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Millwall Holdings plc (“Millwall” or the “Company”)

Amendment to Loan Facilities

The Company today completed an amendment to the secured facility agreement with Chestnut Hill Ventures LLC (“CHV”) originally dated 1 March 2007 (as amended and restated on 2 April 2008 and further amended on 30 June 2008, 17 December 2009 and 29 March 2010) (“Secured Facility Agreement”) to extend the term of the facilities provided to the Company under the Secured Facility Agreement until 1 July 2012. Other than the date of repayment, the terms of the Secured Facility Agreement will remain the same.

The Company also today completed an amendment to the unsecured facility agreement with CHV originally dated 25 November 2008 (as amended on 20 October 2009 and amended and restated on 17 December 2009) (“Unsecured Facility Agreement”) to extend the term of the facilities provided to the Company under the Unsecured Facility Agreement until 1 July 2012 and to permit up to £1,400,000 of the ‘facility B loans’ under the Unsecured Facility Agreement, once repaid in the manner set out in the amendment letter, to be redrawn by the Company in accordance with, and subject to, the other provisions of the Unsecured Facility Agreement. Other than as set out above, the terms of the Unsecured Facility Agreement will remain the same.

The amendment to the Secured Facility Agreement and to the Unsecured Facility Agreement each constitute a related party transaction under the AIM Rules due to the fact that John Berylson, a director of the Company, taken together with his family has a controlling interest in CHV and also CHV is a substantial shareholder in the Company. The independent directors of the Company (which excludes John Berylson, Demos Kouvaris and James Berylson) consider, having consulted with Singer Capital Markets Limited, that the terms of the transactions are fair and reasonable insofar as shareholders of the Company are concerned.
 

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Last modified: 15-11-10