TIDMFOX
RNS Number : 4529N
Fox Marble Holdings PLC
30 September 2021
30 September 2021
Fox Marble Holdings plc
("Fox Marble" or the "Company")
Update on Fox Marble's EUR195M Arbitration Proceedings against
Republic of Kosovo
Samuel Wordsworth QC provides Counsel's opinion
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 EUR195M
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
EUR195M 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 EUR195M proceedings
against the Republic of Kosovo and the Company also secured firm
commitments of a further GBP0.5M 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
identi ed 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 re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors
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END
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September 30, 2021 02:00 ET (06:00 GMT)
Fox Marble (LSE:FOX)
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Fox Marble (LSE:FOX)
過去 株価チャート
から 1 2024 まで 1 2025
