22 July 2015: Announcement of Interest Waivers and Share Subscriptions

Millwall Holdings PLC (“Millwall” or “Company”) announces that on 26 June 2015, Chestnut Hill Ventures LLC (“CHV”), the majority owning shareholder of the Company controlled by John Berylson the Chairman of Millwall, agreed to waive all interest accrued on loan facilities and it also applied to subscribe for Ordinary B shares in the Company.
Under the terms the £20m Finance Facilities provided to the Company by CHV in 2012, cumulative interest at 12% per annum has accrued but has never been paid. CHV has agreed that all interest on this facility up to 31 December 2014, together with unpaid interest relating to earlier facilities going back to 2007, will be waived. This amounts to a release of £8.4m of liabilities of the Company which will be reflected as an improvement in the Balance Sheet position of the Company at 30 June 2015.
Further, CHV has agreed to waive its entitlement to interest from 1 January 2015 until 1 July 2016 or such later date as it may elect. This waiver will benefit the Comprehensive Statement of Income of the Company for both the years ended 30 June 2015 and 30 June 2016.
CHV has also invested £4.9m by the subscription for 4.9m B shares of £1 each issued at par. This brings the total investment by CHV and certain directors by way of issue of B shares during the year ended 30 June 2015 to £12,375,000.