AURORA, On,
June 30, 2011 /PRNewswire/ - MI
Developments Inc. ("MID") (TSX: MIM.A, MIM.B; NYSE:
MIM) announced today that the plan of arrangement to eliminate
MID's dual-class share structure has been completed and will become
effective at 5:00 pm today, at which
time those directors elected as post-closing directors at MID's
annual general and special meeting of shareholders on March 29, 2011, will commence their term of
office.
MID's Common Shares, each of which carries one
vote per share, will commence trading under the symbol "MIM" on the
Toronto Stock Exchange at the start of trading on July 4, 2011 and on the New York Stock Exchange
at the start of trading on July 1,
2011. Trading under the symbol "MIM.B" will continue
on the Toronto Stock Exchange until the close of business on
July 12, 2011; however, trades
effected under the symbol "MIM.B" will represent trades of the
Common Shares issued in exchange for Class B Shares in accordance
with the plan of arrangement. Certificates representing
Common Shares will be mailed to the holders of record of Class B
Shares as at July 15, 2011 at which
time, Class B Shares shall cease to represent an interest in
MID. Class A Shares are now Common Shares and holders of
certificates formerly representing Class A Shares do not need to
take any actions. Upon the effectiveness of the plan of
arrangement, it is anticipated that there will be approximately
46,846,363 MID Common Shares issued and outstanding (subject to the
rounding of fractional interests in accordance with the plan of
arrangement). There will be no special dividend payable to
holders of Common Shares in connection with the arrangement.
MID will continue to operate its
income-producing real estate business and will be restricted from
engaging in or having an interest in, directly or indirectly, any
business related to horseracing or gaming pursuant to a forbearance
agreement.
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.
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, 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.