MI Developments announces retainer of GMP Securities to liaise with shareholders
August 22 2008 - 4:14PM
PR Newswire (US)
AURORA, ON, Aug. 22 /PRNewswire-FirstCall/ -- MI Developments Inc.
(MID) (TSX: MIM.A, MIM.B; NYSE: MIM) today announced that it has
retained GMP Securities L.P. as a financial advisor to MID
management. GMP will work with MID management to liaise with
shareholders in an attempt to develop a consensus on how best to
reorganize MID. Dennis Mills, MID's Vice-Chairman and Interim Chief
Executive Officer, stated, "I am confident that GMP will be very
helpful to us as we continue our discussions with shareholders on a
potential reorganization and as we continue to explore a range of
alternatives with respect to our investment in Magna Entertainment
Corp. Our number one priority is working to find solutions that are
in the best interests of MID and acceptable to all stakeholders."
Neither the MID Special Committee of independent directors nor the
MID Board of Directors has made any decisions or recommendations
with respect to any reorganization proposal or any other
transaction relating to MID or MEC. There can be no assurance that
any reorganization transaction, or any other transaction relating
to MID or MEC, 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. DATASOURCE: MI
Developments Inc. CONTACT: about this press release, please contact
Dennis Mills, MID's Vice-Chairman and Interim Chief Executive
Officer, at (905) 726-7614
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