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Millwall Holdings Plc
(“Millwall” or the “Company”)
The Company has today completed a loan facility (“Loan”) from Chestnut Hill
Ventures LLC. The principal terms of the Loan are as follows:
1) the amount of the facility provided by CHV is up to £3.5 million, 50% of
which may be syndicated to other lenders, subject to its terms,
2) the facility is available for a two year period,
3) interest on the facility will be 17% per annum and interest may be converted
in PIK notes, and
4) there will be an early prepayment or cancellation fee of 20% of the amount
prepaid or cancelled
The facility will be unsecured save that it will be guaranteed by The Millwall
Football & Athletic Club (1985) Plc (“Club”). CHV will additionally have a right
under the Facility to appoint a non-executive director to both of the Company
and to the Club’s board.
The loan will be used for general working capital purposes
Having consulted with Seymour Pierce, the Directors of the Company (other than
John Berylson and Demos Kouvaris who are both directors of CHV), consider , that
the terms of the Loan are fair and reasonable insofar as shareholders are
concerned.
Comment:Millwalls Executive Deputy Chairman Heather Rabbatts commented "
Millwall is pleased to announce this loan arrangement. To have successfully
raised unsecured finance from CHV at this time of financial uncertainty in the
markets further helps stabilise the Company’s finances for the foreseeable
future. "
Contacts:
Millwall: Heather Rabbatts
020 7232 1222
Seymour Pierce: John Depasquale
020 7107 8000
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