Fox Marble Holdings PLC Update and AGM Statement (6505J)
June 30 2017 - 2:00AM
UK Regulatory
TIDMFOX
RNS Number : 6505J
Fox Marble Holdings PLC
30 June 2017
AIM: FOX 30 June 2017
Fox Marble Holdings plc
("Fox Marble" or the "Company")
Update and AGM Statement
Fox Marble, the AIM listed company focused on marble quarrying
and finishing in Kosovo and the Balkans region is pleased to
provide the market with an operational and financial update ahead
of its Annual General Meeting being held this morning at 10 am at
CMS's offices at 78 Cannon St London EC4N 6AF.
Operational Headlines:
-- Following the Mahadev Marmo sale and purchase deed signed in
February 2017 for an estimated $1.8 million per annum of block
marble, Fox Marble has already completed shipments to Mahadev and
we have received a purchase order for our third shipment of 1,000
tonnes.
-- Agreement signed with Simsekler Mermer A.G. one of Turkey's
premier natural stone groups to supply a minimum of EUR0.4 million
marble.
-- Letter of intent received from RK Marble Pvt Ltd one of the
largest marble companies in the world for 1,000 tonnes of block
marble across our range.
-- The Company has begun cutting blocks at the factory for the
purpose of completing existing orders. The resin and polishing
lines are being calibrated and are expected to be able to produce
polished slabs in July 2017.
-- We have been notified that one of the Pisani group companies,
Pisani Holdings Ltd has appointed Deloitte as administrator as of
last week. Pisani has acted as an agent for Fox Marble material.
Fox Marble has removed all consignment stock and stock for which
payment had not yet been received from Pisani storage. We are
currently assessing the situation and the impact that this may have
on the Company's order book projects but are anticipating that Fox
Marble materials will continue to be installed within the projects
for which it has been specified. The group has net unprovided
receivables due from Pisani PLC of EUR68k.
-- As are result of potential project delays arising from the
Pisani administration we have reduced our expected order book value
for 2017 to EUR3.6 million.
Financial:
-- Fox Marble has just completed the issue of a convertible loan
note for the sum of GBP440,000 which terms are the same as the
series 1 loan note issued at the time of IPO. The interest payable
is the same at 8% and the note is due for conversion or repayment
on 31st July 2019.
-- Fox Marble also has put in a place a draw down facility of up
to GBP1m to be called for at its discretion. This credit facility
attracts an interest of 9% of sums drawn down.
-- Our cash balance as at 28 June 2017 is EUR0.97 million.
Copyright Dispute:
-- Following a copyright dispute over the rights to use the name
"sivec" on 14 June 2017 the Intellectual Property and Enterprise
Court held that the use of the name SIVEC by Fox Marble Holdings
plc was an infringement of Mermeren Kombinat AD's EU trade mark. A
copy of the full judgement can be found at
http://www.bailii.org/ew/cases/EWHC/IPEC/2017/1408.html.
Chris Gilbert, CEO, commented: "I am pleased to report on the
significant progress Fox Marble has made as we continue to build
ourselves into a cash generative, low capex, fully integrated
production, processing and distribution company of pre-eminent
quality marble.
"Following from the completion of our new processing factory in
Kosovo, which is moving into production now and will allow the
Company to process (cut and polish) its own marble blocks for
direct sale, Fox Marble has entered into a number of sales
agreements which sees the order book stand at a healthy EUR3.6
million.
"As we look ahead to H2 2017 we remain confident that a number
of potential new offtake, distribution and sales agreements
currently under discussion with customers across the UK, Europe, US
and Asia, which the Company believes will positively impact Fox
Marble's revenues in 2017. We look forward to keeping the market
updated on our developments as the year progresses."
For more information on Fox Marble please visit
www.foxmarble.net or contact:
Fox Marble Holdings
plc
Chris Gilbert, Chief Tel: +44 (0)
Executive Officer 20 7380 0999
Cairn Financial Advisers Tel: +44 (0)
LLP (Nomad) Liam 20 7213 0883
Murray
Brandon Hill Capital
(Broker)
Oliver Stansfield Tel: +44 (0)
20 3463 5000
Yellow Jersey PR
Felicity Winkles Tel: +44 (0)
Francesca Hillier 77 4884 3871
Tel: +44 (0)
7708 400 470
Notes to Editors
Fox Marble Holdings Plc is an AIM quoted natural stone
extraction Company operating in Kosovo and the Balkans region, with
headquarters in the United Kingdom.
The Company has been granted mining licences in relation to six
separate marble quarries and completed a maiden JORC resource
indicating an in-situ valuation of approximately Euro 16.5 billion.
Established in 2011, Fox Marble has access to over 300 million
cubic metres of premium quality marble.
Fox Marble also has rights to extract marble from the Drini and
Malesheva quarries, both in Kosovo and from the Prilep Quarry in
Macedonia.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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