REG - Fox Marble Holdings - Fox wins damages and costs re Arbitration Award

Focus XploreAnnouncement

01/12/2022 07:00

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RNS Number : 1543I  Fox Marble Holdings PLC  01 December 2022

1 December 2022

Fox Marble Holdings plc

("Fox Marble" or the "Company")

Fox Marble wins damages and costs of c £800,000 re Arbitration Award

 

Fox Marble, the dimension stone company focused on marble quarrying and
processing in Kosovo and the Balkans region announces the results of its
arbitration proceedings in the London Court of International Arbitration
("LCIA") against a customer based in India.

 

In 2017, Fox Marble signed an off-take agreement with the customer. The
parties fell into dispute about their respective obligations under, and the
performance of, that agreement.  On 13 August 2020, commercial arbitration
proceedings at the LCIA were initiated.

 

Following a hearing, on 11 November 2022, the LCIA issued an award in favour
of Fox Marble with an award of €383,177 in damages plus £454,584 in costs.
 No other issues remain to be determined in the arbitration.

 

Each party now has 28 days to submit corrections and also to seek to challenge
the award, subject to which the award is final and binding, and the customer
is obliged to carry out its obligations under it.   The amounts awarded
bears an interest rate of 8% per annum, compounded annually.

 

Fox Marble intend to pursue recovery of these amounts. Fox Marble would like
to thank Edwin Co LLP for their assistance in the proceedings.

 

 

The Directors of the Company are responsible for the release of this
announcement.

 

Ends

For more information on Fox Marble please visit www.foxmarble.net
(about%3Ablank) 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

Tavira Securities Limited (Broker)

Oliver Stansfield/Jonathan Evans

+44 (0)203 192 1739

Cairn Financial Advisers (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 with operations in Kosovo and the Balkans.

Its marble products, which include Alexandrian Blue, Alexandrian White,
Breccia Paradisea, Etruscan gold and Grigio Argent, are gaining sales globally
to wholesale companies and directly to luxury residential properties. In the
UK these include St George's Homes and Capital and Counties Plc's Lillie
Square development. In Sydney, Australia, Rosso Cait, Alexandrian White and
Breccia Paradisea 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.

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