 5000

Tel:+44 (0) 20 3137 1903

Cairn Financial Advisers LLP (Nomad)

Liam Murray / Sandy Jamieson

Ludovico Lazzaretti

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. 

TR-1 Notification of major interest in shares

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Appointment of Joint Broker

11 June 2019

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 Optiva Securities Limited has been appointed Joint Broker to the Company with immediate effect.

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 5000

Optiva Securities Limited (Joint Broker)

Christian Dennis / Jeremy King

Tel:+44 (0) 20 3137 1903

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.

Final Results for the Year ended 31 December 2018

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Temple in Abu Dhabi

05 June 2019

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 the confirmation of its biggest single order for its prized Alexandrian White marble. This order has been placed by the Swaminarayan Hindu religious order who are building a temple in Abu Dhabi on land donated by the Royal family of the UAE. Construction of this monument will commence shortly now that the Foundation ceremony has taken place on the 20 April 2019.

Fox Marble will be providing bespoke cut to size marble varying in size from small blocks to large beams which will be shipped by the temple to India to be hand carved and shipped to the temple site and has received the schedule for the first shipment to be shaped and sent to India.

Fox Marble has received a minimum firm commitment for this material to be supplied during 2019 and 2020. The minimum value of this order will be $2.4m and Fox has received the first good faith deposit of $100,000 by way of confirmation.

The final timing of the delivery of this material will be subject to the construction schedule of the temple which is subject to change.  Further announcements will be made in due course as to the progress of this project as material is actually shipped and paid for.

The marble that Fox is supplying is the same type that was used in the construction of the Sheik Zayad Grand Mosque in Abu Dhabi extracted from the neighbouring quarry in Prilep and reflects the enduring appeal of this material.

Brahmavihari Swami commented

“We have been working hard to establish the BAPS Hindu Mandir temple in Abu Dhabi which is an iconic and historic temple which is a spiritual oasis of global harmony. While every acre and inch is being designed elegantly and meaningfully, the heart of the entire project will be done in your beautiful white marble. The entire interior of the stone temple will be intricately sculpted from your Alexandrian White and is the epicentre for our temple”

Chris Gilbert, CEO, commented

“We are privileged to be in partnership with the Swaminarayan religious order who have built over 1000 temples around the world. This temple will be the first such place of worship in the UAE and will be a monument for many generations to come.”

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 (Broker)

Oliver Stansfield

Tel: +44 (0) 20 3463 5000

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 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.