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MILLWALL HOLDINGS PLC

ANNOUNCEMENT OF AUDITED RESULTS
FOR THE YEAR ENDED 30 JUNE 2014


The audited results for the year ended 30 June 2014 disclose a Loss from Operations amounting to £9.0m (2013: £4.4m). Revenue for the year amounted £10.5m (2013: £12.8m). Revenue for last year benefited from the FA Cup run to a Semi Final at Wembley in that year. This reduction in Revenue and increased player salary costs have contributed substantially to the increase in Loss from Operations this year.

The directors are confident that after making the appropriate adjustments permitted by the Financial Fair Play Regulations, the Company will comply with the limit of losses set for the past season. On 7 November 2014 Chestnut Hill Ventures LLC, the majority owner of the Company, applied to subscribe for and had issued to it 6 million B shares of £1 each, raising £6 million of equity investment, thereby more than complying with Financial Fair Play Regulations.

Directors remain fully and enthusiastically committed to the proposals for the regeneration of what is known as the Surrey Canal Triangle. Lewisham Council unexpectedly and disappointingly decided that it preferred to allow an independent property developer to undertake the entire urban regeneration programme and initiated steps to sell the freeholds of the land adjoining The Den on which the Company and the Millwall Community Trust hold leases. Over the past year the Company has robustly defended its position and continues to press its case to be allowed to develop the land alongside the stadium. The Council has indicated that it may resort to compulsory purchase orders which the Company regards as totally unacceptable and will take every reasonable step to resist. The Company will continue to endeavour to persuade the Council to see that there is a mutuality of interest between football club and local authority which is in the best interests of the community.

The Report and Accounts and Notice of the Annual General Meeting have been sent to shareholders on 20 November and have been placed on the Company’s official website. The Annual General Meeting will take place on 12 December 2014 at The Den, Zampa Road, London, SE16 3LN.


 

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Last modified: 19-11-14