Keith Miller, chief executive of the UK’s largest private house builder The Miller Group, has blasted plans by family members to bring an end to 75 years of majority ownership. Daily Telegraph
Miller has warned that the Aligned Shareholder Group will find it extremely difficult to sell to an external bidder.
The group has hired accountants Ernst & Young to review its 60% stake with a view to a full or partial sale that could see the £1.2bn Edinburgh-based company offload its housing, property, or construction divisions.
Miller cited company articles, laid down by the founders (his father John and uncle James), that require shareholders wishing to exit to offer shares to the company first. An internal trading scheme has been in operation for 10 years.
Only once the board, chaired by former RBS finance director Bob Speirs, has declined the offer can shareholders sell to a third party. Changes to articles require agreement from 75% of shareholders, which the group would find hard to secure.