That's some really strange code. You've got a Handles clause for an event handler inside the control that generates the event? Why would you ever do that?
The Handles clause is what's generating the message. WithEvents and Handles wire up event handlers for you automatically. You can't have Handles clauses on event handlers without the control raising events being declared with "Dim WithEvents myVar As New SomeClass".
But, there's no place to put it in your code. You really even shouldn't have an event handler in that code. You should be overriding the OnLoad method, but you can't even do that because you're not inheriting from any Control class.
There's no real way to fix this code because it's a jumbled, unintelligible mess with no clear purpose.
Also, what's with the Object types?
Private uxLableValue As Object
Public Property CustomKnobControl1 As Object
It seems you don't have a clue what you're doing and have no idea what you should be putting into these variables. You're stumbling around, guessing at, literally, everything.