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Fox Marble Holdings Gets GBP500,000 Loan From Director For Investment

LONDON (Alliance News) - Fox Marble Holdings PLC said Thursday it had received a GBP500,000 ...

Alliance News 7 December, 2017 | 11:04AM
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LONDON (Alliance News) - Fox Marble Holdings PLC said Thursday it had received a GBP500,000 unsecured loan from a non-executive director in order to fund additional investment to expand capacity to meet demand.

The marble quarrying and finishing company said Roy Harrison has loaned the AIM-listed firm the funds with a 5% interest rate attached. The loan is repayable at any time within a two-year term period.

Fox will use the funds to purchase additional equipment in order to accommodate the increasing demand for its marble products. At present the quarries are in their planned winter shutdown, production is due to recommence in March.

"This facility," Fox Marble Chief Executive Officer Chris Gilbert explained, "which falls outside our normal operating budget, will allow us to provide the quarries with additional essential equipment and it will give us the ability to increase production substantially, in order to meet the current and growing, global demand for our material."

Shares in Fox Marble were 1.4% higher at 10.77 pence on Thursday.

By Ahren Lester; ahrenlester@alliancenews.com.

Copyright 2017 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
Fox Marble Holdings PLC 11.00 GBX 0.00 -
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