REG - Fox Marble Holdings - Update on processed marble

Focus XploreAnnouncement

09/03/2022 07:00

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RNS Number : 1047E  Fox Marble Holdings PLC  09 March 2022

9 March 2022

 

Fox Marble Holdings plc

("Fox Marble" or the "Company")

Update on processed marble

 

Fox Marble, the AIM listed company focused on marble quarrying and processing
in Kosovo and the Balkans region is pleased to announce that it has signed a
contract to supply BA Engineering & Consulting Sh.p.K ("BA Engineering")
with an initial 8,000 square metres of cut and polished tiles for an
approximate value of €200,000. Fox Marble will process blocks from its
quarries through its 100% owned processing facility, with first deliveries
expected to take place in March 2022, with the full value of the contract
expected to be recognised in the current financial year.

 

BA Engineering is a local Kosovan construction company with multiple
developments in Kosovo. Given BA Engineering is also engaged in developing a
number of large prestigious projects in Kosovo, the Company believes this will
be the first of a series of orders that BA Engineering will place.

 

In addition, the Company has signed a non-binding agreement to supply Unik
Construction LLC with up to 30,000 square metres of material for ongoing
projects they are planning across Europe. The Company expects the first orders
under this agreement in Q2 2022. There are no minimum order levels associated
with the agreement.

 

Chris Gilbert, CEO, commented "These contracts to supply cut and polished
tiles reaffirms our position as a leading provider of dimension stone within
Kosovo. We look forward to working with BA Engineering and Unik going forward
and establishing an ongoing relationship.

 

"With the winter now behind us, we are once again able to access our quarries
and recommence extracting block marble. This will not only enable us to meet
existing orders of cut and polished stone, but also enable us to capitalise on
the increased interest we are seeing for block marble purchases following the
COVID-19 pandemic.

 

"Following our capital raise in December 2021, we are purchasing additional
machinery. With this expanded capacity in place, we will look to complete on
additional contracts for cut and polished stone."

 

This announcement contains inside information for the purposes of Regulation
11 of the Market Abuse (amendment) (EU exit) Regulations 2019/310. The
Directors of the Company take responsibility for this announcement.

For more information on Fox Marble please visit www.foxmarble.net
(http://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

 Tavira Securities (Joint Broker)
 Oliver Stansfield                       Tel: +44 (0) 20 3192 1739

 Allenby Capital (Joint Broker)

 Amrit Nihal/Nick Naylor                 Tel: +44 (0) 20 3394 2973
 Cairn Financial Advisers LLP (Nomad)
 Liam Murray / Sandy Jamieson            Tel: +44 (0) 20 7213 0880

 

Notes to Editors:

Fox Marble (AIM: FOX (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.

 

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.

 

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