Licence Update

RNS Number : 5865S

Fox Marble Holdings PLC

03 December 2012

 



AIM:  FOX                                                                                                                                3 December 2012

Fox Marble Holdings Plc

("Fox Marble" or the "Company") 

Licence update

The offices of Fox Marble in Pristine in Kosovo have received notices issued by the ICMM (The Independent Commission for Mines and Minerals) purporting to annul four of the five mining licences issued to various subsidiaries of Fox Marble and requiring that operations be suspended in those quarries. These quarries consist of two sites in Rahovec, one in Peja and one in Suhogerll.

Fox Marble believes that these notices have been issued unlawfully and erroneously and do not comply with the legislation as set out in the Law on Mines and Minerals, in particular section 9 of this law which states that any alleged breach of the conditions of the licences must be disclosed to the licencee and that licencee must be given between 60 and 120 days to cure the alleged breach. This has clearly not been adhered to and the Company has received advice from its Kosovan legal counsel that these notices are unlawful and unenforceable.

Accordingly, Fox Marble is taking legal action in Kosovo in support of its position and is confident that its licences will be restored to full operational status in due course.

The fifth licence relating to its quarry in Rahovec remains in order and operations continue in that quarry where marble is currently being extracted.

Fox Marble's cash balance at 30 November 2012 was €6.5 million. The loan notes from AGMH ltd in the amount of £2 million remain undrawn.

The Company will update the market further as soon as more information is available.

Enquiries

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

Fox Marble Holdings Plc
Christopher Gilbert, Chief Executive Officer	Tel: [phone]
Fiona Hadfield, Chief Financial Officer
Fox Davies Capital Limited (Nominated Adviser and Joint Broker)	Tel: [phone]
Susan Walker
Daniel Fox-Davies
Merchant Securities (Joint Broker)	Tel: [phone]
Lindsay Mair
Buchanan	Tel: [phone]
Tim Anderson / Fiona Henson / Sophie Cowles	www.buchanan.uk.com

 

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