MI Developments annual and special meeting to be held May 4, 2005
February 07 2005 - 3:00PM
PR Newswire (US)
MI Developments annual and special meeting to be held May 4, 2005
AURORA, ON, Feb. 7 /PRNewswire-FirstCall/ -- MI Developments Inc.
(TSX: MIM.SV.A, MIM.MV.B; NYSE: MIM) today announced that it has
called an annual and special meeting of shareholders to be held on
May 4, 2005 and has set a record date of March 16, 2005 for the
determination of shareholders entitled to notice of the meeting. In
addition to customary annual meeting matters, the matters described
in the requisition by Greenlight Capital, Inc. concerning the
disposition of MID's 59% equity stake in Magna Entertainment Corp.
and the conversion of MID to a real estate investment trust will
also be put to MID shareholders for a vote. The Greenlight matters
are being considered by a Special Committee of independent
directors of MID comprised of Philip Fricke, Manfred Jakszus and
Douglas Young (Chairman), each of whom has been determined by the
MID Board of Directors to be independent of Magna Entertainment
Corp., MID Management and MID's controlling shareholder, Frank
Stronach. The Special Committee has retained Goodmans LLP as its
independent legal advisor and CIBC World Markets Inc. as its
independent financial advisor. The recommendations of the Special
Committee and the MID Board of Directors with respect to the
Greenlight matters will be set out in the management information
circular that will be mailed to the MID shareholders in advance of
the meeting. About MID MID is a real estate operating company
engaged in the ownership, development, management, leasing and
acquisition of industrial and commercial real estate properties
located in North America and Europe. Virtually all of our
income-producing properties are currently under lease to Magna
International Inc. and its subsidiaries. MID also holds a
controlling investment in MEC, North America's number one owner and
operator of horse racetracks, based on revenues, and one of the
world's leading suppliers, via simulcasting, of live racing content
to the growing inter- track, off-track and account wagering
markets. Forward-Looking Statements The contents of this press
release may contain "forward-looking statements" within the meaning
of Section 27A of the Securities Act and Section 21E of the United
States Securities Exchange Act of 1934. Forward- looking statements
may include, among others, statements regarding MID's future plans,
costs, objectives or economic performance, or the assumptions
underlying any of the foregoing. In this press release we use words
such as "will" and similar words to identify forward-looking
statements. Forward- looking statements should not be read as
guarantees of future 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. Forward- looking
statements are based on information available at the time and/or
management's good faith belief with respect to future events and
are subject to known and unknown risks, uncertainties and other
unpredictable factors, many of which are beyond MID's control. MID
expressly disclaims any intention and undertakes no obligation to
update or revise any forward-looking statements to reflect
subsequent information, events or circumstances or otherwise.
DATASOURCE: MI Developments Inc. CONTACT: Doug Tatters at (905)
726-7507
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