Davenport Lyons advises Millwall on open share offer
22 Nov 2010
Davenport Lyons has advised Millwall Holdings Plc, on its open offer to all shareholders. The deal, worth up to £11m to the Championship club, will strengthen its balance sheet and reduce its levels of debt at a time when other football clubs are struggling to keep on top of their financial obligations.
Chestnut Hill Ventures LLC, the company’s American backer since 2007, and Constantine Gonticas, a director of the company, have each agreed to subscribe for all of the shares to which they are entitled.
The open offer is only made to existing shareholders as previous attempts to obtain the consents required to offer shares to outsiders have been defeated at each of the last three AGMs.
The Davenport Lyons team was led by Jeanette Gregson with associate Richard Elliott and assistants David Martin & Gabriel Chan.
Talking about the deal, Jeanette Gregson said: “Millwalll are a longstanding client of the firm and we are delighted to have been advised them on this deal to help ensure the Club’s longevity.”
