Fox Marble Holdings PLC Update on EUR195M Arbitration Proceedings (0647Z)
19 Mayo 2021 - 01:00AM
UK Regulatory
TIDMFOX
RNS Number : 0647Z
Fox Marble Holdings PLC
19 May 2021
19 May 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 joins legal team
Fox Marble, the AIM listed marble production company with
operations in Kosovo and the Balkans, has further strengthened its
legal team with the appointment of eminent British Barrister and
Queens Counsel, Samuel Wordsworth QC of Essex Court Chambers. He
will complement the existing legal team, led by Dentons Europe CS
LLP, the world's largest law firm by number of lawyers, in support
of the Company's EUR195M claim against the Republic of Kosovo.
Mr Wordsworth is a highly regarded specialist in investor-state
arbitration, public international law and international
arbitration. He is regularly instructed by governments and has
appeared before numerous international tribunals (For more
information go to
https//www.essexcourt.com/barrister/Samuel-wordsworth-qc).
Chris Gilbert, CEO of Fox Marble Holdings, commented:
"We are pleased to welcome Mr Wordsworth aboard. His strong
reputation and impressive achievements, particularly in
investor-state arbitration cases, will further boost the
best-in-class legal team Fox Marble has already assembled.
As previously announced, we have already sourced all the
required litigation funding to cover expected costs throughout the
whole of the Arbitration proceedings and believe the anticipated
finding in the Company's favour will unlock material value to
shareholders.
Legal proceedings will commence imminently following the
nomination of the Company's Arbitration panellist, which is
expected to take place this quarter."
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.
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 Taylor/Nick Athanas/Liz Kirchner (Corporate Finance)
Amrit Nahal (Sales and Corporate Broking)
Tel: +44 (0)20 3394 2973
Cairn Financial Advisers (Nomad)
Liam Murray/Sandy Jamieson
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.
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