Termination of Series 2 Loan Note

RNS Number : 5649M

Fox Marble Holdings PLC

27 August 2013

 



AIM:  FOX

27 August 2013

Fox Marble Holdings plc

 ("Fox Marble" or the "Company")

Termination of series 2 loan note

Fox Marble (AIM: FOX), the AIM listed company focused on marble quarrying in Kosovo and the Balkans region, announced on 8 August 2013 that it has undertaken a £2.5 million fundraising to terminate the £2 million undrawn convertible loan note facility provided by AGMH Limited to the Company and to provide additional working capital for the development of its business. Third party legal and financing costs amounting to £166,250 will be incurred by AGMH Limited in respect of the termination of the convertible loan note facility and the Company has agreed to pay an amount equal to those costs to AGMH Limited (the "Transaction").

The Transaction is a related party transaction, pursuant to Rule 13 of the AIM Rules for Companies, due to each of Christopher Gilbert and Dr. Etrur Albani being a director of both Fox Marble and AGMH Limited and interested in shares in AGMH Limited. 

With the exception of the directors who are involved in the Transaction as related parties, the directors of the Company consider, having consulted with its nominated adviser, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.

Chris Gilbert the Chief Executive of Fox Marble commented: "We are pleased to have successfully strengthened our balance sheet with this fund raising which replaces debt with equity and gratified by the support from our existing institutional shareholders who contributed to this as well as welcoming new institutions who have understood the returns we expect to see in Fox Marble. 

With this money raised we now have £5.8m available on hand which we will use to continue the successful implementation of our business plan including the building, equipping and commissioning of our processing plant. This plant will allow us to benefit from the additional high margins we expect to generate from the sale of cut and polished marble. Meanwhile we continue to pursue the strong interest we are receiving in the marble we are extracting from our quarries"

Enquiries:

Fox Marble Holdings plc
Christopher Gilbert, Chief Executive Officer Fiona Hadfield, Chief Financial Officer	Tel: [phone]
Fox-Davies Capital Limited (Nomad and Joint Broker)
Susan Walker/Jonathan Evans	Tel: [phone]
Sanlam Securities UK Limited (Joint Broker)
Lindsay Mair/Richard Goldsmith	Tel: [phone]
Buchanan	Tel: [phone]
Mark Court / Fiona Henson / Sophie Cowles	www.buchanan.uk.com

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 been granted mining licences in relation to five separate marble quarries 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 of premium quality marble including white breccia and honey yellow onyx.

Fox Marble also has rights to extract grey marble from the Drini quarry and cream and white grey marble from the Malesheva quarry, both in Kosovo and white marble from the Sivec region in Macedonia from the Prilep Quarry.

 

END

 

 

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