A group of shareholders are looking to sell their shares in the Miller Group, the UK's largest privately owned housebuilding, property development and construction business. The group represents over 60% of the share capital and is being represented by James Miller, former chairman of the company and cousin of CEO Keith Miller.
Keith Miller, the only family member still working in the firm, currently owns over 36% and does not seem to have any intention of selling. It is unclear how many of the shareholders actually wish to sell their shares or what price their shares would be sold for.
Disposals of this nature are usually dealt with through the medium of an "Internal Share Market" that was set up by the company some 10 years ago. Around 20% of the company's shares have been traded on the internal market over the past seven years.
Discussions have taken place over a number of months with James Miller and Ernst and Young who have been appointed by the group to review their holdings and seek buyers.
The company has said "the board will continue its discussions with James Miller and are confident that a mutually acceptable solution will be achieved in due course".