A family dispute at The Miller Group, the UK's largest privately-owned housebuilding, property development and construction business, has been resolved. A group of shareholders, led by former chairman James Miller, had been looking to sell up late last year (click here to read the story in full), but the firm has announced the shares are no longer on the market.
"I am very happy that James and I have reached a sensible and mature resolution of the differences of view between certain groups of shareholders," said Keith Miller, group CEO and cousin of James.
With James commenting that he will give "unequivocal support to the board and to the company as a whole," this marks an end to an unsettling period for the Scotland-based firm.
Keith also announced that the company will improve its approach to investor relations. "In order to address the requirements of the larger family groupings we propose to set up a Family Council, with a clear family investor governance framework, which will allow the chairman, group CEO and group finance director to interface with the key family groupings and deal with family shareholder issues such as share liquidity in a positive collaborative environment," he said.
Non-family chairman Bob Speirs said he was "delighted" that the Miller family has reached this understanding and that the "unhelpful speculation" regarding the future of the Miller Group is over.
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