MILLER/HOWARD INVESTMENTS COMPLETES CONVERSION TO ESOP OWNERSHIP

Woodstock, New York, Nov. 27, 2018 (GLOBE NEWSWIRE) -- Miller/Howard Investments announced that it completed its conversion to ownership under an Employee Stock Ownership Plan (“ESOP”) on November 15, 2018. All employees now have the economic benefits of stock ownership and will participate in the Company’s future profits.

The ESOP will not result in changes to the investment team, investment process or philosophy. Lowell Miller remains as the firm’s Chief Investment Officer accompanied by Greg Powell, PhD, Deputy Chief Investment Officer. Mr. Miller will be the Chairman of the Company’s Board of Directors, which has been expanded to include additional senior managers as well as an independent Board member.

The Company’s equity is now entirely held in trust for the exclusive benefit of all current and future employees. The trust is overseen by an institutional trustee, Spinnaker Trust, a Maine bank chartered as a non-depository trust company.

“Miller/ Howard has built its reputation over nearly 30 years by striving to deliver investment, operational, and service excellence for our clients and successful financial advisors across the country,” said Mr. Miller. “Our people have worked long and hard to build Miller/Howard. It is fitting that they should become owners. The ESOP conversion ensures that our culture, discipline and mission will continue as an independent employee-owned firm.”

“We are excited to be one of the industry’s leaders managing equity portfolios with an income focus and are particularly proud of our decades-long track record in ESG and shareholder advocacy,” said Dana Troxell, President of the Company. “We will continue to provide advisors and investors with innovative income and long term growth solutions through our income equity, infrastructure, MLP and energy strategies. At the same time, we are taking steps to expand our outreach to financial advisors and to raise awareness of our unique income and ESG expertise. We expect our ESOP conversion to accelerate Miller/Howard’s overall strategic growth initiatives.”

About Miller/Howard Investments, Inc.
Miller/Howard Investments was founded as an institutional research firm in 1984 and has managed equity portfolios with an income focus since 1991. The firm invests in quality stocks with strong balance sheets, governance and fundamentals, and the ability to pay and willingness to increase dividends over the years, creating compounding returns, and, ultimately, capital appreciation based on the expected valuation of companies producing ever higher cash flows.