Fox Marble Holdings PLC Fox wins damages and costs re Arbitration Award (1543I)
December 01 2022 - 2:00AM
UK Regulatory
TIDMFOX
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 GBP800,000 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 EUR383,177 in
damages plus GBP454,584 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 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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END
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