MI Developments Inc. announces appointments of lead director and new Special Committee members
September 02 2004 - 5:30PM
PR Newswire (US)
MI Developments Inc. announces appointments of lead director and
new Special Committee members AURORA, ON, Sept. 2
/PRNewswire-FirstCall/ -- MI Developments Inc. (TSX: MIM.A, MIM.B;
NYSE: MIM) ("MID") announced today that the Honourable M. Douglas
Young, P.C., has been appointed as "lead director" of MID's Board
of Directors. Mr. Young will be the lead independent director on
the Board and, in this capacity, will chair in camera sessions of
the independent directors and act as a liaison between the
independent directors and MID's Chairman and management. MID also
announced that Mr. Young and William Sutton have been appointed to
the Special Committee of independent directors of the MID Board
established on January 13, 2004 to review, consider and make
recommendations to the MID Board concerning MID transactions with
Magna Entertainment Corp., Magna International Inc. and other
related parties, including the proposed offer by MID announced on
July 13, 2004 to acquire all the outstanding MEC Class A
Subordinate Voting Shares not already owned by MID. Mr. Young (who
will act as Chairman of the Special Committee) and Mr. Sutton join
Messrs. Barry Byrd, Philip Fricke and Manfred Jakszus as members of
this committee. The re-constituted Special Committee will review
MID's relationship with MEC and make recommendations to MID's
Board. In particular, the Special Committee will re-assess the
proposed offer and other potential transactions with MEC. MID will
issue a press release announcing the conclusions reached by the
Special Committee once it has completed this reassessment. About
MID MID is a real estate operating company engaged in the
ownership, development, management, leasing and acquisition of
industrial and commercial real estate properties located in North
America and Europe. Virtually all of its income-producing
properties are under lease to Magna International Inc. and its
subsidiaries. MID also holds a controlling investment in MEC, North
America's number one owner and operator of horse racetracks, based
on revenues, and one of the world's leading suppliers, via
simulcasting, of live racing content to the growing inter-track,
off-track and account wagering markets. Forward-Looking Statements
The contents of this press release may contain "forward-looking
statements" within the meaning of Section 27A of the United States
Securities Act of 1933 and Section 21E of the United States
Securities Exchange Act of 1934. Forward-looking statements may
include, among others, statements regarding MID's future plans,
costs, objectives or economic performance, or the assumptions
underlying any of the foregoing. In this press release we use words
such as "may", "would", "could", "will", "likely, "believe",
"expect", "anticipate", "intend", "plan", "forecast", "project",
"estimate" and similar words to identify forward-looking
statements. Forward-looking statements should not be read as
guarantees of future 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. Forward-looking
statements are based on information available at the time and/or
management's good faith belief with respect to future events and
are subject to known and unknown risks, uncertainties and other
unpredictable factors, many of which are beyond MID's control. MID
expressly disclaims any intention and undertakes no obligation to
update or revise any forward-looking statements to reflect
subsequent information, events or circumstances or otherwise. Where
to Find Additional Information About the Offer This press release
is neither an offer to purchase securities nor a solicitation of an
offer to sell securities of MEC. If the proposed offer is
commenced, MID will file an offer to purchase/prospectus with the
SEC and Canadian securities regulatory authorities and MEC will
file a solicitation/recommendation statement with respect to the
Offer. Investors and stockholders are strongly advised to read the
offer to purchase/prospectus (including the offer to purchase,
letter of transmittal and related tender documents) and the related
solicitation/recommendation statement if and when they become
available because they will contain important information. At that
time, investors and stockholders may obtain a free copy of the
offer to purchase/prospectus, the related letter of transmittal and
certain other offer documents, as well as the
solicitation/recommendation statement from the SEC's website at
http://www.sec.gov/ or at http://www.sedar.com/. Free copies of
these documents can also be obtained from MID by directing a
request to MID, Attention: General Counsel, 455 Magna Drive,
Aurora, Ontario, Canada L4G 7A9, (905) 713-6322. IF THE OFFER IS
MADE, YOU SHOULD READ THIS OFFER TO PURCHASE/PROSPECTUS CAREFULLY
BEFORE MAKING A DECISION CONCERNING THE OFFER. DATASOURCE: MI
Developments Inc. CONTACT: about this press release, please contact
John Simonetti at (905) 726-7619
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