Update on EUR195M Arbitration Proceedings

RNS Number : 4809S

Fox Marble Holdings PLC

17 March 2021

 

17^th March 2021

 Fox Marble Holdings plc

("Fox Marble" or the "Company")

Update on €195M Arbitration Proceedings against Republic of Kosovo

Fox Marble, the AIM listed company focused on marble quarrying and processing in Kosovo and the Balkans region is pleased to announce that eminent British Barrister and Queen's Counsel, Simon Nesbitt QC (of the Maitland Chambers in London) has been retained to act on Fox Marble's behalf in support of the ongoing case against the Republic of Kosovo. Mr Nesbitt QC practises exclusively in the field of international arbitration often involved in some of the world's largest and most high-profile disputes ( https://www.maitlandchambers.com/barristers/simon-nesbitt ).

Mr Nesbitt QC now joins Dentons Europe CS LLP, the world's largest law firm by number of lawyers, as part of the legal team acting on the Company's behalf in its €195M claim against the Republic of Kosovo. As previously announced, the Company has already sourced the required capital to cover all expected costs throughout the Arbitration proceedings.

Fox Marble will now nominate its choice of Arbitration panellist as a final step ahead of the commencement of litigation proceedings. This is well advanced and the Company expects to make it's submission within the next few days.

In support of its recovery strategy Fox Marble has also now engaged Kroll Associates, another market leader in their field with circa 5,000 professionals operating in 30 countries, to identify and investigate the assets that are owned and under the control of the Republic of Kosovo both within the country and overseas. This will help satisfy any future judgement made in favour of Fox Marble in a timely manner.

Chris Gilbert, CEO of Fox Marble Holdings plc, commented:

"The Company and its advisors continue to strongly believe in the merits of Fox Marble's €195M case against the Republic of Kosovo. We welcome the appointment of Mr Nesbitt QC to the legal team and look forward to the commencement of legal proceedings following the imminent nomination of the Company's Arbitration panellist."

Background to Legal Proceedings

On 4 September 2019, Fox Marble launched United National Commission on International Trade Law (UNCITRAL) arbitration proceedings, against the Republic of Kosovo for damages in excess of €195 million, as a result of the failure of the State to protect Fox Marble's rights over the Maleshevë 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 €195 million arbitration proceedings against Republic of Kosovo and the Company also secured firm commitments of a further £0.5 million 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.

For more information on Fox Marble please visit www.foxmarble.net or contact:

Fox Marble Holdings plc
Chris Gilbert, Chief Executive Officer	Tel: [phone]
Fiona Hadfield, Finance Director	Tel: [phone]
Brandon Hill Capital (Joint Broker) Oliver Stansfield	Tel: [phone]
Allenby Capital (Joint Broker) Nick Naylor/Nick Athanas/Liz Kirchner (Corporate Finance) Amrit Nahal (Sales and Corporate Broking)	Tel: [phone]
Cairn Financial Advisers LLP (Nomad) Liam Murray / Sandy Jamieson	Tel: [phone]

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 Alexandrian Blue, Alexandrian White, Breccia Paradisea, Etruscan gold and Grigio Argento and are gaining sales 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 residential 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. 

 

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