MI Developments postpones special meeting to accommodate ongoing shareholder discussions on Reorganization Proposal
June 27 2008 - 9:09AM
PR Newswire (US)
AURORA, ON, June 27 /PRNewswire-FirstCall/ -- MI Developments Inc.
(MID) (TSX: MIM.A, MIM.B; NYSE: MIM) today announced that, in light
of shareholder discussions relating to potential amendments to the
reorganization proposal received by MID's Board of Directors on
March 31, 2008 (the "Reorganization Proposal"), the special meeting
of MID shareholders to consider the Reorganization Proposal,
previously called for July 24, 2008, will be postponed. The Board
of Directors of MID has constituted a Special Committee of
independent directors to review and make recommendations to the
Board relating to the Reorganization Proposal. Neither the Special
Committee nor the Board has made any decisions or recommendations
with respect to the Reorganization Proposal, and the Board may
further postpone or cancel the special meeting at any time. The
implementation of the Reorganization Proposal would be subject to
applicable shareholder, court and regulatory approvals and certain
other material conditions, some of which are beyond MID's control.
There can be no assurance that the transaction contemplated by the
Reorganization Proposal, either as currently structured or in an
amended form, or any other transaction, will be completed. 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 that: the parties will
not proceed with the Reorganization Proposal; if the parties decide
to proceed with a transaction, the terms of such transaction may
differ from those that are contemplated by the term sheet for the
Reorganization Proposal; and if the parties decide to proceed with
a transaction, such transaction may not be successfully completed
for any reason (including the failure to obtain any required
approvals). Other important factors are 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. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any sale of any securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful. Any
securities contemplated to be issued pursuant to the Reorganization
Proposal have not been registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold
in the United States absent registration or an applicable exemption
from the registration requirements. DATASOURCE: MI Developments
Inc. CONTACT: John Simonetti, MID's Chief Executive Officer, at
(905) 726-7619
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