Keith Miller takes his fight to keep company in hands of family to dissident shareholders鈥� adviser
The battle for control of Miller Group has moved up a gear with chief executive Keith Miller firing a broadside at Ernst & Young and insisting that almost a third of the rebel family shareholders do not want to sell their shares.
The rebel shareholders in the Aligned Shareholders Group (ASG) include James Miller, Keith鈥檚 cousin and former Miller group chairman. It appointed Ernst & Young to assess the possibility of selling its 60% shareholding to an outside investor.
Keith Miller said: 鈥淓rnst & Young have a lot to answer for. It鈥檚 encouraging unrealistic expectations. Shares in the housebuilding market are off 50% since May.鈥�
He said: 鈥淎ll these shareholders are being advised collectively by Ernst & Young who are of course working for a fee. We would encourage each shareholder to take their own advice.鈥�
He added: 鈥淎t least 40% of shareholders do not want to sell. And there鈥檚 a good percentage of the ASG that don鈥檛 want to sell either. Because we鈥檙e a private company they don鈥檛 have to pay inheritance tax.鈥�
A spokesperson for the ASG dismissed Miller鈥檚 claims. He said: 鈥淭he ASG is very united and all the shareholders have signed a power of attorney to the ASG.鈥�
Keith Miller isn鈥檛 saying it鈥檚 a bad time to sell if you
sell to himASG spokesperson
He added: 鈥淚t鈥檚 noticeable that Keith Miller isn鈥檛 saying it鈥檚 a bad time to sell if you sell to him.鈥�
Miller is understood to have offered to buy half the rebels鈥� shares, 30% of the company, for 拢132m last month, a 20% premium on the company鈥檚 internal share price set in May.
The ASG believes it can obtain a higher price by selling its entire stake to an outside investor.
Last year the 75 rebel shareholders shared a dividend of more than 拢7m, of which 拢3m was paid to James Miller and his family, which has a 25% share holding.
Keith Miller and his family also hold 25% of Miller鈥檚 shares. About 11% are held by employees.
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