Fox Marble Share Discussion Threads

[pugugly] 12/12/2022 12:58

At last some good news - but minimal in the overall scheme of things.

Odds on actually collecting any cash from India? or could the Indian counterparty turn out to be a person/s of straw?

1 December 2022

Fox Marble Holdings plc

("Fox Marble" or the "Company")

Fox Marble wins damages and costs of c GBP800,000 re Arbitration Award

Fox Marble, the dimension stone company focused on marble quarrying and processing in Kosovo and the Balkans region announces the results of its arbitration proceedings in the London Court of International Arbitration ("LCIA") against a customer based in India.

In 2017, Fox Marble signed an off-take agreement with the customer. The parties fell into dispute about their respective obligations under, and the performance of, that agreement. On 13 August 2020, commercial arbitration proceedings at the LCIA were initiated.

Following a hearing, on 11 November 2022, the LCIA issued an award in favour of Fox Marble with an award of EUR383,177 in damages plus GBP454,584 in costs. No other issues remain to be determined in the arbitration.

Each party now has 28 days to submit corrections and also to seek to challenge the award, subject to which the award is final and binding, and the customer is obliged to carry out its obligations under it. The amounts awarded bears an interest rate of 8% per annum, compounded annually.

Fox Marble intend to pursue recovery of these amounts. Fox Marble would like to thank Edwin Co LLP for their assistance in the proceedings.

[haroldthegreat] 01/10/2022 22:18

Shame there is a spelling mistake in the report. Perhaps they should read it carefully before publication ?

[hedgehog 100] 01/10/2022 19:23

FOX's proposed RTO of Eco Buildings Group reminds me of 65-bagger ROE-MAR, although at a much higher starting market cap.

From the RTO of Roeford Properties (ROE) by housebuilder Mar City (MAR) in late 2010.

ROE: from mid 2010 low of 0.235p (equivalent to 2.35p, post-consolidation) rose to 2p in late 2010 (equivalent to 20p, post-consolidation): 8.51-bagger



MAR: rose from 20p consolidation-adjusted in late 2010 to 154p in spring 2014: 7.7-bagger



= A combined 65.53 bagger.


MAR's market cap. rose to well over £100M.

Although unfortunately it ended badly.

[hedgehog 100] 01/10/2022 19:09

30/09/2022 07:00 UK Regulatory (RNS & others) Fox Marble Holdings PLC Half-year Report LSE:FOX Fox Marble Holdings Plc

Interim Results for the six months ended 30 June 2022

Fox Marble Holdings plc (AIM: FOX), the dimension stone company focused on marble quarrying and finishing in Kosovo and the Balkans, announces its unaudited interim results for the six months ended 30 June 2022.

Operational Highlights

-- The factory output and efficiency has continued to grow in 2022 - with 23,525 square metres of slabs processed in the first six months of 2022 (2021 - 15,222 square metres) and over 9,684 square metres of tile and cut to size material processed (2021- 7,411 square metres).

-- Quarry operations have been limited with quarrying being carried only to meet know demand while the block market remains sluggish. The quarries remain in good condition, with significant reserves of dimensional stone. The block marble market continues to falter, as high shipping and energy costs have further damaged the market following the initial Covid 19 shocks.

-- Appointment of Sir Mark Lyall Grant as Non-Executive Director to the Company on 4 April 2022. Sir Mark is one of the United Kingdom's most senior public servants, with more than 30 years of experience in leadership, policy making, negotiation and public presentation.

-- Fox Marble agreed heads of terms for the proposed acquisition of Eco Buildings Group Limited. Eco Buildings, will design, manufacture, and construct buildings made from glass fibre reinforced gypsum (GFRG) modular sections that capture cost and design efficiencies and advantages in build quality and performance that traditional building methods cannot deliver.

-- The proposed acquisition will constitute a reverse takeover pursuant to AIM Rule 14 under the AIM Rules for Companies. Fox Marble intends to undertake a significant capital expansion, including capital reorganisation and change its name to ECO Buildings Group Plc. The proposed acquisition is conditional on, inter alia, certain approvals and a shareholder vote at a General Meeting of the Company. There can be no certainty nor guarantee that the proposed acquisition will complete.

