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MILLWALL HOLDINGS PLC
GENERAL MEETING HELD ON 12 DECEMBER 2014
EXTRACT OF STATEMENT MADE BY DIRECTORS

The General Meeting has been called again this year, as required by the Companies Act 2006, as the net assets of the Company continue to be less than 50% of the share capital. Once again the position has worsened in 2014 as a result of the loss incurred in the year ended 30 June 2014. The meeting is called to discuss what steps, if any, should be taken to deal with the situation.
Chestnut Hill Ventures continues to fund the Company on a day to day basis, so that it can continue to trade, with facilities in place until at least 1 July 2016. Your directors continue to take steps aimed at improving the performance of the Company.
At the Annual General Meeting last year shareholders approved the creation of 25,000,000 new B Shares and gave directors authority to issue up to 20,000,000 of the new B shares over the next 5 years. Last month, on 7 November, Chestnut Hill Ventures subscribed for and was issued with 6 million of these B shares. This improved the balance sheet by the 6 million invested, reducing the net liabilities of the Company. This investment was additional to the facilities currently in place with Chestnut Hill Ventures.
The primary purpose of having the ability to issue B Shares is to allow the Company to meet the current requirements of the Financial Fair Play Regulations of the Football League. Thus, the issue of the B Shares raising 6 million more than met the equity investment requirements of the Financial Fair Play Regulations in respect of the year ended 30 June 2014, Your directors will continue to monitor both the balance sheet position and the Financial Fair Play requirements during 2015 and take steps to ensure the continued viability of the Company.
Your directors do not consider any other action is required at this stage and no resolution is to be put before this general meeting.


 

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Last modified: 22-12-14