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MILLWALL HOLDINGS PLC
Posted on: Mon 07 Apr 2008
London, 7th April 2008: the Board of Millwall Holdings plc (or "the Company")
announces that it has received a notice from Mr Graham Ferguson Lacey ("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.
Mr Lacey, both personally and through his company Sports Regeneration Ltd is the
largest single shareholder in Millwall Holdings plc with a holding of
approximately 28.9%.
The proposed resolutions are fully set out in the notice and seek to stop the
Board making any arrangements outside the ordinary course of trading or which
could be of material significance, without shareholder approval.
The Board believes the passing of these Resolutions would render it logistically
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. Therefore, the Board
of the Company having taken advice from counsel, has declined to convene the
General Meeting on the basis that the proposed resolutions are vexatious and
ineffective.
John G. Berylson, Chairman of Millwall Holdings plc said:"We will take every
necessary step to fight this proposal. Mr Lacey is trying to use his minority
stake in Millwall to wrest control of the club and the Company away from the
Board, and prevent us from implementing our plans for the further development of
the club. We continue to make good progress on our regeneration project and his
actions put all our good work in jeopardy. Heather Rabbatts, CEO and Deputy
Chairman of Millwall Holdings plc said: "Millwall has made significant progress
in recent months, securing new sources of funding and planning for a successful
future.
So we were naturally surprised and disappointed when we learnt of this action by
our largest shareholder.
The motions that Mr Lacey is proposing would make it impossible to manage this
club.
This is clearly unworkable and one has to question the motives of Mr Lacey for
trying to impose such restrictions on us.
We have every reason to believe that the vast majority of the clubs' 43,000
shareholders strongly support the management's existing plans to develop the
club and will agree with us that this proposal from Mr Lacey is wholly
self-serving and unworthy of consideration."
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