AURORA, On, June 30, 2011 /CNW/ - MI Developments Inc. ("MID") (TSX: MIM.A, MIM.B; NYSE: MIM) announced today that the plan of arrangement to eliminate MID's
dual-class share structure has been completed and will become effective
at 5:00 pm today, at which time those directors elected as post-closing
directors at MID's annual general and special meeting of shareholders
on March 29, 2011, will commence their term of office.
MID's Common Shares, each of which carries one vote per share, will
commence trading under the symbol "MIM" on the Toronto Stock Exchange
at the start of trading on July 4, 2011 and on the New York Stock
Exchange at the start of trading on July 1, 2011. Trading under the
symbol "MIM.B" will continue on the Toronto Stock Exchange until the
close of business on July 12, 2011; however, trades effected under the
symbol "MIM.B" will represent trades of the Common Shares issued in
exchange for Class B Shares in accordance with the plan of
arrangement. Certificates representing Common Shares will be mailed to
the holders of record of Class B Shares as at July 15, 2011 at which
time, Class B Shares shall cease to represent an interest in MID.
Class A Shares are now Common Shares and holders of certificates
formerly representing Class A Shares do not need to take any actions.
Upon the effectiveness of the plan of arrangement, it is anticipated
that there will be approximately 46,846,363 MID Common Shares issued
and outstanding (subject to the rounding of fractional interests in
accordance with the plan of arrangement). There will be no special
dividend payable to holders of Common Shares in connection with the
MID will continue to operate its income-producing real estate business
and will be restricted from engaging in or having an interest in,
directly or indirectly, any business related to horseracing or gaming
pursuant to a forbearance agreement.
MID is a real estate operating company engaged primarily in the
acquisition, development, construction, leasing, management and
ownership of a predominantly industrial rental portfolio leased
primarily to Magna International Inc. and its automotive operating
units in North America and Europe.
Copies of financial data and other publicly filed documents are
available through the internet on Canadian Securities Administrators'
System for Electronic Document Analysis and Retrieval (SEDAR) which can
be accessed at www.sedar.com and on the United States Securities and Exchange Commission's
Electronic Data Gathering, Analysis and Retrieval System (EDGAR) which
can be accessed at www.sec.gov.
Forward Looking Statements
This press release contains statements that, to the extent they are not
recitations of historical fact, constitute "forward-looking statements"
within the meaning of applicable securities legislation.
Forward-looking statements include statements regarding MID's future
plans, goals, strategies, intentions, beliefs, estimates, costs,
objectives, economic performance or expectations, or the assumptions
underlying any of the foregoing. 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, 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. 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 made in light of our perception of
historical trends, current conditions and expected future developments,
as well as other factors we believe are appropriate in the
circumstances, and are subject to known and unknown risks,
uncertainties and other unpredictable factors, many of which are beyond
MID'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 2010, filed on SEDAR at www.sedar.com and attached as Exhibit 1 to MID's Annual Report on Form 40-F for the
year ended December 31, 2010, each of 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.
SOURCE MI Developments Inc.
For further information:
about MID, please visit www.midevelopments.com or call 905-713-6322