Latest Financial Results Show Millwall Reduces Losses

By Millwall Holdings Plc, PRNE
Tuesday, November 16, 2010

Turnover up and Share Offer Announced to cut Borrowings

LONDON, November 17, 2010 - Millwall Holdings plc is pleased to announce that its results
for the last financial year (to end June 2010), reveal that operational
losses have been reduced, turnover is up and a share offer is planned to cut

Turnover increased by 15% to GBP7.5 million (from GBP6.5
), which helped to reduce operational losses by 22% to GBP3.4 million
(from GBP4.4 million).

Financing costs continued to rise over the year, but the
company has announced an Open Offer to all shareholders, which, if fully
subscribed, will significantly reduce borrowings and therefore reduce
interest charges.

The Open Offer will raise a maximum of GBP11.2 million, before
expenses, if all shareholders take up their entitlements, allowing the
company to repay up to GBP8 million of outstanding loans. The Open Offer has
been underwritten by Chestnut Hill Ventures LLC (a company associated with
John Berylson, Chairman of the company) and others up to a maximum of GBP10

Chairman John Berylson commented:

"The purpose of the Open Offer is to strengthen the balance
sheet of the company, allow existing loans to be reduced substantially and to
provide working capital for the football club. The Prospectus relating to the
Open Offer will be available on the company's website."

"In the coming season 2010/11, we will increase our revenues
by at least 65% as a result of higher attendances and commercial sponsorships
but most significantly a greater share of The Football League central TV and
sponsorship revenues.

"Of course there will be additional cost, primarily an
increase of our playing staff wages and increased operational cost of running
games at The Den, however, with sound financial management we should again be
able to continue to reduce operating losses. Nevertheless it is paramount
that the team has the financial support to be able to compete at a higher
level and a successful Open Offer would be a big step forward in terms of
achieving this."

    For further information please contact:

    Millwall Holdings plc                          Tel: +44(0)207-232-1222
    Andy Ambler, Chief Executive
    Tom Simmons, Company Secretary

    The Communication Group plc                    Tel: +44(0)207-630-1411
    Richard Evans
    Tom Nutt

For further information please contact: Millwall Holdings plc Tel: +44(0)207-232-1222, Andy Ambler, Chief Executive, Tom Simmons, Company Secretary; The Communication Group plc Tel: +44(0)207-630-1411, Richard Evans, Tom Nutt

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