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Millwall Holdings Plc ('Millwall' or 'the Company')
Result of General Meeting
2nd July 2008
The Board of Millwall is pleased to announce that the Resolutions proposed by Mr
Graham Ferguson Lacey were today defeated at the General Meeting held at The
Den, Zampa Road, London SE16 3LN at 10.30am. Of the total votes cast relating to
the First Resolution, 43.31% were in favour and 56.69% were against. In the
Second Resolution, 43.31% voted in favour and 56.69% against.
Background to the general meeting
On the 7th April 2008, the Board of Millwall announced that it had received a
notice from Mr Lacey and one of his companies, Sports Regeneration Ltd,
requiring it to call a general meeting of the Company for the purpose of
considering and voting on two resolutions. The Company declined to hold the
general meeting as having taken legal advice, it believed that the resolutions
proposed were vexatious and ineffective. A repeated demand from Mr Lacey on 6th
May to requisition a general meeting was also refused by the Board for the same
reasons.
As stated at the time, the Board believed the passing of the resolutions would
have rendered it impossible to run the business, incur significant expense and
prevent the Directors from being able to manage the company effectively as well
as from progressing the regeneration of the Company’s properties.
Despite this clear rejection and the Board informing Mr Lacey of the
considerable costs which would be incurred, Mr Lacey continued to insist that a
meeting was called. Eventually, the Board agreed to call a general meeting as
the costs associated with a potentially prolonged legal action to prevent one
could have materially damaged the finances of the Company.
John G. Berylson, Chairman of Millwall said:
“This has been a costly and time-consuming exercise for all concerned. We are
delighted that shareholders have voted against these absurd, ill-conceived and
self-serving resolutions and are very grateful for the considerable support we
have had from both our fans and our shareholders. However, this unnecessary
process has cost us well over £100,000; money which would have been better spent
on strengthening the football club. Finally we can now move on and we look
forward to next season.”
Heather Rabbatts, Chief Executive of Millwall added:
“With this vote, Millwall’s shareholders have given the Board and Management a
strong mandate and a free hand to continue to develop the club. We are pressing
ahead on our regeneration scheme, and using the summer to improve both our
facilities and our squad with the additional financial resources recently
provided by the chairman.”
Contact:
Millwall plc
Heather Rabbatts 020 7740 0519
Seymour Pierce
John Depasquale 020 7107 8010
Maitland
Peter Ogden 020 7379 5151
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