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Fox Marble suspends operations at Malesheva amid acquisition dispute

By Josh White

Date: Thursday 18 Jul 2019

Fox Marble suspends operations at Malesheva amid acquisition dispute

(Sharecast News) - Kosovo-focussed marble quarrying and processing company Fox Marble has suspended operations in its Malesheva quarry, it announced on Thursday, pending a resolution to the dispute with its acquisition target Green Power and Scope, as it disclosed on 26 June.
The AIM-traded firm said that in the meantime, it was concentrating on its operations in the Cervenilla and Syrigane quarries in Kosovo, which contained its desirable Grigio Argento, Flora, Rosso Cait, Etrusco Dorato and Breccia Paradisea stone.

In addition, the Alexandrian White and Alexandrian Blue material from its quarry in Macedonia continued to attract more demand around the world, the board said, with increasing sales due to increased production.

The company, based on legal advice, said it continued to believe that the claims challenging the enforceability of the acquisition agreement of Green Power and Scope were wholly unfounded.

"We are working hard to resolve this temporary difficulty in this one quarry and believe that our rights will be asserted successfully as has been the case in the past," said chief executive officer Chris Gilbert.

"In the meantime I anticipate that orders for our processed material from our factory will increase and we will update the market with growing sales of this higher margin part of our business."

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