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.