MI DEVELOPMENTS ANNOUNCES NEW BOARD OF DIRECTORS AND NEW SENIOR MANAGEMENT TEAM
July 06 2011 - 5:55PM
PR Newswire (Canada)
AURORA, ON, July 6, 2011 /CNW/ -- AURORA, ON, July 6, 2011 /CNW/ -
MI Developments Inc. ("MID") (TSX: MIM) (NYSE: MIM) announced today
that following the completion on June 30, 2011 of MID's plan of
arrangement to eliminate its dual-class share structure, MID's
board of directors now consists of G. Wesley Voorheis (Chair),
Michael Brody, Peter Dey (Vice-Chair), Barry Gilbertson, William
Lenehan, Gerald J. Miller, and Scott I. Oran. MID also announced
today the appointment of William Lenehan as Chief Executive
Officer, Michael Forsayeth as Chief Financial Officer and Jennifer
Tindale as Executive Vice President, General Counsel. Mr.
Lenehan has substantial experience in the real estate sector,
recently having worked as a real estate investment professional at
Farallon Capital Management, L.L.C. Mr. Forsayeth will be
joining MID from Intrawest ULC, where he served as Chief Financial
Officer since 2007 with responsibility for all of Intrawest's
worldwide financial operations. Ms. Tindale joins MID after
most recently having served as Vice President, Associate General
Counsel & Corporate Secretary at Biovail Corporation, where she
managed the company's legal matters and was a member of the
Executive Management Team. The appointments of Mr. Lenehan
and Ms. Tindale are effective immediately, and the appointment of
Mr. Forsayeth is to be effective in August, 2011. Commenting on the
completion of the plan of arrangement, Mr. Lenehan noted that "We
are very much looking forward to beginning the process of reviewing
MID's business model and the strategic options to determine the
best alternatives for enhancing shareholder value." 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
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