MI Developments refutes Greenlight's latest press release
April 18 2008 - 5:17PM
PR Newswire (US)
AURORA, ON, April 18 /PRNewswire-FirstCall/ -- MI Developments Inc.
(TSX: MIM.A, MIM.B; NYSE: MIM) responded today to the press release
issued earlier today by Greenlight Capital with respect to
Greenlight's shareholder proposal and the reorganization proposal
that has the support of over 50% of the holders of MID's Class A
Subordinate Voting Shares. MID's position with respect to the
Greenlight shareholder proposal is set out in the proxy circular
dated April 4, 2008 that was mailed to all MID shareholders. With
respect to the MID reorganization proposal, the MID Board has
constituted a special committee to review that proposal and the
committee is in the process of reviewing it. MID does not intend to
make any further comments until the committee has finished its
work, including in response to any further statements from
Greenlight. "We continue to be disappointed by Greenlight's
unwarranted public disparagement of the MID Board," said John
Simonetti, Chief Executive Officer of MID. "Unfortunately, since
the time of our spin-off in 2003, Greenlight has repeatedly
resorted to these types of tactics in an attempt to intimidate the
Company and impose its views as to how MID is structured, managed
and operated. Greenlight's oppression application, which contained
many of the same claims and mischaracterizations, is currently
under appeal but was dismissed in its entirety in October 2006."
About MID MID 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. MID also acquires land that it intends to develop for
mixed-use and residential projects. MID holds a controlling
interest in Magna Entertainment Corp., North America's number one
owner and operator of horse racetracks, based on revenue, and one
of the world's leading suppliers, via simulcasting, of live horse
racing content to the growing intertrack, off-track and account
wagering markets. Forward-Looking Statements This press release
contains "forward-looking statements" within the meaning of
applicable securities legislation. Forward-looking statements may
include, among others, statements relating to the reorganization
proposal and the terms and conditions of such proposal. 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 or results and will not
necessarily be accurate indications of whether or the times at or
by which such future events or results 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, and are subject
to known and unknown risks, uncertainties and other unpredictable
factors, many of which are beyond the Company'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
2007, filed on SEDAR at http://www.sedar.com/ and attached as
Exhibit 1 to MID's Annual Report on Form 40-F for the year ended
December 31, 2007, 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. DATASOURCE: MI Developments Inc. CONTACT: about this
press release, please contact Richard Crofts, MID's Executive
Vice-President, Corporate Development, General Counsel and
Secretary, at (905) 726-7505
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