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Update on Fox Marble’s €195M Arbitration Proceedings against Republic of Kosovo

Fox Marble, the AIM listed marble production company with operations in Kosovo and the Balkans, announces that, further to the announcement of 19 May 2021, it has received the formal opinion of eminent English Barrister and Queen’s Counsel, Samuel Wordsworth QC of Essex Court Chambers…

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

Fox Marble, the AIM listed marble production company with operations in Kosovo and the Balkans, announces that, further to the announcement of 19 May 2021, it has received the formal opinion of eminent English Barrister and Queen’s Counsel, Samuel Wordsworth QC of Essex Court Chambers. 

He has submitted his opinion in respect of the Company’s €195M claim against the Republic of Kosovo claim being advanced by Dentons Europe CS LLP.

Mr. Wordsworth QC’s opinion supports the Company’s claim that the Republic of Kosovo has breached the provisions of the Kosovo Investment Law, and it is his view that an international arbitral tribunal will have jurisdiction to decide the Company’s claim under that Law.

The Company’s legal team has now identified Fox Marble’s choice of arbitrator of the three that will sit and adjudicate the claim and will be notifying such choice to the Republic of Kosovo shortly.

Chris Gilbert, CEO of Fox Marble Holdings, commented:

“We are pleased to receive Mr Wordsworth QC’s opinion in support of our case. Mr. Wordsworth QC is one of England’s leading silks who has market leading experience in cases involving States, and has a particular expertise in investor-State arbitration cases.  His strong reputation and impressive achievements, particularly in investor-state arbitration cases, will further strengthen the pursuit of our claim.”

Background to legal proceedings

On 4 September 2019, Fox Marble launched United Nations Commission on International Trade (UNCITRAL) arbitration proceedings against the Republic of Kosovo for damages in excess of €195M as a result of the failure of the state to protect Fox Marble’s rights over the Malesheve quarry.

The Company believes the Kosovan Government to be in clear breach of its responsibilities towards the Company as a foreign investor in Kosovo and that this action is in the best interests of its shareholders and employees.

On 16 December 2020, Fox Marble announced the appointment of Dentons Europe CS LLP as legal counsel for the €195M proceedings against the Republic of Kosovo and the Company also secured firm commitments of a further £0.5M in the form of litigation funding from private investors.

Further announcements will be made in due course.

This announcement contains inside information for the purposes of Regulation 11 of the Market Abuse (amendment) (EU exit) Regulations 2019/310. 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

Quatro PR

Gary Pleasants

Tel: +44 (0)207 566 7963/+44 (0)7966 487 739

Mark Herbert

Tel: +44 (0)7770 381608

Brandon Hill (Joint Broker)

Oliver Stansfield

Tel:  +44 (0)20 3463 5000

Allenby Capital (Joint Broker)

Nick Naylor/Nick Athanas/Liz Kirchner (Corporate Finance)

Amrit Nahal (Sales and Corporate Broking)

Tel:  +44 (0)20 3394 2973

Cairn Financial Advisers (Nomad)

Sandy Jamieson/Liam Murray/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.

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'', "expect", ''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

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