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 €600,000 to €800,000 per annum.
Mr Patil will make an initial payment of £50,000 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 £450,000 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 |
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Chris Gilbert, Chief Executive Officer |
Tel: +44 (0) 20 7380 0999 |
Fiona Hadfield, Finance Director |
Tel: +44 (0) 20 7380 0999 |
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Brandon Hill Capital (Joint Broker) |
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Oliver Stansfield |
Tel: +44 (0) 20 3463 5000 |
Cairn Financial Advisers LLP (Nomad) |
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Liam Murray / Sandy Jamieson |
Tel: +44 (0) 20 7213 0880 |
Beaufort Securities Limited (Joint Broker) |
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Elliott Hance |
Tel: +44 (0) 207 382 8300 |
Yellow Jersey PR (PR & IR) |
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Georgia Colkin Katie Bairsto |
Tel: +44 (0) 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 identified 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 reflect 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.
