4 December 2014
AIM: FOX
FOX MARBLE HOLDINGS PLC
("Fox Marble" or the "Company")
New long term offtake agreement signed
€1.5m worth of block marble
Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region, is pleased to announce that it has entered into a long term offtake agreement with Banyan Stone Limited ("Banyan") headquartered in Gibraltar.
Banyan has agreed to purchase €1.5m worth of block marble from Fox Marble in three tranches over the next eighteen months with €500,000 worth of stone being purchased every six months. Under the terms of the agreement Banyan will make a prepayment on the first instalment of €250,000 to Fox Marble immediately and the balance of €250,000 upon the completed delivery of the first tranche of stone, expected in early 2015.
Banyan will select blocks of marble from the Company's range of stone. Banyan's market is largely focused on the Far East with particular reference to Singapore and the surrounding region.
Chris Gilbert, CEO commented: "We are pleased to have formalised a relationship with Banyan Stone Limited, which marks an important step towards our stated aim of developing a global distribution network with strategic and well positioned partners.
"Whilst certain sales contracts have taken longer to crystallise than first envisaged, causing much of our anticipated revenue for the current year to be pushed out to 2015, we have experienced a significant improvement in the level of interest in our product, particularly in the last quarter of 2014. In part this has been a result of Fox Marble now being able to provide a broad and varied inventory of good quality block and processed marble for potential customers to review.
"Today's announcement reconfirms the marble we are producing is desirable and sought after around the world. This agreement with Banyan, together with the MGI agreement announced earlier this year, will provide a solid start to our revenue figures for 2015. We would expect further sales contracts to be completed early in the New Year and we look forward to updating the market"
Fox Marble's cash balance at 30 November 2014 was €5.0 million.
For more information on Fox Marble please visit www.foxmarble.netor contact:
Fox Marble Holdings plc |
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Chris Gilbert, Chief Executive Officer |
Tel: +44 (0) 20 7380 0999 |
Fiona Hadfield, Chief Financial Officer |
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Cairn Financial Advisers LLP (Nomad) Avi Robinson / Liam Murray |
Tel: +44 (0) 20 7148 7900 |
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Fox Davies Capital Limited (Broker) |
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Jonathan Evans |
Tel: +44 (0) 20 3463 5000 |
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Yellow Jersey PR |
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Dominic Barretto Kelsey Traynor |
Tel: +44 (0) 77 6853 7739 Tel: +44 (0) 77 9900 3220 |
Notes to Editors
Fox Marble Holdings Plc is an AIM quoted natural stone extraction and production Company operating in Kosovo and the Balkans region, with headquarters in the United Kingdom.
Established in 2011, Fox Marble has access to over 300 million cubic metres of premium quality marble and completed a maiden JORC resource indicating an in-situ valuation of approximately Euro 16.5 billion. As announced in October 2013, it now has four quarries in operation and in August 2014 it completed the acquisition of the Prilep Omega Sivec Quarry, thus increasing its exposure to the highly desirable Sivec marble.
