US$1.8 million sale and purchase agreement for Marble obtained from India

07 February 2017

Fox Marble Holdings plc
(“Fox Marble” or the “Company”)

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region, announces that is has entered into a US$1.8m per annum sale and purchase agreement with Mahadev Marmo PVT Ltd (‘Mahadev’), India’s second largest green marble export house, following the satisfactory delivery and completion of a block marble sample order, which was shipped in December 2016. This order and sales agreement marks the Company’s first customer and entry into India and is in line with Fox Marble’s international expansion strategy as it positions itself as a leading low cost marble production, processing and distribution company globally.

In light of this new agreement, the Company has increased its estimate of its order book in 2017 to €4.1m.

Sample order shipped

Following an inspection of the quarry, Mahadev paid for three blocks of Fox Marble’s Illirico Selene (silver grey) block marble.  This order was shipped in December 2016 from Fox Marble’s newest quarry – the Malesheva quarry in Kosovo and arrived in India early this year. The blocks were processed in the Mahadev facility in Udaipur.

Sale and Purchase agreement

In November 2016 Fox Marble completed a full Sale and Purchase Deed of agreement with Mahadev to supply a minimum quantity of its Illirico Selene marble over a three year period valued at approximately US$1.8 million per year, subject to satisfactory receipt and inspection of the sample order, which has now taken place.  It is anticipated that the block marble will be shipped at the rate of approximately 1,000 tonnes per month once Fox Marble quarry operations re-open in March 2017, following the annual scheduled winter shutdown (January – March) due to the usual cold weather conditions.

Fox Marble, CEO Chris Gilbert, commented:

“This new sales order and sales agreement marks our first move into the significant and potentially lucrative Indian marble market. After a marketing drive in country, we were delighted to see commercial traction and demand for our marble product as a new and exciting stone.  This new relationship with Mahadev has been the result of many months of work to establish a secure supply chain in India and we look forward to working with them during the course of 2017, where we anticipate receiving further significant orders.”

Mahadev Marmo PVT Ltd

The company was established in 1988 by Shri Shankar Singh Sisodia and has an excellent track record in supplying premium natural stones to National and International Markets.  Notably the Mahadev Marmo group of Companies is India's second largest Green Marble Export House. The Company is headquartered at Udaipur in Rajasthan-the Western State of India, which is the hub of the stone industry.

Mahadev owns fully mechanised developed quarries in Udaipur, the heart of Aravali Mountains range quarrying region, and a Black Galaxy quarry at ONGOLE in Andhra Pradesh. It also has the most modern, environment friendly, versatile & high capacity machinery, The company has built a state of the art factory at Udaipur with an annual production capacity of 100,000 ton marble blocks and 125,000 sq.m. of slabs.

Its products are exported to Italy, Australia, Canada, Hong Kong, Taiwan, China, Japan, America, and Middle East etc. Some of the prestigious projects in which its products have been used include the Hotel Micaso, Johor Baru, Malaysia, Rasa Shangri La, Kota Kinabala & Star City, Kualalumpur, Raniwara as well as the Mandarin Orientale, Kualalumpur, the Pantai Plaza, Kualalumpur and the Colmer Tropicale, Bukittinggi, Malaysia.

Shankar Singh Sisodia of Mahadev commented,

“Equally we are pleased to be working with a prestigious company such as Fox Marble which supplies high grade marble from Europe.  The Indian market has always been welcoming of marble product from other parts of Europe, therefore I am confident that the demand for materials from Fox Marble will likely be high.”

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

Cairn Financial Advisers LLP (Nomad)
Liam Murray
Tel: +44 (0) 20 7213 0880

Brandon Hill Capital (Broker)
Oliver Stansfield (CEO)
Tel: +44 (0) 20 3463 5000

Yellow Jersey PR
Felicity Winkles
Tel: +44 (0) 77 4884 3871

Francesca Hillier
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 40 year mining licences for six separate marble quarries of which three are now in production 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 (over 1bn tons) of premium quality marble.

In addition, Fox Marble has rights to extract marble from two further premium quality marble quarries, at Drini and at Malesheva in Kosovo, which is in full production, and from the Prilep Quarry in Macedonia which is also in full production and, one of only two sources worldwide of the highly prized white Alexandrian White marble.

Forward Looking Statements

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. 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

Orders and specifications achieved for premium finished marble product from leading luxury property developments in the UK and Australia

AIM: FOX
15 December 2016

Fox Marble Holdings plc
(“Fox Marble” or the “Company”)

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosova and the Balkans region, is pleased to report on orders and specifications worth approximately €300,000 from leading property developments in the UK and Australia that underscore the continued development of the Company’s customer base globally.

The prominent developments that have selected Fox Marble include:

• Audley Square in Mayfair, London being developed by the Caudwell Collection - and regarded as one of the most prestigious residential buildings in the world - has specified Fox Marble’s Illyric White and Selene Grigio marble for all of the interior common areas.  Once final plans for the property are complete Fox Marble expects to receive a formal purchase order.

• An exclusive residential property located in Point Piper, Sydney, Australia, which is expected to be the most expensive house in Australia when completed, has ordered Fox Marble’s Sivec, Flora, Rosso Cait and Etruscan gold marble to be used in its construction. The materials were shipped in December 2016.

• The developers of a large residential mansion in West London, valued at £40m, have ordered Fox marble’s Flora, Grigio Argento and Sivec marble, due for shipment in the next two months with the project due for completion in the spring of 2017.

Chris Gilbert, CEO commented:

“These latest orders continue to demonstrate the desirability of our premium marble products as the stone of choice in some of the most prestigious and expensive residential developments taking place around the world. 

Furthermore, in line with our strategy of offering a low-capex and integrated approach to our marble production, processing and distribution globally, these developments also show that our brand is gaining reputation as a trusted supplier, capable of effective production and distribution of marble at the high standard of quality required in such projects”

The directors’ expectations for the Company’s order book which will be realised in 2017 remain broadly in line with what was announced on 13 December 2016.  The Audley Square development will not be recognised in the order book until such point as a formal purchase order is received.

Forward Looking Statements

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. 

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
    
Cairn Financial Advisers LLP (Nomad)
Liam Murray
Tel: +44 (0) 20 7213 0880
    
Brandon Hill Capital (Broker)     
Oliver Stansfield (CEO)
Tel: +44 (0) 20 3463 5000
    
Yellow Jersey PR     
Felicity Winkles    Tel: +44 (0) 7748 843 871
Francesca Hiller    Tel: +44 (0) 7708 400 470  

Notes to Editors

Fox Marble Holdings Plc is an AIM quoted natural stone extraction Company operating in Kosova and the Balkans region, with headquarters in the United Kingdom. 
The Company has 40-year mining licences for six separate marble quarries of which three are now in production 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 (over 1bn tons) of marble of premium quality marble.
In addition, Fox Marble has rights to extract marble from two further premium quality marble quarries, at Drini and at Maleshevë in Kosova, which is in full production, and from the Prilep Quarry in Macedonia which is also in full production and, one of only two sources worldwide of the highly prized Alexandrian White marble.