Financial Highlights

-- Revenue from the sale of processed marble products for the six months to 30 June 2022 increased to EUR0.3 million (H1 2021: EUR0.2 million).

-- Losses for the half year were EUR0.8 million (H1 2021: EUR0.6 million), due to costs incurred as part of the RTO process, offset by strict measures to control cost. ...

[haroldthegreat] 26/9/2022 08:42

Should have looked at companies house website but didn't have time .Sole directorship and wrong age . I thought the shares might go up and i could sell out and buy case of cold drinks . Will have to make do with a mars bar !

[haroldthegreat] 26/9/2022 07:02

Is Dominic Redfern a director of Diageo ? If so adds credibility ! If not ......

[effortless cool] 26/9/2022 06:49

Comedy show is right - paying £30m for a newly incorporated business with £1k capital!

Well, it's not really £30m, however, since the purchase is being paid for with FOX shares, which are pretty much worthless. So it's one worthless company acquiring another worthless company but dressing it up to look like a £30m transaction.

The big question is, will they find enough fools to support the £10m placing, which involves real money? echoridge surely can't do it on his own.

[glennborthwick] 22/8/2022 09:09

No news for a while for this comedy show.

[glavey] 05/5/2022 02:52

So glad you enjoyed it, Grumps!

[wolstencroft] 04/5/2022 15:08

hmm I though you were American but you seem to understand sarcasm?

I'm sorely bruised as it turns out that AIM is not a light-touch almost zero regulation exchange but a place where NOMADs go well beyond the rule-book and meticulously investigate RTOs even when one is in the contemplation stage with a fine attention to detail despite the pittance they are paid in order that CEOs don't suspend shares on a whim.

No newly established start-up with no factory, no employees, no customers, no membership of trade organisations, no IP, no accounts, no money apart from a few hundred k loaned to them could possibly get into an RTO. We are all safe!! Thanks echo for helping me see the light.

....limps away black and blue with bruised ego

[wolstencroft] 04/5/2022 11:14

aw I thought you did care.....

[echoridge] 04/5/2022 10:13

btw, I could care less about anything to do with your shareholder, or not, status. Just in correcting your spouting nonsense. of course

[wolstencroft] 04/5/2022 08:55

Of course I am! But it's so much fun!

BTW I've not been a shareholder for years, well I might own 1 share so I can go to an AGM if I want.

[echoridge] 04/5/2022 08:47

I guess because you couldn't find it and put it in a link, you think giving an answer so objectively out of touch with reality is somehow ok. Meantime, love the disclaimer at the end. You ARE entirely wrong. Of course

[echoridge] 04/5/2022 08:12

If the previous post was too wordy for you, try and answer this (remember, grounded in this universe, your own words, not hiding behind links): How is the piddly fee FOX pays its NOMAD worth the hefty fines likely even more severe penalties that it would inevitably suffer as a result of violating the very rules you published in aid of a purposeful deception in such a consequential matter as an RTO/share suspension request? No hurry

[echoridge] 04/5/2022 07:38

You are just the gift that keeps on giving. You think that just because you're really really really angry about losing money, and you post links, that that inoculates against being seen as, well, dopey? Read any of a half a dozen pages from the latest result of your deep research and tell me how AIM requirements for NOMADs would square in any known universe (not your Mr Angry one I'm afraid) with FOX's NOMAD, in facing AIM regulators and effectively vouching for the appropriateness of Eco Building's business in seeking an RTO-related suspension, when you're suggesting the NOMAD would know the exact opposite (can you spell self-own?). Explain to me how that NOMAD, knowing that Eco had no business, no customers, etc., with just £1k in paid-in capital, could possibly think that it would be a great idea to utterly mislead the regulator when they would be found out in a matter of months? So their client could get some holiday time from being listed?? And then, duh duh duuuuuh, How would that not violate half the sections on NOMAD best-practice responsibilities from the rulebook you so proudly shared, thinking it was somehow SUPPORTING your case? As for waiting for the prospectus, it means I know enough about the Eco's origins - AND the NOMAD's responsibilities in this situation - to be confident that the prospectus will demonstrate a business more than substantial enough to make an appropriately-sized RTO partner with FOX. And that you misspelled prospectus.

