Greenlight Capital proposals not approved at MI Developments' shareholders meeting
May 04 2005 - 3:21PM
PR Newswire (US)
Greenlight Capital proposals not approved at MI Developments'
shareholders meeting AURORA, ON, May 4 /PRNewswire-FirstCall/ -- MI
Developments Inc. (TSX: MIM.SV.A, MIM.MV.B; NYSE: MIM) announced
that the two resolutions proposed by Greenlight Capital, Inc. were
not approved at the Company's annual and special meeting held
today. On the first proposal, 91.8% of the votes represented at the
meeting voted against the resolution that MID convert into a REIT
or other income-oriented investment vehicle (19.4% of the Class A
Subordinate Voting Shares and 99.8% of the Class B Shares). On the
second proposal, 91.3% of the votes represented at the meeting
voted against the resolution that MID sell or spin off its
strategic investment in Magna Entertainment Corp. (14.7% of the
Class A Subordinate Voting Shares and 99.8% of the Class B Shares).
61.4% of the outstanding Class A Subordinate Voting Shares and
96.2% of the outstanding Class B Shares were voted at the meeting.
"The Board recommended against the Greenlight resolutions because
it believes they are not in the best interests of MID and its
shareholders at this time," said John Simonetti, Chief Executive
Officer of MID. "The Board, the Special Committee and MID
management will consider the results of today's votes as part of
our continuing commitment to manage MID's business and our
investment in MEC in the long-term best interests of MID and all
its shareholders." In other matters at today's meeting,
shareholders elected the following directors to the Board: Barry
Byrd, Neil Davis, Philip Fricke, Manfred Jakszus, Dennis Mills,
John Simonetti, Frank Stronach, Judson Whiteside and Douglas Young.
About MI Developments Inc. MI Developments is a real estate
operating company focusing primarily on the ownership, leasing,
management, acquisition and development of a predominantly
industrial rental portfolio for Magna International Inc. and its
subsidiaries in North America and Europe. The Company also holds a
controlling investment in Magna Entertainment Corp., North
America's number one owner and operator of horse racetracks, based
on revenue, and among the world's leading suppliers, via
simulcasting, of live horse 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 of 1933 and Section 21E of the 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",
"expect", "should" 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, that
could cause actual results to differ materially from such
forward-looking statements. Such risks, uncertainties and other
factors are set forth under "Risk Factors" in MID's Annual
Information Form for 2004, attached as Exhibit 1 to MID's Annual
Report on Form 40-F for the year ended December 31, 2004. 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: Investors: Doug Tatters,
Executive Vice-President & Chief Financial Officer, MI
Developments Inc., (905) 726-7507; Media: John Lute, Lute &
Company, (416) 929-5883
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