MI DEVELOPMENTS ELIMINATES ITS DUAL CLASS SHARE STRUCTURE
June 30 2011 - 4:15PM
PR Newswire (Canada)
AURORA, On, June 30, 2011 /CNW/ -- AURORA, On, June 30, 2011 /CNW/
- 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. To view this news release in
HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/June2011/30/c2629.html p
about MID, please visit a
href="http://www.midevelopments.com"www.midevelopments.com/a or
call 905-713-6322 /p
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