[wolstencroft] 04/5/2022 06:56

Oh dear echo

Can you cite AIM regulations rather than just CAPITALISE stuff?



I'm not sure you fully realise just how light-touch AIM is - remember all those Chinese companies listed on AIM that were actually fake, for example?

You like to capitalise "BY DEFINITION" but I gave you the definition above in the AIM rules.

Can you provide a definition re: the rules for an RTO suspension rather than using the SHIFT key on your keyboard?

I have provided YOU with a DEFINITION from the AIM RULES. I have also PROVIDED here the NOMAD regulations and THEY DONT SAY anything about RTOs or SUSPENSION

Damn it I'm using CAPITALS now its CONTAGIOUS

I'll probably start making simple GRAMMER and SPELLING errors based on YOUR'E example next.

I suspect that by saying you'll see me at the prospectus that Eco don't have a factory, have no employees other than three directors, don't belong to any trade organisations, and don't have any customers. BUT it's not a problem for FOX if this is true as they've seemingly done many deals in the past with these sorts of companies.

All of us, no matter how arrogant we are, will continue to confuse fantasy and reality.

GLTA

[echoridge] 04/5/2022 05:49

Best part of that is that you looked at your post and thought, ''Nope, 'chit with sh...' is just too good, I've gotta lead with that. Oh and the persnickety thing is just so clever it has to be in bold type'', so you went back and edited that bit of fluff. classic

[glavey] 04/5/2022 05:30

Or chit with sh...

Oh, and pernickety this side of the pond thank you. :-)

[echoridge] 04/5/2022 04:51

oh, and as for the specifics of Eco Building's business, I'll see you at the prospectus. In the meantime, why don't you satisfy yourself with some commentary from Merriam Webster, you persnickety prig: 'Cite, site and sight are often confused in usage. Cite, which is often used when making reference to something, typically functions as a verb (“to cite a source”). Site can be either a noun or a verb referring to a place or the act of finding a place for something. Sight is usually concerned with the act or action of seeing (as in “a beautiful sight”).
All of us, no matter how persnickety we are about grammar and usage, will occasionally manage to confuse such words as cite and site....'

[wolstencroft] 03/5/2022 14:49

ouch

I'm citing (not "sighting") the behaviour of an extant director of FOX, and AIM's behaviour where many, many deals were announced with virtually none coming to fruition and yet no RNSs were made to retract the previous ones.

Is eco buildings an oparating business? Can you please provide evidence (customers, sales, accounts etc). It had no directors until 2 months ago!

No customers on its website. As they are an operating business please give ONE customer of theirs.

Which trade organisations does it belong to? How large is their workforce?

Where is their factory (they talk about their products). Certainly not at EN5 5YL?

Anyway, back to RTOs.

"Following the announcement of a reverse takeover that has been agreed or is in contemplation,
the relevant AIM Securities will be suspended by the Exchange until the AIM company has
published an admission document in respect of the proposed enlarged entity unless the target
is a listed company or another AIM company. "

Nothing about scrutiny there.... looks like you are just saying so as the AIM regulations don't mention it.

"Where shareholder approval is given for the reverse takeover, trading in the AIM
securities of the AIM company will be cancelled. If the enlarged entity seeks
admission, it must make an application in the same manner as any other applicant
applying for admission of its securities for the first time."


"If the new entity wishes its securities to be admitted, it will need to issue a ten day
announcement pursuant to rule 2. In addition, it will need to submit a further fee, an electronic
version of its admission document, a nominated adviser’s declaration and a company
application form at least three business days prior to admission pursuant to rule 5 and abide
by all other requirements to which an applicant may be subject under these rules. "



Sounds like the regulators, NOMADs etc will be looking at the enlarged company on readmission, and not now. They don't much care now I think because the company will be delisted.