MI Developments Inc. Announces Acceptance by TSX of Normal Course Issuer Bid
November 23 2011 - 1:26AM
PR Newswire (Canada)
AURORA, ON, Nov. 25, 2011 /CNW/ - MI Developments Inc. ("MID")
announced today acceptance by the Toronto Stock Exchange (the
"TSX") of MID's Notice of intention to Make a Normal Course Issuer
Bid ("NCIB"). Pursuant to the NCIB, MID proposes to purchase
through the facilities of the TSX, the New York Stock Exchange (the
"NYSE") and any alternative trading system in Canada, from time to
time over the next 12 months, if MID's common shares are trading at
a price that MID believes is materially below intrinsic value, up
to an aggregate of 3,998,589 common shares, being 10% of its public
float as of the date hereof. As of November 24,
2011, MID had 46,871,356 common shares issued and
outstanding. Purchases may commence through the TSX on
November 29, 2011 and through the NYSE or any automated trading
system in Canada on November 30, 2011 and will conclude on the
earlier of the date on which purchases under the bid have been
completed and November 28, 2012. Because daily purchases
under the NCIB will be limited to 25% of the average daily trading
volume for the most recently completed six months, subject to the
block purchase exception permitted by the rules of the TSX, as of
the date hereof, such daily purchases will be limited to 22,281
common shares, subject to the block purchase exception. The Board
of Directors of MID believes that the proposed purchases are in the
best interests of MID and are a desirable use of corporate
funds. All common shares purchased by MID will be cancelled.
About MID MID is a Canadian-based real estate company engaged
primarily in the acquisition, development, construction, leasing,
management and ownership of a predominantly industrial rental
portfolio of properties in North America and Europe leased
primarily to operating subsidiaries of Magna. MI Developments Inc.
CONTACT: Michael ForsayethChief Financial Officer(905) 726-7600
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