Fox Marble Holdings (LON:FOX)
Share Price 9.25p Market Cap £20.5 million
Bid/Offer 9.00p – 9.50p Normal Markt Size 5,000
About the Company
A marble stone company, focused on quarrying in Kosovo and Macedonia and processing in Kosovo. It is listed on the AIM market of the London Stock Exchange (AIM:FOX).
Fox Marble has five quarries under licence (four of which are in operation) and a further five quarries under operating agreements. The quarries hold a combined volume of over 300 million cubic metres of premium quality marble and decorative stone.
Fox Marble claims to hold 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
Preliminary Results
Results four and half months after year. It is always amazing, how for a simple business with few customers, how difficult it is to get accounts done promptly.
Preliminary Results to y/e 31/12/17.
Anyway, you can rely on the CEO to put the best foot forward no matter what.
The CEO would have you believe in the past that Fox's quarrying business will be a rip-roaring success given 300 million cubic metres of marble not underground but above ground ready to be picked up, cut, and polished to add value
Despite being funded since 2012, the only thing that has grown well is the number of shares issued. Losses have been consistently large and within a volatile or at least unexpected range compared to what had been alluded to in public statements.
2012 2013 2014 2015 2016 2017
| 42.3 | 113.6 | 134.2 | 155.3 | 171.8 | 171.9 |
The first highlight mentioned for y/e 2017 is actually in 2018.
- Successful share placing completed in January 2018 raising £2.8 million through the issue of 26,283,331 ordinary shares at 10.5p. The Company simultaneously issued 7,457,140 shares to discharge £783,000 of the Company's outstanding loans and other liabilities to certain Directors and to Brandon Hill Capital Limited.
So that would make an extra 33.5 million shares issued to keep the dream alive. I can hear the shout profitability is just around the corner. Unfortunately, you can't see around corners!
Revenue for the year of €1.2 million (2016…
