Millwall Open Offer Approved

By Millwall Holdings Plc, PRNE
Thursday, December 16, 2010

Major Shareholders Help Raise Over GBP11 Million to Pay Off Loans

LONDON, December 17, 2010 - At the EGM of Millwall Holdings plc, held earlier today,
shareholders approved the Open Offer of new shares to raise up to GBP11.3
, which then received strong support from Millwall's major
shareholders to ensure the maximum amount of new money can be raised.

Chestnut Hill Ventures, the Club's major shareholder, of which
Millwall Chairman John Berylson and Demos Kouvaris are directors, and C.
Gonticas, a Millwall director, irrevocably undertook to subscribe for their
full entitlements by converting their GBP3,460,770 of existing loans to
Millwall into 346,077 of the New Ordinary Shares.

A further 612 shareholders exercised their entitlements to the
extent of GBP13,913 New Ordinary Shares providing cash to the Company of

The Underwriting Agreement to support the Open Offer will be
utilised in full with the underwriters committed to subscribing for 653,923
New Ordinary Shares, with a value of GBP6,539,230. Of this GBP4,389,230 will
be by way of conversion of their existing loans - and accrued interest - to
the Club and GBP2,150,000 by cash subscription.

The underwriters include a number of the club's major
shareholders and directors. A breakdown of how many shares they will
subscribe to is below:

    CHV, of which John G. Berylson and Demos Kouvaris are
     directors and shareholders                                  552,145
    Keyse Holdings Limited, controlled by Trevor Keyse            24,663
    Richard Press                                                 15,000
    Constantine Gonticas                                           3,130

Pursuant to the Open Offer, application has been made to the
London Stock Exchange for GBP1,013,913 New Ordinary Shares to be admitted to
trading on AIM. Following Admission, Chestnut Hill Ventures will own 70.39%
of Millwall Holdings plc.

Millwall Chairman John Berylson, commented after the meeting:

"A year ago we vowed to put the company and the club on a much
firmer financial footing, and that is what we've now done. All that remaining
debt is held by my company, CHV, so there is no debt outside the club which
could potentially threaten it.

The key issue was to make it clear that Millwall is not a
financial weakling and that we go forward without having to look over our
shoulders in terms of the finances of the club, which gives us a strong
platform on which to build."

    For further information please contact:

    The Communication Group plc
    Richard Evans

For further information please contact: The Communication Group plc, Richard Evans, +44(0)207-630-1411

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