AURORA, ON, March 31 /PRNewswire/ - MI
Developments Inc. ("MID") (TSX: MIM.A) (TSX: MIM.B)
(NYSE: MIM) announced today that the Ontario Superior Court of
Justice has issued a final order approving the previously announced
reorganization proposal to eliminate MID's dual class share
structure (the "Arrangement"). The decision of the Court
followed a hearing held today. The Court found that the Arrangement
is fair and reasonable.
The Arrangement will close on the last day of
the calendar month in which a tax ruling from the Canada Revenue
Agency in respect of the transaction is received. The receipt
of the tax ruling is not a condition to closing and if it is not
received by June 30, 2011, the Arrangement will close on June 30,
2011. The conditions to the closing of the Arrangement,
including there being no material adverse change and the accuracy
of certain representations and warranties made by MID, are
described in MID's Management Information Circular dated February
22, 2011.
The Arrangement remains subject to the risk
factors set forth in MID's Management Information Circular.
About MID
MID is a real estate operating company engaged
primarily in the acquisition, development, construction, leasing,
management and ownership of a predominantly industrial rental
portfolio leased primarily to Magna International Inc. and its
automotive operating units in North America and Europe. MID also
acquires land that it intends to develop for mixed-use and
residential projects. Additionally, MID owns Santa Anita Park,
Golden Gate Fields, Gulfstream Park (including an interest in The
Village at Gulfstream ParkTM, a joint venture with
Forest City Enterprises, Inc.), an interest in joint ventures in
The Maryland Jockey Club with Penn National Gaming, Inc., Portland
Meadows, AmTote and XpressBet®, and through some of these assets,
is a supplier, via simulcasting, of live horseracing content to the
inter-track, off-track and account wagering markets. For further
information about MID, please visit www.midevelopments.com or call
905-713-6322.
Copies of financial data and other publicly
filed documents are available through the internet on Canadian
Securities Administrators' System for Electronic Document Analysis
and Retrieval (SEDAR) which can be accessed at www.sedar.com and on
the United States Securities and Exchange Commission's Electronic
Data Gathering, Analysis and Retrieval System (EDGAR) which can be
accessed at www.sec.gov.
Forward Looking Statements
This press release contains statements that, to
the extent they are not recitations of historical fact, constitute
"forward-looking statements" within the meaning of applicable
securities legislation. Forward-looking statements include
statements regarding MID's future plans, goals, strategies,
intentions, beliefs, estimates, costs, objectives, economic
performance or expectations, or the assumptions underlying any of
the foregoing. Words such as "may", "would", "could", "will",
"likely", "expect", "anticipate", "believe", "intend", "plan",
"forecast", "project", "estimate" and similar expressions are used
to identify forward looking statements. Forward-looking statements
should not be read as guarantees of future events, performance or
results and will not necessarily be accurate indications of whether
or the times at or by which such future performance will be
achieved. Undue reliance should not be placed on such statements.
Forward-looking statements are based on information available at
the time and/or management's good faith assumptions and analyses
made in light of our perception of historical trends, current
conditions and expected future developments, as well as other
factors we believe are appropriate in the circumstances, and are
subject to known and unknown risks, uncertainties and other
unpredictable factors, many of which are beyond MID's control, that
could cause actual events or results to differ materially from such
forward-looking statements. Important factors that could cause such
differences include, but are not limited to, the risks set forth in
the "Risk Factors" section in MID's Annual Information Form for
2010, filed on SEDAR at www.sedar.com and attached as Exhibit 1 to
MID's Annual Report on Form 40-F for the year ended December 31,
2010, and the risk factors set forth in MID's Management
Information Circular dated February 22, 2011 filed on SEDAR, each
of which investors are strongly advised to review. The "Risk
Factors" section also contains information about the material
factors or assumptions underlying such forward-looking statements.
Forward-looking statements speak only as of the date the statements
were made and unless otherwise required by applicable securities
laws, MID expressly disclaims any intention and undertakes no
obligation to update or revise any forward-looking statements
contained in this press release to reflect subsequent information,
events or circumstances or otherwise.
SOURCE MI Developments Inc.