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Housebuilder Miller Homes shelves flotation plan | |
(about 2 hours later) | |
Miller Homes has shelved plans to float on the London Stock Exchange, blaming market volatility. | Miller Homes has shelved plans to float on the London Stock Exchange, blaming market volatility. |
Last week Miller announced its intention to raise about £140m by selling off at least 40% of the company. | Last week Miller announced its intention to raise about £140m by selling off at least 40% of the company. |
Since then, almost £100bn has been wiped off the value of leading shares and on Thursday the FTSE 100 fell to its lowest level since December. | Since then, almost £100bn has been wiped off the value of leading shares and on Thursday the FTSE 100 fell to its lowest level since December. |
Miller had planned to use the cash to reduce debt and increase flexibility. | Miller had planned to use the cash to reduce debt and increase flexibility. |
In a statement, the Edinburgh-based company said: "In light of the recent financial markets volatility, the shareholders of Miller Group have elected not to proceed at this time with a public offering of Miller Homes". | In a statement, the Edinburgh-based company said: "In light of the recent financial markets volatility, the shareholders of Miller Group have elected not to proceed at this time with a public offering of Miller Homes". |
Sharp rise | Sharp rise |
Miller's major shareholders include GSO Partners, which is the credit arm of private equity giant Blackstone Group, Royal Bank of Scotland and a subsidiary of Lloyds Banking Group. | Miller's major shareholders include GSO Partners, which is the credit arm of private equity giant Blackstone Group, Royal Bank of Scotland and a subsidiary of Lloyds Banking Group. |
The company recently announced a sharp rise in house completions for the year to the end of June. | The company recently announced a sharp rise in house completions for the year to the end of June. |
It was 28.2% higher at 855 units, driven in part by a strong opening order book. | It was 28.2% higher at 855 units, driven in part by a strong opening order book. |
Miller Homes focuses its operations in central southern England, the Midlands, the north of England and central Scotland. | Miller Homes focuses its operations in central southern England, the Midlands, the north of England and central Scotland. |
Its parent company, Miller Group, was founded in Edinburgh in 1934 and initially focused on housebuilding in and around Edinburgh before expanding into England in the late 1940s. | Its parent company, Miller Group, was founded in Edinburgh in 1934 and initially focused on housebuilding in and around Edinburgh before expanding into England in the late 1940s. |
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