TIDMFOX
RNS Number : 7801A
Fox Marble Holdings PLC
03 January 2018
AIM: FOX 3 January 2018
Fox Marble Holdings plc
("Fox Marble" or the "Company")
Sales and Purchase Agreement signed for distribution of marble
into GCC nations
Fox Marble, (AIM:FOX) the AIM listed company focused on marble
quarrying and finishing in Kosovo and the Balkans region, is
pleased to announce that it has signed a three-year sales agreement
(the "Agreement") with Mr Shailesh Patil. Subject to achieving a
minimum commitment of 3,000 tonnes per annum, the agreement confers
upon Mr Patil exclusivity as Fox Marble's distributor for GCC
nations, comprising Oman, Qatar, Saudi Arabia, Bahrain, Kuwait and
the UAE. The minimum commitment under the Agreement equates to
approximately EUR600,000 to EUR800,000 per annum.
Mr Patil will make an initial payment of GBP50,000 within the
next 14 days for an order of marble slabs, which are currently
being prepared for shipment. This first order comprises a range of
Fox Marble stone, including Grigio Argento, Illirico Selene,
Breccia Paradisea and Bianco Illirico.
As part of the Agreement, Mr Patil has committed to a further
GBP450,000 advance payment, to be paid within 90 days of the
Agreement, which will be offset against future orders.
Mr Patil is the founder and CEO of Kesari Tours Pvt Ltd, one of
India's most reputed travel companies, with branches across India
and the GCC. He has extensive experience in successfully building
businesses and brands, but his background is as an engineer working
on marble projects, an industry to which he now returns with Fox
Marble.
Chris Gilbert, CEO of Fox Marble, commented: "We are pleased to
have signed this important agreement for the Company with Mr Patil.
This agreement clearly demonstrates not only the international
recognition of our marble but also our continued ability to deliver
large block orders, as demand increases and we expand into new
markets."
For more information on Fox Marble please visit
www.foxmarble.net or contact:
Fox Marble Holdings plc
Chris Gilbert, Chief Executive Tel: +44 (0)
Officer 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
Cairn Financial Advisers LLP
(Nomad)
Liam Murray / Sandy Jamieson Tel: +44 (0)
20 7213 0880
Beaufort Securities Limited
(Joint Broker)
Elliott Hance Tel: +44 (0)
207 382 8300
Yellow Jersey PR (PR & IR)
Georgia Colkin Tel: +44 (0)
Katie Bairsto 7825 916 715
Tel: +44 (0)
7946 424 651
Definitions in this announcement are the same as those included
in the Company's circular to be posted to shareholders today, dated
28 December 2017, available on the Company's website at
www.foxmarble.net.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
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 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.
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"potentially", "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 re ect the Directors' current beliefs and
assumptions and are based on information currently available to the
Directors.
A number of factors could cause actual results to differ
materially from the results discussed in the forward looking
statements including risks associated with vulnerability to general
economic and business conditions, competition, environmental and
other regulatory changes, actions by governmental authorities, the
availability of capital markets, reliance on key personnel,
uninsured and underinsured losses and other factors, many of which
are beyond the control of the Company. 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. Subject to
any continuing obligations under applicable law or any relevant AIM
Rule requirements, in providing this information the Company does
not undertake any obligation to publicly update or revise any of
the forward looking statements or to advise of any change in
events, conditions or circumstances on which any such statement is
based.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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