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Millwall Holdings Plc

 ('Millwall' or the 'Company')

Loan Facility

  

The Company has today completed a loan facility ('Loan') from Chestnut Hill Ventures LLC. The principal terms of the Loan are as follows:

1) the amount of the facility provided by CHV is up to £3.5 million, 50% of which may be syndicated to other lenders, subject to its terms,

2) the facility is available for a two year period,

3) interest on the facility will be 17% per annum and interest may be converted in PIK notes, and

4) there will be an early prepayment or cancellation fee of 20% of the amount prepaid or cancelled

The facility will be unsecured save that it will be guaranteed by The Millwall Football & Athletic Club (1985) Plc ('Club').  CHV will additionally have a right under the Facility to appoint a non-executive director to both of the Company and to the Club's board.

The loan will be used for general working capital purposes

Having consulted with Seymour Pierce, the Directors of the Company (other than John Berylson and Demos Kouvaris who are both directors of CHV), consider, that the terms of the Loan are fair and reasonable insofar as shareholders are concerned.

Millwalls Executive Deputy Chairman Heather Rabbatts commented ' Millwall is pleased to announce this loan arrangement. To have successfully raised unsecured finance from CHV at this time of financial uncertainty in the markets further helps stabilise the Company's finances for the foreseeable future.

Contacts:

Millwall:                     Heather Rabbatts

                                 020 7232 1222

Seymour Pierce:        John Depasquale

                                 020 7107 8000

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